Agrifiber Products Market Size, Share, Growth, and Industry Analysis, By Type (Flooring, Wall Panel & Boards, Door Cores, Veneer, and Others), By Application (Industrial, Institutional, Residential, Commercial), and Regional Forecast to 2028

Updated On: 08 April 2024

Report Overview

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The global agrifiber products market size was USD 913.5 million in 2021. As per our research, the market is expected to reach USD 1199.3 million by 2028, exhibiting a CAGR of 3.5% during the forecast period. The COVID-19 pandemic has had an unprecedented impact, with the agrifiber products market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. This sudden rise in CAGR can be attributed to the market's growth and demand returning to pre-pandemic levels.

Agrifiber products are versatile construction materials derived from agricultural waste like straw, husks, and wood fibers. They are used in flooring, wall panels, door cores, and more. Agrifiber composites combine these natural fibers with resins and plastics, offering strength, durability, and sustainability. These materials find applications in construction, automotive manufacturing, renewable energy, food packaging, sports equipment, and furniture.

The agrifiber products market growth is attributed to compelling factors. A key catalyst is the rising emphasis on sustainability and eco-conscious practices across industries. This shift towards greener alternatives to conventional building materials is fueled by increasing environmental concerns. These products offer an ideal solution by utilizing abundant agricultural waste materials such as wood fibers, resulting in a cost-effective and environmentally friendly option for manufacturers. Their resilience and durability, renowned for withstanding harsh conditions, make them a preferred choice in flooring and furniture manufacturing applications. This extended product lifespan and reduced need for replacements align with economic efficiency, further fueling the demand for these products.

COVID-19 Impact: Surge in Market Demand Due to Increased Adoption of Renewable and Recyclable Materials

The COVID-19 pandemic has accelerated the demand for green building products, with agrifiber products at the forefront. Renowned for their use of renewable materials and recyclability, they have become the preferred choice in construction. The pandemic has heightened sustainability awareness across industries, prompting a shift towards eco-conscious practices. Governments worldwide are incentivizing green building products, further boosting agrifiber adoption.

Government incentives are key drivers for eco-conscious building materials, particularly agrifiber products. These incentives promote sustainable construction practices and significantly boost their adoption. Governments recognize the pivotal role of these products in fostering sustainability and reducing the environmental footprint of the construction industry. Consequently, the agrifiber market experiences substantial demand growth, aligning with the global commitment to responsible practices.

Latest Trends

"Rapid Adoption of Agrifiber Composites to Combine Wood Fibers and Husks with Resins and Plastics"

A significant trend in the market is the rapid adoption of agrifiber composites, marking a transformative shift in various industries. These composites, a product of innovative materials engineering, combine natural elements such as wood fibers, straw, or husks with resins and plastics. The result is a versatile material with three important qualities that are strength, durability, and sustainability. This lightweight yet robust solution perfectly aligns with the surging demand for eco-friendly materials, driving its widespread adoption.

Agrifiber composites are rapidly reshaping industries, offering versatile applications across sectors. In construction, they are emerging as favored materials for walls, roofs, and structural components, striking the ideal balance between strength and reduced weight. Automotive manufacturers are equally enthusiastic, about incorporating agrifiber composites into various car components. This not only enhances the efficiency and durability of these parts but also contributes to overall vehicle weight reduction and a reduced environmental footprint.

Beyond construction and automotive, agrifiber composites are making significant strides in renewable energy, particularly in the production of wind turbines, bolstering sustainability efforts. Their versatility extends to food packaging, providing a robust yet lightweight material for preserving and transporting products efficiently. Furthermore, they are revolutionizing the production of sporting goods, furniture, and various products requiring exceptional strength and durability. The wide-scale adoption of agrifiber composites across diverse industries is indicative of their transformative potential in shaping the evolving materials landscape.

Segmentation

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•  By Type

The market can be segmented into various categories, including flooring, wall panels and boards, door cores, veneer, and others based on type.

• By Application

Based on application, the market can be divided into industrial, institutional, residential, and commercial segments.

Driving Factors

"Easy Availability of Raw Materials to Fuel Market Growth"

Agrifiber products are manufactured from agricultural waste materials such as straw, husks, and wood fibers. These materials are abundant and readily available, making them a cost-effective option for manufacturers. This abundance ensures a stable supply chain and cost-efficiency in production, which in turn leads to competitive pricing and increased market accessibility for these products.

"Durability and Resilience Properties to Drive Product Demand"

Agrifiber products are known for their durability and ability to withstand harsh conditions. This durability makes them a preferred choice for applications where resilience is crucial, such as in flooring and furniture manufacturing. Consumers and industries value products that have a longer lifespan and require fewer replacements, making these products economically attractive.

Restraining Factor

"Quality Variability in Agricultural Waste to Pose Product Reliability Challenges"

The potential variability in the quality of agricultural waste materials used in agrifiber product manufacturing presents a significant restraining factor. This variability, influenced by factors such as geographical location, climate variations, and agricultural practices, can lead to inconsistencies in material quality. These inconsistencies pose challenges for manufacturers in maintaining a consistent level of product quality and reliability, potentially affecting market growth and consumer trust.

Regional Insights

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"Asia Pacific Leads in Response to Increasing Demand for Sustainable Construction Materials"

Asia-Pacific holds the dominating agrifiber products market share. The region not only holds the maximum market share but is also expected to exhibit the fastest growth rate. The increasing demand for sustainable construction materials in countries like China and India is a major driver for the market in this region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• ASSA ABLOY (Sweden)
• Masonite (U.S.)
• Chappell Door Company (U.S.)
• Agriboard International (U.S.)
• TorZo Surfaces (U.S.)
• Sind Particle Board Mills (Pakistan)
• Wanhua Ecoboard (China)
• Novofibre Panel Board (Canada)
• Lexington Manufacturing (U.S.)
• KIREI (U.S.)
• Lambton Doors (Canada)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.