Natural Fiber Composites Market to Garner $8.3 Billion, Globally, By 2032 at 7.3% CAGR, Says Allied Market Research - Seite 2

Based on fiber type, the wood segment held the highest market share in 2022, accounting for nearly two-fifths of the global natural fiber composites market revenue and is projected to rule the roost in terms of revenue during the forecast period. Also, the same segment is projected to manifest the highest CAGR of 7.65% from 2023 to 2032. This is because wood natural composites are cheaper than traditional materials like metal, which makes them an attractive option for manufacturers. The incorporation of wood fibers into the polymer matrix increases the material's mechanical and thermal qualities, making it more resistant to weathering and deterioration

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The automotive segment to maintain its dominance throughout the forecast period

On the basis of application, the automotive segment accounted for the largest share in 2022, contributing to more than half of the global natural fiber composites market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is also expected to portray the largest CAGR of 7.55% from 2023 to 2032. Automotive NFCs are lightweight materials that provide significant weight reductions over traditional materials. This weight reduction can lead to increased fuel efficiency and lower emissions, both of which are key elements in achieving government restrictions.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global natural fiber composites market revenue. The same region is expected to witness the fastest CAGR of 7.59% during the forecast period. The growth of the market is attributed to the rapid industrialization of the region, which is propelling demand for lightweight and high-performance materials.

Leading Market Players:

• DuPont
• JELU-WERK J. Ehrler GmbH & Co. KG
• Plasthill Oy
• Procotex
• UPM
• Bcomp Ltd.
• Green Dot Bioplastics Inc.
• Lingrove Inc
• Polyvlies
• TECNARO GMBH

The report analyzes these key players in the global natural fiber composites market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.