Lightweight, lower energy consumption, and an increase in fuel efficiencyand consumer preference awareness regarding environmental protection products in the developed regions are some of the main factors propelling the growth of the market.
Jute composites Market Size – USD 6.31 Billion in 2019, Growth - CAGR of 11.7%, Trends – Government’s rules regarding the application of environmentally friendly products.
The Global Jute composites market is forecast to reach USD 14.60 Billion by 2027, according to a new report by Reports and Data. Natural fibers have become very crucial in technical composite applications because of the demand for biodegradable and recyclable raw materials. The growing awareness regarding green products and spiraling demand for lightweight products from the automotive industry are among the major trends escalating market growth. The moisture sensitivity of these composites is a key market restraint for natural fiber composite.
Jute composites Market Growth:
The global Jute composites market is expected to grow due to increasing demand for sustainable and eco-friendly materials. The growing awareness about the negative impact of synthetic fibers on the environment is expected to drive the demand for Jute composites. The increasing demand for lightweight and high-strength materials in various end-use industries, such as automotive, construction, and packaging, is also expected to drive market growth. Additionally, the growing popularity of bioplastics, which are derived from natural fibers, is expected to provide new growth opportunities for the market. However, the high cost of Jute composites compared to synthetic fiber composites and the limited availability of high-quality natural fibers may act as a restraint to the market's growth.
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Top Companies: FlexForm Technologies LLC, Procotex Corp SA, Tecnaro GmbH, Kafus Bio-Composites Inc., FiberGran GmbH Corp. KG, UPM Biocomposites, Tagleef Industries, Polyvlies Franz Beyer GmbH Co. Kg, Trex Company, Inc, and Advanced Environmental Recycling Technologies, Inc. among others.
Further Key Finding from the Report Suggestion:
- The weak bonding with polymer matrices and moisture sensitivity of these products is anticipated to hamper growth prospects. They absorb moisture, which leads to swelling of fibers. Therefore, in the automotive industry, they can only be applied in car interiors.
- Among the type segment of the natural fiber composite market, the wood-based NFCs are anticipated to be the fastest-growing raw with a CAGR of 11.8% over the forecasted period, owing to their high demand in the construction and building industry, globally.
- The North American region accounts for a major share of wood Jute composites because of the high demand for wood-plastic composites in the construction industry.
- The automotive application is projected to be the fastest-growing segment in the Jute composites market with a CAGR of 11.9% over the forecasted period owing to the growing need for safer, lighter, and fuel-efficient vehicles.
- Some factors act as a tailback in its growth of the Jute composites market. The fluctuation in the cost of natural fiber, a lack of awareness among end-users in emerging economies, and relatively weak strength are major restraints in the growth of the NFCs market.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Jute composites market is segmented into:
Type Outlook (Revenue, USD Million; 2017-2027)
- Wood
- Non-wood
Manufacturing Process Outlook (Revenue, USD Million; 2017-2027)
- Injection Molding
- Compression Molding
- Pultrusion
- Others
Application Outlook (Revenue, USD Million; 2017-2027)
- Automotive
- Electronics
- Sporting Goods
- Construction
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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