Natural Fiber Reinforced Plastic Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3658
Natural Fiber Reinforced Plastic Market is gaining popularity due to its application in polymer composites, due to their environment friendly nature and sustainability. There is a growing demand for natural fiber-reinforced plastic from engineering sector. Various types of natural fiber reinforced plastics is widely used by automobile manufacturers such as Mercedes, Audi Group, BMW, etc. The sales of new vehicles in Asia Pacific grew by 3.8% to 44 million units in 2017. This is further forecast to grow at 3.3% to 45 million units in 2018. This is due to strong buoyant domestic consumption, increased investment and growing exports.
Besides automotive industry, demand for natural fiber-reinforced plastic is growing from aerospace, building & construction and sports industry. There is growing demand for products with enhanced biodegradability, cost effectiveness and low density fueling the demand for natural fiber reinforced plastic. To reduce the interfacial tension between fibers and polymer matrix chemical, modification is done which requires use of chemicals and adds up to the cost of final product. This factor is likely to hinder the natural fiber reinforced plastic market. However, favoring government regulations towards use to natural fibers will complement industry growth by 2025.
Based on types of plastic used as matrix, natural fiber-reinforced plastic market is segmented into thermoplastic and thermosets. Thermoplastic based natural fiber reinforced plastic are polyester, vinyl ester and epoxies. In recent times, polypropylene has gained much attention due to its advantage of recyclability. Other thermoplastic such as polyethylene and polystyrene are also been used.
Based on types of fiber, natural fiber reinforced plastic market is segmented into flax, banana, jute, coir, sisal and ramie. Flax due to their long fibers are easily incorporated into fiber composite while these products are generally used as parts for vehicle interiors which include glove box and shelving. Their lightweight property makes them an ideal candidate for sporting equipments. Excellent damping properties of natural fibers in natural fiber reinforced plastics are used for producing tennis rackets and bicycles.
Based on end use, natural fiber reinforced plastic market is segmented into automotive, sports & leisure, aerospace and building & construction. The global aerospace industry was worth more than USD 800 Billion in 2017 and is expected to grow further due to the fast track replacement cycle of outdated aircraft. The next generation fuel-efficient aircraft coming into market, growing passenger travel demand coupled with growing middle class and decreasing fares across airline industry will drive aerospace industry. Natural fiber reinforced plastic help in developing light weight aerospace structures making it more durable and cost effective.
North America is the biggest market for natural fiber reinforced plastic, due to presence of well-established aerospace and defense industry. Europe, Germany, France, and the U.K. are some of the importers of natural fiber reinforced plastic. Presence of several highly attractive automobile industry in these region will have a positive impact on the natural fiber reinforced plastic market. Rising population, changing lifestyle and growing urbanization are expected to drive the market in Asia Pacific. Natural fiber reinforced plastic will witness high demand from China, Japan and India owing to their growing automobile industry. Furthermore, strong growth signs n regional automotive sector along with increasing air traffic will positively impact on Asia Pacific natural fiber reinforced plastic market size by 2025. The recent technological advancement in Latin America and Africa will help expand the natural fiber reinforced plastic during the forecast time period.
New natural fiber reinforced plastic product launches and joint ventures are primarily focused by many industry players so that they can maintain competitive edge in the market. Companies such as Amorim, tecnaro, advanced compounding, UPM, Golden compound, pinuform, plasticwood, hexpol, Mondi Paper, linotech, GreenGran are the key market players who focus on strategies and expand their consumer base and widen their product portfolio. Most of these companies are venturing into new geographical areas to tap the growing potential of the market.
Natural Fiber Reinforced Plastic Market, By Plastic (USD Million)
Natural Fiber Reinforced Plastic Market, By Fiber (USD Million)
Natural Fiber Reinforced Plastic Market, By End use (USD Million)
- Building & Construction
- Sports & leisure
The above information has been provided for the following regions and countries:
- North America
- Australia & New Zealand (ANZ)
- South Korea
- Latin America
- South Africa
- Advanced Compounding
- Golden Compound
- Mondi Paper
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