A new market study published by Global Industry Analysts Inc., (GIA), the premier market research company, today released its report titled “Natural Fiber Composites – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. The report highlights that global natural fiber composites market to reach $9.3 billion by 2026.
Natural fiber composites (NFCs) are typically characterized by low density and high specific strength and are stiffer than other types of fibers. The production environment for NFCs entails relatively less energy while absorbing CO2 and releasing oxygen into the environment during the production process. In addition, the production of NFCs is characterized by less abrasive damage to processing equipment, low hazard, and low cost compared to the production of synthetic fiber composites.
Amid the COVID-19 crisis, the global market for Natural Fiber Composites, estimated at US$6.4 Billion in the year 2022, is projected to reach a revised size of US$9.3 Billion by 2026, registering a compounded annual growth rate (CAGR) of 10.2% over the analysis period. The United States represents the largest regional market for Natural Fiber Composites and is projected to reach US$2.6 Billion by 2026. China is expected to spearhead growth and emerge as the fastest-growing regional market with a CAGR of 13.7% over the analysis period.
