Natural Fiber Reinforced Composites Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Natural Fiber Reinforced Composites Market is segmented by Fiber Type (Wood Fiber Composites and Non-wood Fiber Composites), Polymer (Thermosets and Thermoplastics), End-user Industry (Aerospace, Automotive, Building and Construction, Electrical and Electronics, Sports, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle-East and Africa).

Market Snapshot

Natural Fiber Reinforced Composites Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 11 %

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Market Overview

The natural fiber reinforced composites market is projected to register a CAGR of 11% during the forecast period (2021-2026).

The natural fiber reinforced composites application is increasing rapidly owing to their numerous advantages such as low cost, biodegradability, eco-friendly nature, relatively good mechanical properties, and others. The natural fiber reinforced composites consumption is dominated by the building and construction industry. The outbreak of COVID-19 has affected many industries along with building and construction as well as general economic activities. The implementation of lockdowns across various countries has halted the construction activities impacting the market studied. Additionally, the slump in economic activity has affected the development in infrastructure and production activities, which has a series impact on demand for natural fiber reinforced composites, affecting the market studied.

  • Over the short term, the increasing demand for bio-based composites is driving the natural fiber-reinforced composites market. The construction industry accounts for the largest share of the natural fiber reinforced composites market.
  • On the contrary, the hydrophilic nature of natural fiber reinforced composites is expected to hinder market growth due to poor dimensional stability, processability, and porous nature.
  • Asia-Pacific dominated the market across the world due to the increasing construction activities.

Scope of the Report

Natural fiber-reinforced composites are composite materials in which at least one fiber is derived from renewable and carbon dioxide neutral resources such as wood and plants. The market is segmented by fiber type consisting of wood fiber composites and non-wood fiber composites. The market is further segmented by polymer comprising thermosets and thermoplastics. By end-user industry, the market is segmented by aerospace, automotive, building and construction, electrical and electronics, sport, and other end-user industries. The report also covers the market size, and forecasts for the natural fiber reinforced composites market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).

Fiber Type
Wood Fiber Composites
Non-wood Fiber Composites
Polymer
Thermosets
Thermoplastics
Polyethylene
Polypropylene
Poly Vinyl Chloride
Other Polymers
End-user Industry
Aerospace
Automotive
Building and Construction
Electrical and Electronics
Sports
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand from the Construction Industry

  • With the rapidly changing environment due to global warming, the demand for eco-friendly building materials construction industry has been rapidly increasing.
  • For instance, Wood fiber-reinforced composites are used for decking, fencing, molding, trim, etc. Owing to their low maintenance costs and resistance to weathering, stains, and warping, wood fiber-reinforced composites are the desirable alternates for wood in these applications.
  • Wood fiber-reinforced composites are costlier than processed wood. However, they are relatively cheaper than other natural fiber-reinforced composite materials for the construction industry.
  • Non-wood natural fibers can be used as a substitute for many of the wood-fiber composites that are being used as building materials. There are several other opportunities to use non-wood natural fibers in the construction industry. With the growing construction industry, the demand for natural fiber reinforced composites is also rapidly growing.
  • For instance, China Plans on doubling down a digital infrastructure public program by 2035 by investing around 1.4 trillion USD in the name of Made in China 2025 and China Standards 2035 initiatives.
  • Hence, owing to the ongoing growth and investments in the construction industry in the region, the market for natural fiber-reinforced composite materials is expected to grow significantly during the forecast period, especially in the Asia-Pacific region.
  • However, due to the recent outbreak of COVID-19, the construction activities have slowed down, thereby impacting the market studied for a short period. However, during the forecast period, the demand for natural fiber reinforced composites is expected to revive.
Natural Fiber Reinforced Composites Market Latest Trends

