Report : North America Natural Fiber Composites Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Wood, Cotton, Flax, Kenaf, Hemp, and Others), Technology (Injection Molding, Compression Molding, Pultrusion, and Others), and End User (Automotive & Aerospace, Building & Construction, Electrical & Electronics, Sporting Goods, and Others)
At 7.4% CAGR, the North America Natural Fiber Composites Market is projected to be worth US$ 1,788.98 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America natural fiber composites market was valued at US$ 1,168.91 million in 2022 and is expected to reach US$ 1,788.98 million by 2028, registering an annual growth rate of 7.4% from 2022 to 2028. Increasing demand for natural fiber composites from automotive industry and growing focus on eco-friendly and sustainable products are the critical factors attributed to the North America natural fiber composites market expansion.
Advanced materials are crucial for boosting the fuel economy of modern automobiles while ensuring safety and performance. Substituting cast iron and traditional steel components with lightweight materials such as high-strength natural fiber composites reduces the weight of a vehicle body and chassis, thereby reducing the fuel consumption of a vehicle. Moreover, natural fiber composites are suitable for the manufacturing of nonstructural interior components, seat backs, headliners, interior panels, and dashboards. The utilization of natural fiber-reinforced composites is increasing in automotive applications due to legislation and regulations forcing manufacturers to use sustainable and recycled materials to manufacture fuel-efficient and lightweight vehicles. Moreover, several automotive manufacturers use natural fiber composites for interior and exterior applications. In 2020, Dr. Ing. h.c. F. Porsche AG launched Porsche 718 Cayman GT4 Clubsport MR, featuring a car body kit made of natural fiber composite materials made from farmed flax fibers. This natural fiber composite is used to develop front and rear aprons; front spoilers; front and rear lids; mudguards; and diffusers, including aerodynamic fins. In 2022, Mercedes-Benz Group and its development partners, HWA AG and Bcomp Ltd, developed front bumpers engineered from natural fiber composite for Mercedes-AMG GT4 race cars. In 2022, Bayerische Motoren Werke AG and Bcomp Ltd formed a development alliance to utilize renewable raw materials for vehicle components. Furthermore, Bcomp Ltd developed powerRibs and ampliTex reinforcement solutions made from natural composite materials. These solutions have been used in DTM touring cars from BMW M Motorsport to substitute selected carbon fiber-reinforced plastic components. Therefore, the increasing use of natural fiber composites in the automotive industry drives the market growth. Also, the rising adoption of electric vehicles (EVs) drives the North America natural fiber composites market.
On the contrary, hygroscopicity of natural fiber composites hurdles the growth of North America natural fiber composites market.
On the basis of raw material, the North America natural fiber composites market is segmented into wood, cotton, flax, kenaf, hemp, and others. The wood segment held 46.3% market share in 2022, amassing US$ 540.84 million. It is projected to garner US$ 846.95 million by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on technology, the North America natural fiber composites market is further segmented into injection molding, compression molding, pultrusion, and others. The injection molding segment held 34.3% market share in 2022, amassing US$ 400.63 million. It is projected to garner US$ 636.29 million by 2028 to expand at 8.0% CAGR during 2022–2028.
Based on end user, the North America natural fiber composites market is segmented into automotive & aerospace, building & construction, electrical & electronics, sporting goods, and others. The automotive & aerospace segment held 37.8% market share in 2022, amassing US$ 441.82 million. It is projected to garner US$ 693.29 million by 2028 to expand at 7.8% CAGR during 2022–2028.
Based on country, the North America natural fiber composites market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 60.5% market share in 2022. It was assessed at US$ 707.16 million in 2022 and is likely to hit US$ 1,103.07 million by 2028, exhibiting a CAGR of 7.7% during the forecast period.
Key players dominating the North America natural fiber composites market are Amorim Cork Composites SA, Flexform Technologies LLC, Lanxess AG, Lingrove Inc, Polyvlies Franz Beyer GmbH, and UPM-Kymmene Corp among others.
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