Hemp, Inc. Reports

Global Natural Fiber Composites (Hemp, Kenaf, and Flax) Market Set to Reach $424 Million by 2028

LAS VEGAS, NV, Sept. 13, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Hemp, Inc. (OTC PINK: HEMP) stands at the forefront of the burgeoning global natural fiber composites market that is poised for substantial growth, projected to increase from $328 million in 2023 to an estimated $424 million by 2028.  The latest report by ResearchandMarkets.com “provides an in-depth analysis of market trends, offering a granular understanding of driving factors, challenges, potential opportunities, and existing restraints.”  With increasing environmental consciousness and tightening regulatory landscapes, many companies within the industry have shifted their focus toward more eco-friendly materials.  This, in turn, has promoted the exponential growth of hemp, kenaf, and flax.

Hemp, Inc., in particular, is well-experienced in kenaf. The Company discovered its grounded kenaf hemp blend is the perfect substrate to grow healthy and/or medicinal mushrooms and has the capability to make and/or provide the raw materials to produce hemp-based products such as hempcrete, horse bedding, hemp bio-plastics, and more. Needless to say, Hemp, Inc. continues to have a strong foothold in the market with an invaluable roster of manufacturers and vendors across the country and abroad to see meteoric growth curves on a domestic and international scale.

The kenaf fiber segment, as mentioned in the report, occupies a significant share in both value and volume within the natural fiber composites market. Kenaf-based composites offer sustainability benefits, enhanced resistance to moisture and microbes compared to wood fibers, and cost-effective solutions. These characteristics make kenaf fibers a preferred choice, particularly in the automotive sector, where they demonstrate remarkable resistance and superior thermal insulation properties.

Furthermore, North America stands as the second-largest natural fiber composites market in both value and volume. Market players in the region are actively engaged in distribution agreements, product development, and capacity expansion to cater to the growing demand for natural fiber composites, driven by applications in the building and construction industry and the automotive sector.  Hemp, Inc.’s Spill-Be-Gone and Drill-Wall are both hemp/kenaf blends of a product that is well suited as a base for Hemp/Kenaf plastics, oil/gas well drilling, and oil spill cleanup.