Agrifiber Products Market Analysis and Review by Product Types (Door Cores, Flooring, Veneer, Wall Panel, and Boards, and Others)
Industry: Chemicals and Materials
Published Date: January-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP13030
As per the research conducted by Persistence Market Research, the global consumption of Agrifiber Products is expected to reach a value of US$ 3,298.0 Million by the end of 2033. East Asia and North America are anticipated to remain key regions in the business owing to growing consumption in regional countries like U.S., India, and China.
|
Market Value (2022A) |
US$ 1,696.5 Million |
|
Market Estimation (2023E) |
US$ 1,807.2 Million |
|
Agrifiber Products Market Forecast (2033F) |
US$ 3,298.0 Million |
|
Value CAGR (2023 to 2033) |
6.2% |
|
Collective Value Share: Top 3 Countries (2023) |
45.5% |
The Agrifiber are made up of natural fibres extracted from plants. It is also called wood which is grown for industrial use, although it has many traits with conventional lumber. Crop residues including sugarcane bagasse, rice straw and husk, and barley and wheat straw have low market value. With the improvements and advancements in green building materials, producers use these affordable raw resources to create particle boards and fibreboards.
The burning and removal of agricultural straw in the field, has become a common practice in many countries. This burning of agricultural straw is often harmful to the soil and dangerous to the environment. Instead of burning this agricultural straw, it can be utilized for the production of green products such as Agrifiber boards and panels.
Agrifiber products are used for various purposes, such as wall panelling, flooring, door cores, boards, veneer, etc. as these products are an environment-friendly acceptable alternative to commodities like metal and plastic in construction.
The market had witnessed about 5.8% year-over-year growth during the historical assessment period. Demand has been consistently increasing due to the rising construction of residential and commercial infrastructure worldwide to compensate the rising population. Apart from construction industry various other end-use industries including automotive has also contributed in growth of the market.
Based on latest market estimations released by persistence market research, demand for Agrifiber products is projected to increased growth opportunities during the forecast period compared to historical period. Nimble growth in end-use industries is anticipated to propel the market sales by an average growth rate of 6.3% throughout the forecast period of 2023 to 2033.
The adoption of the latest technologies and innovations has made it possible for construction companies to set up a digital framework that will aid them in resolving the current difficulties that the industry is facing. Building information modelling (BIM) is advancing the construction sector's digital transition. BIM helps with waste reduction, sustainable raw material usage, time management, cost planning, and project performance enhancement.
Agrifiber boards of various forms and compositions are used in the construction industry. Despite having clear theoretical appeals, the early agricultural fiber products gained only a moderate level of adoption.
As the construction and architecture industries are prepared and ready to adopt high-performing green materials, agrifiber products are expected to flourish once more on the market. The important end industry for agrifiber products is construction, and rising consumer demand for eco-friendly products is propelling the market's expansion globally.
In the coming decades, it is projected that demand for non-wood panel boards derived from agricultural waste would increase at above average growth rates annually.
Due to the use of natural resin binders or resins with a low formaldehyde concentration compared to wood, these materials often have a minimal environmental effect. They adhere to LEED's (Leadership in Energy and Environmental Design) requirements for building design. It is projected that these factors will increase the demand for agrifiber products in the upcoming years.
Agrifiber-based panel products are quite popular with end users seeking panel boards that offer longevity while also giving a wood-like appearance. In terms of performance and environmental impact, agrifiber products are anticipated to be better than wood-based products and emit neither formaldehyde nor volatile organic compounds (VOCs). Economic considerations, such as the cost of raw materials, production efficiency as well as problems related to the storage and transportation of raw materials might act as restraining factors for the market of the agrifiber product
The technology and composition of the resins used to make panel boards are witnessing significant changes as a result of a number of market considerations. Manufacturers are under pressure from the green building movement to completely remove formaldehyde emissions through market selection, emission control, and certification programs from the California Air Resources Board (CARB).
Resins based on urea-formaldehyde have been the standard binders for many panel board products, such as particle board (PBs), medium-density fiberboard (MDF), wheat boards, and fiberboards, among others. The cost of producing formaldehyde-free resin for manufacturing agrifiber products is much higher than that for producing wood-based products.
Why Does the U.S. Account for a significant share of the Agrifiber Products market?
Demand is expected to remain prominent in the U.S., the country holds dominating shares in the North American market. The country is expected to hold around 83.4% of the regional market.
