Hemp fiber is majorly utilized in the textile and paper & pulp industry, owing to its long and robust fibers as associated to cotton. Furthermore, being a renewable source material, its application has been mounting in several assorted industries such as construction, animal bedding, furniture, agriculture, and automobile. Furthermore, its consumption to increase the biofuels and bioplastic has been prophesied to augment its requirement during the coming years.
According to the report analysis, ‘Global Hemp Fiber Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)’ states that Hemp Planet, American Hemp, Hemp Inc, Dunagro, BaFa, Shenyangbeijiang, Cavac Biomat Ariaux, Shenyangbeijiang, Hempline, Hemp Flax, Tianyouhemp, Shanxi Greenland Textile and many more are the key companies which recently operating in the Global Hemp Fiber Market more actively for leading the highest market growth and registering the great value of market share around the globe during the review duration while increasing the benefits and applications of such, decreasing the associated prices of such, delivering the better consumer satisfaction, spreading the awareness connected to the benefits and features of such, establishing the several research and development programs, improving the qualitative and quantitative measures of such, analysing the strategies and policies of government as well as similar entities, implementing the policies of enlargement and profit making, and employing the young and active personnel.
The market is being propelled by the increasing requirement from the textile industry. The product is cultivated to be utilized in the manufacture of food and beverage, and non-food based products, without the usage of toxic chemicals, fertilizers, and pesticides. In addition to this, the product is a renewable and ecologically efficient raw material for the introduction of materials, such as plastic, paper, and fuel. The Asia Pacific is one of the highest-growing regions for this industry and is projected to observe increased growth during the forecast period. The provincial market is predicted to observe a growth owing to the affluence of admittance to the raw materials and mounting global requirement for the hemp from Asia.
Not only has this, the market is boosted by the swelling petition for hemp oil and fibers in the automotive, construction, food and beverage, personal care, and textile industries; precisely in underdeveloped regions such as the Asia Pacific. Growing requirement for oil paints, varnishes, printing inks, fuel, solvents, chain-saw lubricants, putty, and coatings is projected to further influence the product demand. In addition, growth in the investment for the introduction of hemp-based products is anticipated to propel the market growth.
Concerning awareness regarding the dietary benefits of its oil, coupled with the increasing demand from the cosmetics and personal care industries is projected to propel the market growth. The establishment of encouraging regulation pertaining to the cultivation and convention of hemp-based products in the U.S. is predicted to influence the market over the review period. Therefore, in the near years, it is predicted that the market of hemp will increase around the globe more actively.
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Global Hemp Fiber Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025
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