Home > Polymers, Specialty Chemicals & Advanced Materials > Natural Fiber Reinforced Plastic Market
Natural Fiber Reinforced Plastic Market size is anticipated to grow with a considerable CAGR over 2023 – 2032, driven by their growing usage in the automotive sector. These composites demonstrate superior stiffness, strength, and acoustic insulation properties, which makes them ideal for automotive applications.
The lower weight of this composite material provides a major advantage to the automotive industry. Growing efforts by automotive industry players in utilizing bio-based materials are further paving the way for industry growth.
Meanwhile, stringent environmental regulations are also compelling different industries to turn towards sustainable bio-based materials from conventional counterparts. Governments across the world are heavily investing towards sustainable materials to minimize unsustainable petroleum consumption, shaping industry growth.
Natural fiber reinforced plastic market share from the thermoplastics segment is poised to observe substantial revenue gains by 2032. Thermoplastics demonstrate superior strength and toughness, which makes them suitable for construction of storage tanks, window frames, lightweight structures. In aerospace industry, they help reduce aircraft weight and help achieve fuel efficiency. Growing investments towards strengthening aerospace industry are likely to bolster the demand for thermoplastic composites in coming years.
Natural fiber reinforced plastic market revenue from the building & construction sector segment is expected to accrue substantial gains by 2032. Growing demand for eco-friendly construction materials due to emerging concerns of global warming has bolstered the demand for natural fiber reinforced plastics.
As per reports, buildings generate nearly 14 gigatons of GHG emissions annually. Increasing efforts towards phasing out these carbon emissions are likely to contribute to segment expansion.
Europe natural fiber reinforced plastic market is poised to witness lucrative gains through 2032. Strong presence of automotive giants in the region who are consistently aiming to achieve low vehicular weight and fuel efficiency has bolstered the demand for natural fiber reinforced plastics. Automotive manufacturers such as the BMW Group are investing on composites made of natural fiber.
Some prominent natural fiber reinforced plastic industry players are Amorim, Tecnaro GmbH, Hexpol, GreenGran, Mondi Paper, Golden Compound GmbH, Linotech General Contracting, and Pinuform, among others. These players are increasingly making efforts towards utilizing bio-based raw materials to capture high market share. Citing an instance, in August 2022, UPM, a Finnish paper mill company, teamed up with Dongsung Chemical Co Ltd, a South Korea-based chemical company for the co-development of renewable products using bio-based materials.
The Russia-Ukraine conflict has had a notably negative impact on natural fiber reinforced plastic industry. It has severely disrupted operations for many automotive and construction firms in the region, stopping revenue flow from some of the leading consumers of natural fiber reinforced composites. The conflict has further disconnected important trade links, creating a shortage of raw material supplies used for making these plastics. Several governments across the world are putting immense pressure to bring an end to the conflict, which may bring some relief to the industry.