Biocomposite Market to Capture an Impressive growth Over 2023

Pune, India, May 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Biocomposite Market.

Market Overview

Biocomposite is viewed as a material that supports sustainable development. Bio-materials are touted as a prudent solution to several ecological problems that may rise in the future. In this context, Biocomposites Market has an exciting market prospect. Market Research Future (MRFR) reports that the global biocomposite market will surge at a CAGR of 8.5% between 2016 and 2023. Undoubtedly, biocomposite demand is on the rise as it finds a greater acceptance in as an industrial material.

Biocomposite is increasingly used in the construction sector, automotive sector, and aeronautical industry, among others. Biocomposite materials are produced from both non-renewable and renewable sources, which makes them dynamic in nature. However, a majority of biocomposite materials available have bio-fiber or natural fiber as the primary component. These components have biological origins and are derived for waste paper, by-products of crop processing, recycled wood, cellulose fiber, flax or hemp, cotton, etc.

Characteristics such as high tensile strength and low density make biocomposite a suitable hardware product. In addition, a reasonable price tag boosts the marketability of biocomposite products. Biocomposite is viewed as a plausible alternative to glass, carbon, and various other fiber composites. Biocomposite materials are finding greater industrial application owing it their environmental viability. As the focus shifts toward products that support sustainable development, bio-materials such as biocomposite draw a greater commercial interest. Nonetheless, the market players are required to consider some of the constraints associated with biocomposite materials and develop strategies to overcome them. Ambiguity in raw material quality, cost of production, and raw material price fluctuation are among the major market hindrances.

Segmental Overview

The segmental analysis of the global biocomposite market covers processes, end-use industries, fiber types and regions.

On the basis of process, the market has been segmented into injection molding, compression molding and others. On the basis of the end-use industry, the market has been segmented into consumer goods, automotive, building & construction, and others. On the basis of fiber type, the market has been segmented into flax, hemp, jute, kenaf, and others.

Competitive Landscape  

Some of the top-notch market participants discussed in MRFR’s report include Anhui Guofeng Wood Plastic Composite Co., Ltd. (China), Green Dot Holding LLC (U.S.), Advanced Environmental Recycling Technologies, Inc.(U.S.), and TTS.(Canada), A.B.COMPOSITES PVT.LTD. (India), Lingrove, LLC (U.S.), Yixing Hualong New Material Lumber Co., Ltd. (China), Nanjing Xuha Sundi New Building Materials Co., Ltd. (China), MCG BioComposites, LLC (U.S.) and Bcomp Ltd.(Switzerland).

Global Biocomposite Market: Regional Segmentation

On the basis of region, the market has been segmented into North America, Middle East & Africa, Latin America, Asia Pacific, and Europe. Of these, Asia Pacific represents the brightest market prospect. During the forecast period, the APAC biocomposite market is expected to exhibit the highest CAGR. Rampant investment in infrastructure development and undertaking of mega housing projects has reflected favorably on the market in APAC. Moreover, the automotive industry in APAC is making a significant contribution to the market in terms of revenue. Apart from APAC, Europe and North America also present lucrative growth opportunities for market players. In terms of revenue, North America accounts for the second largest market share and is likely to hold this position throughout the projection period. The revival of the construction sector in the U.S. has had a major influence on the market growth in North America. At the same time, the expansion of other end-use sectors is partly driving the demand for biocomposite in the region. The aircraft manufacturing industry in North America is also an important end-user of biocomposite. In Europe, the market is primarily driven by the extensive demand for biocomposite in sectors such as construction & building, and automotive.

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