Natural Fiber Reinforcement Materials Market, published by Allied Market Research, forecasts that the global market was valued at $250 million in 2015, and is expected to reach $408 million by 2022, supported by a CAGR of 7.3% during the forecast period 2016 to 2022. The consumer goods segment is anticipated to grow with the highest rate throughout the forecast period.
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Natural fibers are prepared from plant, animal or mineral sources and can be spun into threads, filament, or rope, owing to their biological origin, natural fibers are less harmful for the environment, fire-resistant, biodegradable, and thus, are advantageous over synthetic fiber. In addition, natural fibers are also less expected to cause any skin irritation or allergies, rendering them apt for use in textile & clothing industry.
The key factors that drive the market are growth in demand of natural fibers, especially kenaf, from the automotive industry and rise in environmental concerns among government and consumers. However, the fluctuating raw material prices of natural fibers is expected to hinder the market growth during the forecast period. Moreover, the increase in applications of natural fiber in the packaging and construction industry is expected to provide numerous opportunities for growth.
The flax segment accounted for highest market share in 2015, owing to its reduced weight compared to standard materials, especially in stiffness driven applications. Flax is the most commonly used natural fiber in apparels requiring maximum comfort. The hemp segment is anticipated to grow with the highest CAGR throughout the forecast period.
Key Findings of Natural Fiber Reinforcement Materials Market:
- The hemp segment is expected to witness the highest growth rate from 2016 to 2022, in terms of both value and volume.
- In 2015, Europe generated maximum revenue, region-wise, with over half of the share of global market.
- Asia-Pacific is expected to be the highest growing region at a CAGR of 8.5%.
- The transportation segment dominated the market in 2015, and is expected to maintain its lead throughout the forecast period.
- In terms of both value and volume, the flax segment occupied majority of the share in the natural fiber reinforcement materials market.
The consumer goods segment is anticipated to grow with the highest CAGR throughout the forecast period, owing to the growth in consumer awareness and change in preferences of consumers, due to more alluring look and natural footprint of goods made of natural fiber composites.
Asia-Pacific is estimated to grow with the highest rate during the analysis period, owing to the abundant raw material availability, rise in demand from the construction industry and expansion in natural fiber production capacity.
Key players operating in the natural fiber reinforcement materials market include AgroFiber SAS, Bast Fiber LLC., Greene Natural Fibers LLC., Procotex Corporation, Hempflax BV, Saneco S.A., Hempline Inc., Schweitzer-Mauduit International, Inc., Kenaf Industries of South Texas, and NFC Fibers GmbH.