According to a new market report published by Lucintel, the future of the natural fiber composite (NFC) market looks attractive with opportunities in the automotive, and building and construction industries.
The global natural fiber composite market is forecast to grow at a CAGR of 8.2 percent from 2015 to 2020. The major driver for market growth is the rise in demand for lightweight and environmentally sustainable composite materials in various applications, such as automotive, construction, and others.
In this market, natural fiber (hemp, flax, jute, kenaf, and others) and resin (polypropylene, polyethylene, polylactic acid, and others) are the major raw materials used for producing natural fiber composites.
Lucintel predicts that the demand for NFC is likely to experience a good growth during the forecast period supported by growing demand in end-user industries. On the basis of comprehensive research, Lucintel forecasts that the automotive segment is expected to show above average growth during the forecast period.
Within the natural fiber composites market, the automotive segment is expected to remain the largest application by both value and volume. Increasing concern for passenger safety, government mandates for better fuel economy, and end-of-life vehicles directive are the major driving forces that spur growth for this segment over the forecast period.
