Natural Fiber Composites Market to Garner $8.3 Billion, Globally, By 2032 at 7.3% CAGR, Says Allied Market Research

The growth of the natural fiber composite market is driven by several factors including, rise in demand for electric, lighter, safer, and more fuel-efficient vehicles, surge in usage of natural fiber composites in the construction industry. By region, Asia-Pacific held the highest market share in 2022, accounting for more than two-fifths of the global natural fiber composites market revenue.

PORTLAND, Ore., May 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Natural Fiber Composites Market by Fiber Type (Wood, Cotton, Flax, Kenaf, Hemp, Others), by Technology (Injection Molding, Compression Molding, Others), by Application (Automotive, Electronics, Construction, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global natural fiber composites industry generated $4.2 billion in 2022 and is projected to reach $8.3 billion by 2032, witnessing a CAGR of 7.3% from 2023 to 2032.

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Drivers, restraints, and opportunities:

The growth of the natural fiber composite market is driven by several factors such as a rise in demand for electric, lighter, safer, and more fuel-efficient vehicles and the surge in usage of natural fiber composites in the construction industry. However, the growth of the natural fiber composites market is restrained by its high cost and several drawbacks, like reduced toughness caused by high humidity, solvent absorption, concrete cracks caused by swelling and volume changes, and poor consistency with polymeric or cement matrices. Furthermore, the implementation of stringent regulations on the use of synthetic fibers due to their detrimental effects on the environment is expected to create new avenues for growth in the natural fiber composites industry in the future.

COVID-19 Scenario:

• The COVID-19 outbreak had a positive impact on the global natural fiber composites market as the pandemic led to a greater focus on sustainability and the circular economy as more people realized the importance of preserving natural resources and reducing waste.
• The pandemic forced many industries to improve their production processes to adapt to changing market conditions. This led to the development of new and more efficient methods for producing natural fiber composites, which can help reduce costs and increase production capacity.
• The pandemic created new opportunities for the use of natural fiber composites in products such as personal protective equipment (PPE), which caused a surge in demand during the pandemic. This trend helped to increase the visibility and market share of natural fiber composites and opened new avenues for growth and innovation in the industry.

The wood segment to rule the roost throughout the forecast timeframe