According to recently published report, in 2010, total global natural fiber composite materials market shipments topped 430.7 mln lbs with a value of US$289.3 mln. The market is expected to grow to US$531.3 mln in 2016 with an 11% compounded annual growth rate (CAGR) over the next five years.
Natural fiber composites (NFCs) are used in a variety of markets such as automotive, construction, and more. Europe was the top continent in terms of total NFC consumption; Asia is emerging as a big market for NFCs due to the rapidly increasing demand in China and India.
Several automobile models, first in Europe and then in North America, featured natural fiber reinforced thermosets and thermoplastics in door panels, package trays, seat backs and trunk liners.
The application of natural fiber composites has increased and is gaining preference over glass fiber and carbon fiber due to low-cost and low-weight European-based natural fiber composites molders and supplier of interior parts such as headliners, side and back walls, seat backs, and rear deck trays to GM, Audi, and Volvo, among others. In terms of value shipment, Europe is expected to continue its dominance. North America is expected to be the second-largest region in terms of value shipment by 2016.
For more information on natural fiber composites, please visit www.flexformtech.com for further information.