June 22, 2024
Hemp Fiber Market

Hemp Fiber Market IS EXPECTED TO BE Flourished BY Rising Trends IN Textile AND Automotive Industries

Hemp fiber, also known as cannabis fiber or cannabis bast fiber, is a long, sturdy fiber obtained from the hemp plant. It is primarily used for textiles, papers, ropes, and construction materials. Hemp fiber can be used in a wide range of products such as durable fabrics, rope, yarn, paper, fiberboard, insulation, animal bedding, and construction materials. Hemp fiber supports more than 25,000 products, ranging from automotive parts to clothing and textiles. It provides a sustainable alternative to cotton and other synthetic fibers.

The global hemp fiber market is estimated to be valued at US$ 6.64 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Rising Trends in Textile and Automotive Industries: Growing emphasis on sustainability and eco-friendly products across industries is driving the demand for Global Hemp Fiber Market Size. Hemp fiber provides a sustainable alternative to cotton and synthetic fibers such as polyester which are derived from petroleum and agricultural mono-cropping. The textile industry is increasingly adopting hemp fibers for their strength, durability, moisture resistance and low environmental impact. Hemp fibers are also gaining popularity in the automotive industry for manufacturing interior parts such as door panels, seat covers due to their lightweight and durable properties. The rising trends towards sustainability in textile and automotive sectors are expected to boost the growth of the global hemp fiber market over the forecast period.

Hemp Fiber is expected to Flourish by the Growing Sustainable Products Movement: The increasing consumer awareness regarding environmental protection is fueling the demand for sustainable and eco-friendly products. Hemp fibers can be grown with minimal pesticides and have low water requirements compared to cotton and other crops. Manufacturing hemp fibers also contributes 97% less carbon emissions than synthetic fibers like nylon. The growing sustainable products movement is driving numerous companies to incorporate hemp fibers in their products lines. The rising consumer preference for sustainable materials will augment the growth of the hemp fiber market in the upcoming years.

Segment Analysis

Hemp fiber market is broadly classified into three key segments namely long fiber, short fiber and hurds. Long fiber segment currently dominates the global hemp fiber market and accounts for over 55% of overall market share. Long fibers are primarily used in textiles, composites and other high strength applications due to their superior tensile strength properties compared to short fibers. The demand for long fibers is expected to remain high driven by its wide application in automotive and construction sector where high strength materials are required.

PEST Analysis

Political: Many countries have still not legalized cultivation and processing of hemp which restricts market growth. However, positive government policies in North America and Europe are driving cultivation.
Economic: Rising disposable incomes coupled with growing preference for natural and eco-friendly products is fueling market demand. Additionally, hemp fiber offers economical alternative to glass fibers thereby supporting its adoption in end use industries.
Social: Rising health and environmental consciousness among consumers has increased acceptability of hemp fiber products. Its renewability and biodegradability make it a sustainable option.
Technological: Developments in spinning and weaving technologies have improved processing of hemp fibers. This has enhanced material properties and made hemp fibers suitable for high performance applications.

Key Takeaways

The global hemp fiber market is expected to witness high growth over the forecast period.

North America currently dominates the market owing to favorable cultivation laws and rising demand from construction industry in the region. Europe is also a major market for hemp fibers driven by growing adoption in automotive composites to reduce vehicular weight.

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. The market is moderately fragmented in nature with top players focusing on new product development and capacity expansion to gain competitive advantage.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it