Natural fiber composites are composite materials made of polymer resins reinforced by natural fiber. It possesses the physical and high mechanical performance of the fiber and the appearance, bonding and physical properties of polymer. Design possibilities are numerous owing to the wide range of manufacturing processes, each resulting into specific quality product. Manufacturing process and composite products can be chosen to best fit the environment in which the product is to be made and used. Natural fibers are emerging as better alternatives to glass fibers owing to their low cost, light weight, and superior environment-friendly qualities. High-strength natural fibers such as jute, oil palm, sisal, hemp, and flax are used in the production of NFCs.
NFCs can be tailored according to end-user needs by selecting specific material and process. This is one of the major advantages of NFC. The product can be optimized in terms of cost, weight, properties and manufacturing time. NFCs are renewable and biodegradable. Additionally, they possess low density and low processing costs vis-à-vis synthetic materials. NFC possess good thermal and acoustic insulating properties. Production of NFCs requires less investment, less energy, and is less hazardous. Thus, it is ideal for usage in low-wage countries. Automotive and construction industries are the two major consumers of NFCs. Demand for NFCs is expected to rise at a rapid pace due to the increase in sales of automobiles in developing countries such as India and China. NFCs have the potential to boost the rural economy due to their widespread usage and low production cost. The usage of NFCs in biomedical and bioengineering fields is increasing owing to their biodegradability, biocompatibility, varied functions, manufacturability, and mechanical and thermal properties.
Based on polymer matrix, the NFC market can be segmented into thermoset matrix composite and thermoplastic matrix composite. Methods such as extrusion, injection molding, and compression can be used to process thermoset matrix composites. Methods such as compression molding, pultrusion, resin transfer molding (RTM), and sheet molding compound (SMC) can be used to process thermoplastic matrix composites.
In terms of application, the NFC market can be divided into automotive, electrical & electronics, sports goods, construction, defense, and transportation. NFCs are used in door panels, seat backs, trunk liners, head liners, and dashboards under the automotive segment. Major automotive manufacturers such as BMW, Volvo, Ford, and Toyota use NFCs in various parts of vehicles. NFCs are also used in mobile cases, laptop cases, and various other accessories in the electrical & electronics industry. NFCs are used in the manufacture of sporting goods such as tennis rackets, bicycles, window and door frames, and snowboards. Door panels, decking, railing, and window frames can be made of NFCs in the construction market. NFCs are also used in structural parts of military jets due their low weight and high performance properties.
Based on geography, the NFC market can be classified into Asia Pacific, Europe, North America, Latin America, and Middle East and Africa. Europe and North America are major regions of the NFC market. Europe leads in terms of usage of NFCs in the automotive industry, while North America dominates the usage in the construction industry. Automobile and construction industries are expanding at a rapid pace in China and India. Thus, Asia Pacific is anticipated to emerge as the leading region of the NFC market during the forecast period. Latin America offers immense potential for the NFC market.
Key players operating in the NFC market are FlexForm Technologies, UFP Technologies, International Paper, Westrock Co., BASF SE, E. I. du Pont de Nemours and Company, UPM, and Advanced Environmental Recycling Technologies, Inc.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.