The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Wood panels have conventionally been utilized in buildings; however, deforestation has resulted in shortage of wood over th2019-2029e years, and most industries are on the lookout for renewable resources. Agricultural residue is a sustainable alternative to wood, and is increasingly being adopted to make panel boards.
Agrifiber-based panel boards are witnessing substantial demand from the building & construction industry. As a result, the global agrifiber products market is projected to reach US$ 2.6 Bn by 2029, expanding at a CAGR of 6.7% during the forecast period .
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Key Takeaways of Agrifiber Products Market Study
- Rapid modernization and growing population are prominent drivers for the Asia Pacific construction industry. Although the agriculture sector remains one of the key contributors to regional GDP, national economic policies in Asia Pacific are projected to be focused on economic diversification. Expanding construction industry will bolster the demand for agrifiber products in the Asia Pacific region.
- Unexpected rise in the prices of steel, high cost of timber, declining wood resources, etc., allow agrifiber construction systems to compete with classic systems made from concrete, wood, and steel.
- The wheat & rice straw segment is expected to dominate the market by raw material type, and is estimated to hold more than 1/3 market share.
- By product type, wall panels & boards are witnessing increasing demand, owing to their light weight and the trending concept of green building.
“The agrifiber products market is progressing at an impressive rate due to the growing trend of recycling agricultural waste and residue. Increasing use of agrifiber in the residential sector is projected to further boost market growth in the foreseeable future,” says a PMR analyst.
Long-term Market Outlook
A noteworthy increase in the sales of agrifiber products is expected in markets such as BRICS Nations (Brazil, Russia, India, China, and South Africa), over the forecast period. In Asia Pacific, China and India are anticipated to be prominent markets of agrifiber products. On the other hand, the European region has been witnessing a slow growth rate over the last few years, owing to the financial and economic crisis in the region.
- ASSA ABLOY
- Wanhua Ecoboard Co. Ltd
- Masonite Corporation
- Novofibre Panel Board (Yangling) Co., Ltd.
- Zelfo Technology GmbH
- Lexington Manufacturing Inc.
- Chappell Door Company
- Fifty Door Partners, LLC
- NAVY ISLAND, INC.
- STRAWTEC Building Solutions Ltd.
- Agriboard International LLC
- KIREI USA, LLC
- DAPROMA AB
- Lambton doors
- TorZo Surfaces
- Compakboard Heerenveen bv
- Sind Particle Board Mills Ltd.
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