Agrifiber boards of various compositions and specifications have been utilized by the American construction industry for the past ten years. Despite its apparent theoretical appeal, the first agrifiber products released in North America only received a limited amount of support.
The prospects of the North American agrifiber panel industry remain firmly tied with the U.S. economy and, in particular, with the residential and housing industry. The main drivers that continue to influence the fortunes of agrifiber-based particle boards (PBs) and medium-density fiberboards (MDFs) include the recovery of the U.S. economy, especially the construction markets, along with the growth of the U.S. financial sector
What Makes China a Hub for Agrifiber Products Demand?
China is expected to dominate the Asia Pacific as well as the global market for agrifiber products. In 2022, China accounted for over 21.5 % share of the global market.
Research and development have established the suitability of a variety of sources, such as agricultural residue, bamboo, grass, weeds, etc, for the production of panel boards. In Asia-Pacific, the rapidly growing composites industry and huge forest resources make the use of alternative fibres, such as agricultural residues, more feasible and attractive, thereby driving the agrifiber product market in the country. Among wood-based panels, particle boards(PBs) and medium-density fibreboard (MDFs) provide enough scope for the substitution of wood by agrifibres.
Infrastructure is an important catalyst and driver for an economy. Particular importance is given to energy-efficient households and buildings due to the harmful emissions from the adhesives used in panel boards, rising concerns regarding GHG emissions, and increasing energy costs and energy losses. These factors, along with the government’s support, have had a positive impact on the growth of the market in China.
Which Application of Agrifiber Products Generates Most of its Revenue?
On the basis of application, the Residential segment accounted for 68.7% market share in 2022. Rapid urbanization and modernization in residential construction along with growing trend of interior decoration across developing economies and demand for space accommodation in tier 1 cities are expected to be key market drivers for the agrifiber-based panel industry.
Government agencies and private companies from developed and developing countries take initiatives to increase their construction activities to meet the demand. Green construction methods are becoming more popular in the residential and commercial construction industry in an effort to minimize environmental harm and safeguard the precious balance of nature.
Adopting environment-friendly building materials, to decrease construction costs and increase infrastructure activities as well as to improve public transportation along with growing manufacturing facilities is creating a demand for residential construction, which is anticipated to create opportunities during the forecast period.
Which Is the Most Preferred Product Type of Agrifiber Products?
The preferred product type of agrifiber products is Wall panels and Boards. In the global market for agrifiber products, the Wall panels and Board types is predicted to have a 50.8% value share in 2022
A wall panel is a flat piece of material, usually, oriented strand board (OSB), or plywood used to cover a building's interior walls. Panels are commonly up to 96 inches long and less than 48 inches broad. The size of the wallboards is larger than that of the wall panels. The thickness of these varies from 14 inches to more than two inches, and they could be up to 12 feet long. There are several finishes available for both boards and wall panels, including veneer, paint, wallpaper, and laminate.
There are numerous uses for wall panels in residential and commercial construction. They can be utilized to conceal existing walls, extend an old wall, repair structural flaws in the wall, and they can also act as insulation. The increasing awareness and benefits of using wall panels and boards among contractors, architects, and consumers are anticipated to drive the demand during the forecast period.
Prominent manufacturers operating in the market are anticipated to enhance their product offering to provide tailored solutions to cater the consistent rise in demand across a wide spectrum of applications. Few of the applications include construction boards and panels that are creating robust demand for customized solutions in agrifiber products in terms of colours and materials.
For Instance,
|
Attribute |
Details |
|
Forecast Period |
2023 to 2033 |
|
Historical Data Available for |
2018 to 2022 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Market Segments Covered |
|
|
Key Companies Profiled |
|
|
Pricing |
Available upon Request |
By Product Type:
By Application:
By Raw Material Source:
By Region:
To know more about delivery timeline for this report Contact Sales
The global market of has reported a valuation of US$ 1,696.5 Million in 2022.
The global market is estimated to reach a valuation of US$ 1,807.2 Million in 2023.
The global market is estimated to reach a valuation of US$ 3,298.0 Million in 2033.
The global market has exhibited a value CAGR of 5.8% over the last four Years.
The global market has projected a value of CAGR of 6.2% from 2023 to 2033.
The wall panels and board segment is estimated to be a key product type of agrifiber products, and the segment is estimated to consume about 50.8% of the global.
