Hemp Fiber is Estimated to Witness High Growth Owing to its Applications in Automotive Industry

 

Hemp Fiber Market

Hemp fiber is obtained from the hemp plant and is regarded as one of the strongest natural fibers. It is highly durable, has ultra-long staple lengths, and is woven into durable textiles that can be used for various industrial and commercial applications. Hemp fibers are often used in construction materials, automotive parts, textiles, paper goods and more. These fibers are eco-friendly in nature with low impact on environment as compared to other materials.

 

The global hemp fiber market is estimated to be valued at US$ 5.76 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Dynamics:

 

One of the key drivers contributing to the growth of the hemp fiber market is rising demand for eco-friendly materials. Hemp fibers are renewable and biodegradable in nature which makes them sustainable choice over synthetic fibers derived from petroleum. Hemp plants require less water and no pesticides to grow as compared to cotton, thereby reducing environmental impact. Moreover, auto makers are shifting their preference towards hemp composites to manufacture lightweight interior and exterior automotive parts in order to meet stringent fuel efficiency standards. Hemp fibers also find extensive application in construction industry as an alternative to fiberglass in production of insulation and composite building materials due to their exceptional properties. Additionally, hemp fibers contain optimal levels of cellulose required for high quality paper manufacturing. Growing consumer preference for sustainable products is boosting the sales of hemp derived textiles and paper goods which in turn is fueling the market growth over the forecast period.

 

Swot Analysis

Strength: Hemp fiber is one of the strongest natural fibers and it has high tensile strength and durability. It can be blended with other fibers or used independently for construction, textiles, papers and other industrial applications. Hemp fiber is sustainable and eco-friendly as it grows very fast without the need for pesticides and herbicides. Hemp cultivation helps in reducing carbon emission and supporting organic farming.

 

Weakness: The textile industry still lags behind in fully utilizing hemp fiber due to lack of advanced technologies for processing it. High dependence on climate and seasonal changes also affects the quality and yield of hemp crops in some regions.

 

Opportunity: Rising consumer awareness about sustainable and eco-friendly products is driving the demand for hemp fiber products. Various industries are investing in R&D to utilize hemp fiber for novel applications in automobiles, construction materials, animal bedding and more. Growing cannabis industry is also positively impacting the production of hemp fiber.

 

Threats: Stringent government regulations around hemp cultivation and trade barriers between countries can restrict the free flow of hemp fiber in global market. Substitutes like cotton, jute and synthetic fibers are major competitive threats. Changes in environmental policies can also influence hemp production.

 

 

Key Takeaways

The Global Hemp Fiber Market Size is expected to witness high growth due to increasing industrial and commercial applications for hemp products.

Regional analysis: North American and European regions are currently dominating the global hemp fiber market due to supportive government policies and advanced production facilities. Canada and France are the fastest growing producers.

 

Key players operating in the hemp fiber market are Agrovet, Indian Immunologicals Ltd., MSD Animal Health, Vallee SA, Bayer HealthCare, Brilliant Bio Pharma Ltd., Intervet, Biovet, Merial, China Animal Husbandry Co., Ltd., Biogénesis-BagÃ3 S.A, Vetal Animal Health Products S.A.VETAL Animal Health Products, and Vecol S.A. These leading companies are investing heavily in R&D to produce novel high strength and sustainable hemp fibers for various industries. Partnerships with textile and automobile firms will help boost the revenue of these players.


Get More Insights Here

https://www.newsstatix.com/hemp-fiber-market-size-share-growth-outlook-2023/

https://www.urdughr.com/2023/12/ecoelegance-cellulose-plastics-the-green-alternative-to-traditional-petroleum-based-plastics.html

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