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share. With growing construction activities in countries such as China, India, and Japan, the usage of natural fiber-reinforced composites is increasing in the region.
  • The consumption of natural fiber-reinforced composites is high in the construction industry. Furthermore, the automotive industry is one of the most prominent consumers of bio-based composites.
  • Moreover, India is the ninth-largest civil aviation market in the world and is projected to become the largest by 2030, owing to the rapidly increasing investments in increasing its military aircraft's capacity and the recent military aircraft manufacturing deal between India and France opened the window for India’s aircraft industry growth.
  • For instance, in March 2019, the Indian Ministry of Defense (MoD) placed an order for 40 Tejas LCA Mark-I aircraft to Hindustan Aeronautics Limited (HAL), including eight tandem two-seat LCA trainer aircraft, with 20 aircraft in initial operational clearance (IOC) and 20 aircraft in final operational clearance (FOC) configuration.
  • Additionally, in May 2021, the Indian Airforce reported its plan to induct 114 medium-weight multirole fighters to be built in India, and this would cost about USD 17 billion under the Make in India economic policy.
  • The healthcare industry in India was estimated to be at USD 193.83 billion by 2020 and USD 372 billion by 2022.
  • Additionally according to National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019, which are estimated to be completed by 2023. The growing demand for housing is likely to drive residential construction in the country, both in the public and private sectors, which is in turn driving the market for natural fiber reinforced composites
  • The aforementioned growth depicting factors are contributing to the increasing demand for the consumption of natural fiber reinforced composites in the region, despite of the temporary impact caused by COVID-19 during the forecast period.
Natural Fiber Reinforced Composites Market Share By Region

Competitive Landscape

The natural fiber reinforced composites market is fragmented with the presence of both international and domestic players. The major companies include Trex Company Inc., Fiberon Technologies Inc., FlexForm Technologies, UPM, and Azek Building Products, among others.

Recent Developments

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Bio-based Composites

      2. 4.1.2 Growing Demand for New Ecofriendly Composites in the Electronics Industry

    2. 4.2 Restraints

      1. 4.2.1 Moisture Adsorption, Restricted Processing Temperature, and Incompatibility with Most of the Polymer Matrices

      2. 4.2.2 Lower Impact Resistivity Compared to Glass Fiber Reinforced Composites

      3. 4.2.3 Unfavorable Conditions Arising Due to the Impact of COVID-19

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Fiber Type

      1. 5.1.1 Wood Fiber Composites

      2. 5.1.2 Non-wood Fiber Composites

    2. 5.2 Polymer

      1. 5.2.1 Thermosets

      2. 5.2.2 Thermoplastics

        1. 5.2.2.1 Polyethylene

        2. 5.2.2.2 Polypropylene

        3. 5.2.2.3 Poly Vinyl Chloride

        4. 5.2.2.4 Other Polymers

    3. 5.3 End-user Industry

      1. 5.3.1 Aerospace

      2. 5.3.2 Automotive

      3. 5.3.3 Building and Construction

      4. 5.3.4 Electrical and Electronics

      5. 5.3.5 Sports

      6. 5.3.6 Other End-user Industries

    4. 5.4 Geography

      1. 5.4.1 Asia-Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 India

        3. 5.4.1.3 Japan

        4. 5.4.1.4 South Korea

        5. 5.4.1.5 Rest of Asia-Pacific

      2. 5.4.2 North America

        1. 5.4.2.1 United States

        2. 5.4.2.2 Canada

        3. 5.4.2.3 Mexico

      3. 5.4.3 Europe

        1. 5.4.3.1 Germany

        2. 5.4.3.2 United Kingdom

        3. 5.4.3.3 Italy

        4. 5.4.3.4 France

        5. 5.4.3.5 Rest of Europe

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle-East and Africa

        1. 5.4.5.1 Saudi Arabia

        2. 5.4.5.2 South Africa

        3. 5.4.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share (%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Amorim Cork Composites SA

      2. 6.4.2 AZEK Company LLC

      3. 6.4.3 Fiberon Technologies Inc.

      4. 6.4.4 FlexForm Technologies

      5. 6.4.5 GreenGran BN

      6. 6.4.6 Jelu-Werk Josef Ehrler GmbH & Co. Kg

      7. 6.4.7 Meshlin Composites Zrt

      8. 6.4.8 MoistureShield

      9. 6.4.9 Oldcastle APG

      10. 6.4.10 Polyvlies Franz Beyer GmbH & Co. Kg

      11. 6.4.11 Procotex SA Corporation NV

      12. 6.4.12 Tecnaro GmbH

      13. 6.4.13 Trex Company Inc.

      14. 6.4.14 TTS (Tekle Technical Services Inc.)

      15. 6.4.15 UPM

      16. 6.4.16 Weyerhaeuser Company

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Flame Retardancy of the Natural Fiber Reinforced Polymer Composites

    2. 7.2 Emerging Applications in the Marine Industry

**Subject to Availability

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Frequently Asked Questions

The Natural Fiber Reinforced Composites Market market is studied from 2016 - 2026.

The Natural Fiber Reinforced Composites Market is growing at a CAGR of 11% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Trex Company, Inc., FlexForm Technologies, AZEK Company LLC, UPM, Fiberon Technologies, Inc. are the major companies operating in Natural Fiber Reinforced Composites Market.

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