The global natural fiber composite market size was over USD 3.50 billion in 2015. Superior properties as compared to traditional fibers, namely carbon and glass fiber, is expected to propel growth over the forecast period. Natural fiber composite offers excellent mechanical properties, high durability, lightweight, and low cost. Moreover, the products are being increasingly used in the construction and automotive industry to comply with the government regulations related to carbon emissions. Growing consumer awareness regarding energy efficiency and saving through the use of renewable sources is expected to have a positive impact on demand over the next eight years.
Development of high strength synthetic fibers is likely to pose a challenge for the market over the coming years. Lack of awareness regarding these composites coupled with the high availability of carbon and glass in developing economies has led to the low penetration of natural fiber composites over the past years. However, growing utilization in the automotive industry and price reduction on account of economies of scale is likely to open new opportunities for the market.
Source : Grand View Research