Natural Fiber Composites Market size was over USD 339.17 million in 2023 and is expected to reach USD 868.42 million by the end of 2036, growing at around 7.5% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of natural fiber composites is assessed at USD 359.52 million.
The growth of the market can be attributed to the growing demand for lightweight products from automotive industry, increasing awareness about usage of green products and rising uptake of recycled products across the world. According to the United States Environmental Protection Agency (EPA), more than 69 million tons of waste was recycled in 2018. Out of these, paper and paperboard section accounted for almost 67% of the total waste. Furthermore, ongoing innovations to develop better natural fiber composites and surge in the number of manufacturing industries are also expected to drive market growth in the near future. In addition, as these composites are stronger than glass composites of the same weight, the use of the products is assessed to witness a notable hike during the forecasted time.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
7.5% |
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Base Year Market Size (2023) |
USD 339.17 million |
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Forecast Year Market Size (2036) |
USD 868.42 million |
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Regional Scope |
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The market is segmented by application into automotive, construction, electrical & electronics, and others, out of which, the construction segment is anticipated to hold the largest share in the natural fiber composites market over the forecast period on account of increasing demand for eco-friendly building materials as a result of global warming and growing investments in construction sector globally. However, the segment for automotive is evaluated to grow with the highest CAGR in the coming years owing to the rising requirement for safer, lighter and fuel-efficient vehicles in the region. Moreover, on the basis of fiber type, the wood fiber composites segment is predicted to witness significant growth during the forecast period, which can be credited to the intensifying usage of wood based raw material for infrastructural activities.
Our in-depth analysis of the global market includes the following segments:
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By Fiber Type |
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By Application |
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By Technology |
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On the basis of geographical analysis, the natural fiber composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America industry is poised to hold largest revenue share by 2036, led by growing demand for natural fiber composites made from flax and strict government regulations regarding the use of non-biodegradable synthetic fibers. Additionally, the market in Europe is also estimated to occupy a notable market share during the forecast period ascribing to the rise in R&D activities by car manufacturers related to the development of natural polymer matrix for front and rear door lines, and parcel shelves. Along with this, the presence of some of the largest players of the automobile industry in the region is also assessed to drive market growth in the near future. In Europe, most of the people prefer to drive domestically produced cars. Every month approximately 1.5 million passenger cars are sold in the region. Moreover, Asia Pacific is expected to witness the highest market growth over the forecast period attributing to the growing demand for the product in sports goods, aviation and automotive industries and increasing disposable income in the region.
Author Credits: Rajrani Baghel
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