Natural Fiber Biocomposites Market Share

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. North America industry is likely to hold largest revenue share by 2037, 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.