Natural Fiber Biocomposites Market Size

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.