The global natural fiber composites market size was valued at USD 4.46 billion in 2016. It is likely to register a CAGR of 11.8% from 2016 to 2024. Spiraling demand for lightweight products from the automotive industry and growing awareness regarding green products are among the key trends escalating market growth. However, moisture sensitivity of these composites is poised to hinder the growth of the market.

Natural fibers are bio-based materials manufactured using materials such as wood, cotton, flax, kenaf, and hemp. All these materials are less harmful to the environment and easily available. Raw materials used to manufacture natural fiber composites are environment-friendly and has the potential to replace synthetic fibers over the coming years.

Rising awareness about green products, increasing disposable income of consumers, growing inclination towards eco-friendly products, and urging uptake of recyclable products are likely to play a vital role in the growth of the market.

Natural fiber composites (NFC) are 25.0% to 30.0% stronger than glass fibers of the same weight. Composites made from natural fibers help in reduction of mass of the component, thereby lowering the total energy consumption. In addition, molding process of NFC consumes less energy than glass fiber molding process, which reduces the production cost by 10.0%.

Moisture sensitivity and weak bonding with polymer matrices are anticipated to hamper growth prospects. They absorb moisture, which results in swelling of fibers. Therefore, their application in automotive industry is limited to car interiors only.

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Further key findings from the report suggest:

• Wood fiber composites dominated the global market in 2015, and this trend is likely to continue over the next eight years. Raw materials including flax, hemp, and kenaf are increasingly used in the production of lightweight and fuel-efficient cars, which in turn is expected to propel demand. In addition, recycled cotton is also being increasingly used for automotive industry thus driving growth.

• Compression molding led the market in terms of technology and is being utilized for the development of luxury car components. This technology helps in the production of lightweight components with improved properties such as deformation resistance and lamination ability.

• Construction industry dominated the global market, in terms of application followed by automotive industry. Natural fiber composites are finding increased applications in industries such as sporting goods and electrical & electronics. Sporting goods accounted for over 2.0% of the market share in 2015 and is projected to witness significant growth on account of increasing awareness regarding exercise benefits and changing consumer lifestyles.

• North America dominated the market and was valued at about USD 2.00 billion in 2015. The presence of a vast number of market players in the region is expected to have a positive impact on growth. In Europe, supportive government regulations and presence of a vast number of automotive manufacturers are projected to accelerate the growth.

• In February 2016, Amerhart Limited, entered into a partnership with Trex Company to enhance its global footprint. Market players have been adopting numerous strategies including partnerships, acquisitions, and R&D investment to cater to rapidly increasing demand.

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