Natural Fiber Composites Market To Generate Revenue worth $546.3 Million by 2030
- Published: October 2023
The natural fiber composites market will reach USD 546.3 million revenue by 2030, witnessing a CAGR of 5.0% during 2024–2030. This is due to the rise in the demand for sustainable materials among various industries, such as autonomous, aerospace and defense, healthcare, and communications. People’s demand for lightweight vehicles made of natural fiber composites is rising, as this material offers a combination of strength, low weight, and sustainability.
Additionally, the processing and production of NFCs often involve simpler and less-power-intensive techniques than those utilized to produce conventional composites. The techniques used in the production of synthetic fibers can be complex and require high amounts of electricity. In contrast, the processing of natural fibers and their integration into composites can be done utilizing simpler techniques, which results in cost savings and enhanced energy competence.
Another important factor contributing to the growth of the natural fiber composites market is the realization of the importance of research and development in this field. Manufacturers are investing huge sums for coming up with advanced natural fibers, making them more compatible with polymer matrices, and optimizing production techniques, to fulfill the specific requirements of various industries. This non-stop innovation is increasing the range of applications for natural fiber composites and driving the market growth.
Moreover, NFCs provide outstanding mechanical benefits, which include excessive tensile strength and stiffness, which are essential requirements for aerospace and defense applications. These composites can withstand extreme forces, such as temperature differences and vibrations, which is why they are appropriate for diverse structural and non-structural components. By leveraging the advantages of natural fiber composites, the aerospace and defense sector can improve the durability and reliability of its products.
Automotive Category To Grow Significantly
Based on application, the automotive industry is expected to grow significantly, since holding a revenue share of 20% in 2023. This is because, with the help of natural fiber composites, manufacturers can reduce the vehicle weight without compromising on structural integrity. Thus, low-weight vehicles made using NFCs consume less fuel and emit lower amounts of GHGs.
This makes NFCs an eco-friendly option for automotive OEMs over the conventional iron, steel, and aluminum. The usage of NFCs contributes to a lower vehicle weight without reducing the payload capacity and enhances energy savings over the entire lifecycle of the automobile.
As more customers prioritize sustainability in their purchasing choices, automakers are seeking materials that align with these preferences. NFCs provide a renewable and biodegradable alternative to conventional substances, to cater to environmentally conscious customers.
Asia Pacific Is Fastest-Growing Market
Based on region, Asia Pacific is observing the fastest growth in the market. The region is observing a surge in the demand for sustainable and eco-friendly materials across various sectors, such as automotive, construction, aerospace, and consumer goods.
The automotive industry, in particular, has been a prime driver for NFC consumption in APAC. Manufacturers are increasingly utilizing natural fibers, including jute, kenaf, and flax, to replace older materials, such as glass fibers and plastics. The lightweight nature of natural fiber composites contributes to lower fuel consumption and GHG emissions. These advantages, combined with the growing awareness of electric and hybrid cars, is propelling the demand for NFCs in the region’s massive automotive sector.
Some of the major players in the natural fiber composites market are DuPont de Nemours Inc., FlexForm Technologies LLC, Tecnaro GmbH, UPM-Kymmene Corporation, Fiberon LLC, Trex Company Inc., Procotex SA Corporation NV, Bast Fiber Technologies Inc., MCG BioComposites LLC, FlexForm Technologies LLC, TTS Biocomposites Inc., Natural Fiber Welding Inc., and JELU-WERK J. Ehrler GmbH & Co. KG.