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Natural Fiber Reinforced Plastic Market Size
Natural Fiber Reinforced Plastic Market size is anticipated to grow at a considerable CAGR over 2024 – 2032, driven by growing usage in the automotive sector due to characteristics, such as superior stiffness, strength, and acoustic insulation properties. Car manufacturers are prioritizing lightweight materials to enhance fuel efficiency and reduce emissions automotive components like door panels, interiors, and structural parts, contributing to the surging demand for natural fiber reinforced plastics (NFRPs) as an attractive alternative.
Leading auto-makers are also promoting the use of more sustainable materials in mass transportation applications, providing development prospects for market participants entering the large-scale production of automobile interior parts. For instance, in October 2023, Eberspächer, a Tier 1 automotive supplier, created bus air conditioning coverings using sustainable natural fiber composites from the lightweighting business Bcomp.
Meanwhile, stringent environmental regulations are compelling different industries to turn towards sustainable bio-based materials from conventional counterparts. Governments across the world are heavily investing in sustainable materials to minimize unsustainable petroleum consumption, further shaping the industry outlook.
Natural Fiber Reinforced Plastic Market Trends
The abundant availability of natural fiber sources, such as jute, hemp, flax, and kenaf leading to the production of NFRP for enhancing sustainability credentials will drive the industry growth. With industries seeking eco-friendly alternatives to conventional plastics, the availability of renewable resources is supporting the product scalability and viability of production. Additionally, the use of renewable resources aligns with corporate sustainability goals and regulatory requirements. The higher focus on reducing environmental impacts and promoting circular economy principles will facilitate the widespread adoption of natural fiber-reinforced plastic across various industries.
Natural Fiber Reinforced Plastic Market Analysis
NFRP market share from the thermoplastics segment is poised to record substantial revenue gains by 2032. Thermoplastics demonstrate superior strength and toughness, contributing to their increasing use in the construction of storage tanks, window frames, and lightweight structures. With strong demand for eco-friendly alternatives to traditional plastics, thermoplastics are helping in catering to diverse applications and contributing to the transition towards more sustainable material solutions. Moreover, the growing investments in strengthening the aerospace sector and the increasing focus on reducing aircraft weight to achieve fuel efficiency will bolster the demand for thermoplastic composites.
Natural fiber reinforced plastic market revenue from the building & construction segment is expected to accrue substantial gains between 2024 and 2032 attributed to the growing demand for eco-friendly construction materials due to emerging concerns of global warming. As per reports, buildings generate nearly 14 gigatons of GHG emissions annually. NFRP offers high strength-to-weight ratios, durability, and corrosion resistance, in applications such as decking, cladding, and structural components. Moreover, the increasing efforts towards phasing out carbon emissions coupled with regulations for promoting energy efficiency and environmental sustainability will boost the segment growth.
Given the regional landscape, the Asia Pacific natural fiber reinforced plastic industry is estimated to hold a sizable revenue share by the end of 2032 driven by the rapid industrialization, urbanization, and the ongoing expansion of automotive manufacturing in China, India, and Japan. The eco-friendly attributes meet the strong focus on environmental sustainability and regulations for promoting green initiatives in the region.
Additionally, the abundant availability of natural fibers and government initiatives for supporting renewable materials will boost the market growth. For instance, In December 2023, the Asian Development Bank inaugurated a Nature Solutions Finance Hub for Asia and the Pacific, to attract at least $2 billion in investment projects to incorporate nature-based solutions, with an emphasis on capital markets and other private finance sources.
Natural Fiber Reinforced Plastic Market Share
Key companies operating in the market are carrying out initiatives, such as research, innovation, and strategic partnerships to scale their revenues. Investments in technology, supply chain optimization, and marketing initiatives are also helping these industry leaders to enhance product quality, accessibility, and awareness. To illustrate, Amorim has emerged as a prominent firm for continuously innovating eco-friendly NFRP solutions with its expertise in cork-based materials.
Some prominent natural fiber reinforced plastic industry players are-
- Amorim
- Tecnaro GmbH
- Hexpol
- GreenGran
- Mondi Paper
- Golden Compound GmbH
- Linotech General Contracting
- Pinuform
Natural Fiber Reinforced Plastic Industry News
- In May 2023, Avient Corporation, a leading developer of sustainable material solutions, established Asia's first production line for Compl?t™ and OnForce™ long fiber reinforced thermoplastic composites.