The natural fiber composites market is estimated to reach USD 392.1 million in 2023, which will progress at a 5.0% compound annual growth rate, to reach USD 46.3 million, by 2030. 

The progression of this industry is because of the increase in the need for eco-friendly and sustainable materials across different sectors, coupled with the several benefits of natural fiber composites.

Moreover, the rising consciousness between manufacturers and customers about the environmental impact of conventional materials is boosting the utilization of natural fiber composites. They provide various advantages over traditional composites, inclusive of reduced power consumption in production, greater recyclability, and lesser carbon footprint. 

Therefore, the construction, automobile, consumer goods, and aerospace sectors are accepting these materials in large amounts in their products.
Furthermore, the requirement for recyclability is also a significant factor in boosting the industry. The capability to recycle & reuse NFCs addresses environmental problems offers monetary benefits throughout the value chain, and encourages sustainable practices.

The injection-molding category, on the basis of technology, will be the largest contributor to the natural fiber composites market, with approximately 50%, in 2023. Moreover, this category will remain the largest throughout this decade. This can be because, by utilizing this technology, this material can be used for mass production. 

Moreover, injection-molding provides cost-effectiveness and high manufacturing performance. It enables the mass manufacturing of parts with reliable quality and greater accuracy, which makes it suitable for the automotive, packaging, and construction sectors.

The automotive category, on the basis of application, will account for 20% share in 2023, and it will further advance at a significant rate during this decade. This can be because these composites enable manufacturers to decrease the automobile weight without compromising on structural integrity. 

Therefore, low-weight automobiles manufactured using natural fiber composites consume less fuel as well as release lower greenhouse gases. This makes these composites an environmentally friendly choice for automotive manufacturers over the traditional iron, aluminum, and steel. 

APAC will be a significant contributor to the industry, with approximately 20% share, in 2023. This can be primarily attributed to the region's robust economic growth, coupled with the rising utilization of natural fiber composites in the electronics, construction, and automotive sectors.