Further,
for the in-depth analysis, the report encompasses the industry growth
indicators, restraints, supply and demand risk, along with detailed discussion
on current and future market trends that are associated with the growth of the
market.
The natural
fiber biocomposites market is estimated to occupy a large revenue by
growing at a noteworthy CAGR during the forecast period, i.e., 2021 – 2029,
owing to the rising demand for lightweight products from automotive industry
and growing awareness about usage of green products. Apart from these,
innovations to develop better natural biocomposites and hike in number of
manufacturing industries are also expected to drive market growth.
The
global natural fiber biocomposites market is segmented by fiber type,
application and technology. Based on fiber type, the segment for wood fiber
composites is anticipated to witness significant growth during the forecast
period on the back of escalating use of wood based raw materials for
infrastructural purposes. Furthermore, on the basis of application, the construction
segment is projected to grab the largest market share, which can be credited to
the growing demand for eco-friendly building materials as a result of global
warming.
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Geographically,
the market is segmented into five major regions, namely North America, Europe,
Latin America, Asia Pacific, and the Middle East & Africa. North America region
is evaluated to grab the largest share in the market during the forecast period
attributing to the increasing demand for natural biocomposites made from flax
and stringent rules associated with the usage of synthetic fibers. Moreover,
the market in Asia Pacific is assessed to grow by the highest rate in the
future owing to the rise in demand for the products in aviation, sports goods
and automobile industries.
Increasing
Demand for Natural Fiber Composites from Automotive Industry to Drive Market
Growth
There is
a high demand for lightweight products in the automobile industry to reduce the
weight of the vehicle. For this purpose, natural fiber biocomposites are being
heavily used to manufacture products such as dash boards, seat backs,
headliners and door panels. Apart from these, as natural fiber reinforced
products have high mechanical properties, they are expected to be heavily used
in the automotive sector in the coming years.
“The
Final Report will cover the impact analysis of COVID-19 on this industry.”
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However,
issues such as glass delamination, while packaging of drugs is expected to
operate as key restraint to the growth of the natural fiber biocomposites
market over the forecast period.
This
report also provides the existing competitive scenario of some of the key
players of the global natural fiber biocomposites market which includes company
profiling of Oldcastle APG, Inc., Trex Company, Inc. (NYSE: TREX), Flexform
SpA, UPM-Kymmene Corporation, Fiberon Technologies, Incorporated, PROCOTEX
BELGIUM SA, TECNARO GmbH, nova-Institut GmbH, Polyvlies Franz Beyer GmbH,
FiberGran GmbH& Corp. KG, and others. The profiling enfolds key information
of the companies which encompasses business overview, products and services,
key financials and recent news and developments. On the whole, the report
depicts detailed overview of the natural fiber biocomposites market that will
help industry consultants, equipment manufacturers, existing players searching
for expansion opportunities, new players searching possibilities and other
stakeholders to align their market centric strategies according to the ongoing
and expected trends in the future.
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About Research
Nester
Research Nester is a leading service provider for
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conglomerates and executives to take wise decisions for their future marketing
strategy, expansion and investment etc. We believe every business can expand to
its new horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision in order to avoid future uncertainties.
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