The natural fiber composites market is estimated to reach USD 392.1 million in 2023, which will progress at a 5.0% compound annual growth rate, to reach USD 46.3 million, by 2030.
The progression of this industry is because of the increase in the need for eco-friendly and sustainable materials across different sectors, coupled with the several benefits of natural fiber composites.
Therefore, the construction, automobile, consumer goods, and aerospace sectors are accepting these materials in large amounts in their products.
Furthermore, the requirement for recyclability is also a significant factor in boosting the industry. The capability to recycle & reuse NFCs addresses environmental problems offers monetary benefits throughout the value chain, and encourages sustainable practices.
Moreover, injection-molding provides cost-effectiveness and high manufacturing performance. It enables the mass manufacturing of parts with reliable quality and greater accuracy, which makes it suitable for the automotive, packaging, and construction sectors.
The automotive category, on the basis of application, will account for 20% share in 2023, and it will further advance at a significant rate during this decade. This can be because these composites enable manufacturers to decrease the automobile weight without compromising on structural integrity.
Therefore, low-weight automobiles manufactured using natural fiber composites consume less fuel as well as release lower greenhouse gases. This makes these composites an environmentally friendly choice for automotive manufacturers over the traditional iron, aluminum, and steel.
Moreover, APAC is witnessing the fastest growth, and it will further propel at a rate of 5.8%, during this decade. This can be due to the increase in the need for eco-friendly and sustainable materials in different sectors in this region.
It is because of the various benefits offered by these composites; the natural fiber composites industry will continue to progress significantly in the years to come.