At 7.9% CAGR, the Europe Natural Fiber Composites Market is projected to be worth US$ 3,155.01 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Europe natural fiber composites market was valued at US$ 1,998.59 million in 2022 and is expected to reach US$ 3,155.01 million by 2028, registering an annual growth rate of 7.9% from 2022 to 2028.  Growing focus on eco-friendly and sustainable products and increasing demand for natural fiber composites from automotive industry are the critical factors attributed to the Europe natural fiber composites market expansion.

Conventional construction materials are highly resource- and energy-intensive. Hence, owing to the rising concerns and awareness about the social and environmental impacts of conventional building materials, composite manufacturers are shifting toward environment-friendly raw materials such as natural fibers. Moreover, stringent regulations, legislation, and policies concerning environment protection, energy efficiency, and economic quality in the construction industry in the region create a shift toward green construction and propel demand for sustainable building materials. The demand for construction materials is increasing with the rising use of technologically advanced processes in construction activities. Several governments are spending generously on infrastructure development in developed and developing countries. Also, construction spending is expected to increase by 5.5% by 2023. Such initiatives generate demand for construction services, equipment, and materials. This has encouraged the utilization of natural fiber-reinforced composite materials for diverse applications in the construction sector. Natural fiber composites have several advantages such as renewability, biodegradability, high strength, low cost, noncorrosive nature, nonhazardous, and manufacturing flexibility, over other composite alternatives. Thus, rising awareness of green building materials and government support for sustainable solutions fuel the Europe natural fiber composites market growth.

On the contrary, hygroscopicity of natural fiber composites hurdles the growth of Europe natural fiber composites market.    

On the basis of raw material, the Europe natural fiber composites market is segmented into wood, cotton, flax, kenaf, hemp, and others. The wood segment held 42.0% market share in 2022, amassing US$ 839.93 million. It is projected to garner US$ 1,360.52 million by 2028 to expand at 8.4% CAGR during 2022–2028.  

Based on technology, the Europe natural fiber composites market is further segmented into injection molding, compression molding, pultrusion, and others. The injection molding segment held 35.7% market share in 2022, amassing US$ 714.03 million. It is projected to garner US$ 1,158.74 million by 2028 to expand at 8.4% CAGR during 2022–2028.  

Based on end user, the Europe natural fiber composites market is segmented into automotive & aerospace, building & construction, electrical & electronics, sporting goods, and others. The building & construction segment held 36.0% market share in 2022, amassing US$ 720.13 million. It is projected to garner US$ 1,159.88 million by 2028 to expand at 8.3% CAGR during 2022–2028.

Based on country, the Europe natural fiber composites market is segmented into Germany, France, Italy, UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 36.9% market share in 2022. It was assessed at US$ 737.79 million in 2022 and is likely to hit US$ 1,167.41 million by 2028, exhibiting a CAGR of 7.9% during the forecast period.    

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

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