Supportive Government Initiatives Worldwide Promoting Use of Eco-friendly Construction Materials Benefiting Agrifiber Product Manufacturers
Rockville , Dec. 20, 2023 (GLOBE NEWSWIRE) — The global agrifiber product market is estimated to account for a value of US$ 1.78 billion in 2024 and is projected to expand at 6.2% CAGR from 2024 to 2034. This study by Fact.MR, a market research and competitive intelligence provider, reveals that East Asia and North America will account for substantial market shares by the end of 2034.
Growing emphasis on sustainability and increasing adoption of green construction materials are projected to primarily augment agrifiber product demand on a global level over the next ten years. Imposition of stringent regulations to curb deforestation is estimated to contribute to the increasing sales of agrifiber products over the next 10 years and beyond.
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India and China are projected to emerge as highly lucrative markets for agrifiber product manufacturers owing to the abundant availability of raw materials, cheap labor, and supportive government initiatives. High investments in infrastructure development and growing construction activity are projected to be common factors promoting agrifiber product sales in the aforementioned countries.
| Report Attribute | Details |
| Value Projection (2034) | US$ 3.36 Billion |
| Growth Rate (2024-2034) | 6.2% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 84 Tables |
| No. of Figures | 112 Figures |
Key Takeaways from Market Study
- The global agrifiber product market is forecasted to expand at a CAGR of 6.2% and reach a valuation of US$ 3.36 billion by 2034-end.
- Growing adoption of sustainable construction materials, increasing availability of agrifiber products, expansion of the composites industry, and rising investments in the R&D of new agrifiber products are key market drivers.
- Seasonal fluctuations are projected to affect the availability of raw materials required for agrifiber production and limit the overall growth potential of agrifiber product companies.
- Sales of agrifiber products in East Asia are forecasted to reach US$ 1.29 billion by the end of 2034.
- Commercial applications are predicted to account for 31.5% of global revenue share in 2024.
- Agrifiber product sales in South Korea are forecasted to rise at a phenomenal 11.3% CAGR over the next 10 years.
“Booming adoption of sustainable construction materials is projected to offer lucrative opportunities for agrifiber product companies in the future,” says a Fact.MR analyst
Key Companies Profiled in This Report
- STRAWTEC Building Solutions Ltd.
- ASSA ABLOY
- Lexington Manufacturing Inc.
- Masonite
- Novofibre Panel Board (Yangling) Co. Ltd.
- Wanhua Ecoboard Co. Ltd.
- TorZo Surfaces
- Navy Island Inc.
- Fifty Door Partners LLC
- Compakboard Heerenveen B.V.
- Zelfo Technology GmbH
- Chappell Door Company
- Agriboard International LLC
- Lambton Doors
- Sind Particle Board Mills Ltd.
Winning Strategy
Agrifiber product suppliers are expected to opt for strategies such as collaborations, mergers, and acquisitions to strengthen their overall market presence. Agrifiber product companies are also predicted to take advantage of the rising popularity of sustainability to maximize their revenue generation on a global level going forward.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global agrifiber product market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on product type (door cores, flooring, veneer, wall panels & boards, others), application (residential, commercial, institutional, industrial), and raw material (coconut husk, wheat & rice straw, sugarcane bagasse, sunflower husk, others), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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