Asia-Pacific Natural Fiber Composites Market Revenue to cross US$ 1,698.27 million by 2028

At 8.3% CAGR, the Asia-Pacific Natural Fiber Composites Market is projected to be worth US$ 1,698.27 million by 2028, says The Insight Partners

According to The Insight Partners’ research, the Asia-Pacific natural fiber composites market was valued at US$ 1,053.67 million in 2022 and is expected to reach US$ 1,698.27 million by 2028, registering an annual growth rate of 8.3% from 2022 to 2028.  Applications of natural fiber composites in sporting goods applications and development of natural/synthetic fiber-based hybrid composites are the critical factors attributed to the Asia-Pacific natural fiber composites market expansion.

Sports goods’ manufacturers are focused on innovative materials development and structural design engineering of hockey sticks, badminton and tennis racquets, golf clubs, skis, and other sporting goods. Natural fiber-reinforced composite materials have several properties such as lightweight, high strength, design flexibility, and easy processing and forming characteristics. Therefore, they have a broad range of applications in the sporting goods industry. Natural fiber composites’ manufacturers produce lightweight products for several sports applications. Composite material designed and developed for outdoor gear is expected to have properties such as high strength and lightweight and meet customer safety regulations. Flax fiber composites have inherent dampening properties and vibration control that make them an optimum choice of material for sports products used in skiing, biking, tennis, golf, paddling, and badminton. Therefore, the utilization of various natural fiber composites in sporting goods applications, owing to biodegradability and high-performance properties, is expected to create lucrative opportunities for the natural fiber composites market during the forecast period.

On the contrary, hygroscopicity of natural fiber composites hurdles the growth of Asia-Pacific natural fiber composites market.    

On the basis of raw material, the Asia-Pacific natural fiber composites market is segmented into wood, cotton, flax, kenaf, hemp, and others. The wood segment held 45.8% market share in 2022, amassing US$ 483.00 million. It is projected to garner US$ 799.80 million by 2028 to expand at 8.8% CAGR during 2022–2028.  

Based on technology, the Asia-Pacific natural fiber composites market is further segmented into injection molding, compression molding, pultrusion, and others. The others segment held 38.7% market share in 2022, amassing US$ 408.28 million. It is projected to garner US$ 646.82 million by 2028 to expand at 8.0% CAGR during 2022–2028.  

Based on end user, the Asia-Pacific natural fiber composites market is segmented into automotive & aerospace, building & construction, electrical & electronics, sporting goods, and others. The automotive & aerospace segment held 36.2% market share in 2022, amassing US$ 381.05 million. It is projected to garner US$ 642.97 million by 2028 to expand at 9.1% CAGR during 2022–2028.

Based on country, the Asia-Pacific natural fiber composites market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia-Pacific. Our regional analysis states that China captured 47.8% market share in 2022. It was assessed at US$ 503.28 million in 2022 and is likely to hit US$ 836.56 million by 2028, exhibiting a CAGR of 8.8% during the forecast period.

Key players dominating the Asia-Pacific natural fiber composites market are Amorim Cork Composites SA, Cobra Advanced Composites Co Ltd, Lanxess AG, Polyvlies Franz Beyer GmbH, and UPM-Kymmene Corp among others.

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