Natural Fiber Reinforcement Materials Market Report 2023: Growth Drivers And Market Size

Natural Fiber Reinforcement Materials Market to reach $694.64 Million by 2030, with a projected CAGR of 6.81% between 2023 and 2029

PORTLAND, OREGON, UNITED STATES, May 22, 2024 /EINPresswire.com/ -- A recent report by Allied Market Research reveals that the global natural fiber reinforcement materials market generated $360.97 million in 2020 and is anticipated to reach $694.64 million by 2030, with a notable CAGR of 6.81% from 2021 to 2030. This comprehensive report provides an in-depth analysis of evolving market trends, value chain dynamics, key segments, investment opportunities, regional outlook, and competitive landscape.

Market Drivers:

The growth of the global natural fiber reinforcement materials market is propelled by increased demand from the automotive and construction industries, stringent regulations against the use of synthetic materials causing pollution, and the environmentally friendly nature of natural fibers. Additionally, rising public awareness regarding environmental conservation further fuels market growth. However, challenges such as lower strength compared to synthetic fibers and price volatility in raw materials hinder market expansion. Nonetheless, the growing utilization of natural fibers in packaging and construction industries presents new opportunities for market growth.

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COVID-19 Impact:

The COVID-19 pandemic had adverse effects on the global natural fiber reinforcement materials industry, resulting in significant disruptions in raw material shipping, workforce shortages, and the temporary shutdown of manufacturing businesses. Moreover, the market experienced a decline in demand for non-essential items and the closure of manufacturing enterprises further impacted market growth.

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Market Segmentation:

The report offers detailed segmentation of the global natural fiber reinforcement materials market based on end-use industry, type, and region.

End-Use Industry: The transportation segment dominated the market in 2020, accounting for nearly 88.79% of the total share, and is expected to maintain its dominance during the forecast period. However, the consumer goods and others segment is anticipated to witness the fastest CAGR of 7.29% from 2021 to 2030.

Type: The flax segment held the largest share in 2020, contributing to nearly half of the global market, and is projected to maintain its leading position throughout the forecast period. Conversely, the jute segment is expected to register the highest CAGR of 8.02% from 2021 to 2030.

Region: Europe led the market in 2020, accounting for nearly three-fifths of the total share, and is expected to maintain its dominance in terms of revenue by 2030. Meanwhile, the Asia-Pacific region is projected to exhibit the highest CAGR of 7.95% during the forecast period.

Key Players:
Prominent players in the global natural fiber reinforcement materials market include Bast Fiber LLC., AgroFiber SAS, Greene Natural Fibers LLC., Hempflax BV, Kenaf Industries of South Texas, Procotex Corporation, Saneco S.A., Schweitzer-Mauduit International, Inc., Hempline Inc., and NFC Fibers GmbH. These players are profiled in the report, highlighting their market performance, product portfolio, and strategic initiatives.

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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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