Biocomposites Market is projected to be worth USD 61.21 billion by 2030, registering a CAGR of 14.20% during the forecast period (2022 - 2030).
Biocomposites Market Analysis
The Biocomposites market is a rapidly growing market and was valued at USD 20.97 billion in 2020. The global composites market value is expected to be worth USD 61.21 billion by the end of the current forecast period in 2030.The popularity of Biocomposites materials is increasing owing to their greater benefits such as deep production cost and environment-friendly nature. Biocomposites also have better physical and mechanical properties.
Biocomposites are composites made of natural fibers such as jute, flax, hemp, wood & paper industry waste, etc. in the polymer matrix. These composites find application in various industries ranging from packaging to construction to automobiles. The Biocomposites market is estimated to grow at a Compound Annual Growth Rate ( CAGR ) of 14.20 % over the current forecast period.
There is a growing need for sustainable building materials and replacements for plastic composites. Therefore, Biocomposites having eco-friendly properties have emerged as popular building materials. Moreover, stricter environmental laws are likely to promote market growth. Therefore, the global composites market value is expected to be worth USD 60.61 billion by the end of the current forecast period in 2030.
Covid-19 had a negative impact on the global Biocomposites market. Less demand from the major end-user industries such as packaging, construction, automotive during the pandemic led to a fall in the growth rate. Restrictions meant to curb virus spread hampered the production rate and also disrupted the supply chain. However, the market is catching up with its previous growth rate after the relaxation of restrictions globally.
The major global companies playing a key role in the Biocomposites market are :
MCG Biocomposites, LLC (U.S.)
Anhui Guofeng Wood-Plastic Composite Co., Ltd. (China)
B.COMPOSITES PVT.LTD. (India)
Green Dot Holding LLC (U.S.), Yixing
Hualong New Material Lumber Co. Ltd. (China)
Advanced Environmental Recycling Technologies, Inc.(U.S.)
Nanjing Xuha Sundi New Building Materials , Ltd. (China)
Lingrove, LLC (U.S.)
The rise in demand for eco-friendly and durable manufacturing materials is the major growth driving factor for the global Biocomposites market. Handling of plastic composites has become a serious issue and glass fiber also has health demerits, thus Biocomposites have emerged as a popular replacement. Therefore, stricter environmental laws and increasing awareness about the use of sustainable building materials will fuel market growth for biocomposites.
Biocomposites are light in weight, have considerable tensile strength, and are biodegradable. Therefore, the need for lightweight and strong materials in the aerospace & defense and the automotive industry is rising the market demand for Biocomposites. The wide availability of raw materials is also a major growth-boosting factor. The rapid growth of end-user industries such as construction, automotive, aerospace, and defense is developing market prospects for the global Biocomposites market.
Less strength of Biocomposites as compared to glass fiber and carbon fiber composites are the major growth hindering factors for the global Biocomposites market. The other factors such as the variable cost of raw materials and less standardization of the production process are also major growth restraining factors. Additionally, less awareness about the potential benefits of composites is a growth hindrance for the global composites market.
Biocomposites are composite materials made of natural fibers such as wood fiber, flax, jute, help, etc. reinforced in a polymeric resin matrix. The matrix helps in defining the shape of the composite and protects the fibers from mechanical damage and environmental degradation. These are used as a lightweight replacement for traditional manufacturing materials such as metals and plastic composites.
Biocomposites have wide application in various manufacturing industries such as building & construction, automotive, aerospace & defense, etc. Moreover, high mechanical and physical properties make them a popular choice for building materials. Furthermore, composites also have consumer-appealing properties owing to their woody appearance.
Biocomposites have strongly emerged as a substitute for plastic and glass fiber composites. They have lower manufacturing costs due to the abundance of availability of raw materials. Biocomposites are biodegradable and do not have any toxic effects so are environment-friendly.
The specific objectives of the Biocomposites market report are given below:
To provide a complete overview of the Biocomposites market.
To analyze and forecast the Biocomposites market in terms of value and volume.
To provide information about the impact of covid 19 on the biocomposites market.
To identify the problems and prospects of the Biocomposites market
To give details about the technological know-how of the Biocomposites.
To provide an overview of regional markets and potentially growing segments.
To identify the key players of the Biocomposites industry.
Segmentation of the global Biocomposites market, by process type
Extrusion molding process
Resin transfer molding process type
Injection molding process type
Compression molding process type
The extrusion molding process holds the largest market segment owing to its greater benefits. Moreover, the extrusion machine is easy to operate and can be continuously operated to give high production volume. It accounts for about 37 percent of the global market share in the Biocomposites manufacturing process.
However, injection molding is a rapidly growing segment. The ability for automation and fast molding ability is driving the market growth of the injection molding process.
Segmentation of the global Biocomposites market, by fiber type
The wood fiber segment is the dominating market segment. Better properties of wood fibers such as resistance to moisture and mildew are the driving factor. These fibers have a longer shelf life and require less care, thus finding extensive use in the construction and automotive industries. However, with improvement in composites technology, the non-fiber segment is also increasing its market share. The environmental and economic benefits of Biocomposites are likely to increase its market share in the coming years.
Segmentation of the global Biocomposites market, by End-users
Consumer goods industry,
The automotive industry is the largest demand-generating sector for the global Biocomposites market. Biocomposites being environment-friendly manufacturing materials having better properties such as lightweights, high-tensile strength is making them popular among automobile manufacturers.
The different regional markets for the global Biocomposites market are:
Rest of Europe
Rest of the world ( RoW )
The Middle East
Asia-Pacific is the fastest-growing regional market of the global Biocomposites market. Rapid economic growth and infrastructure development in this region are the major growth driving factors. Moreover, increasing automobile sales and expansion of the automotive industry in China, India, Japan, South Korea are raising the demand for Biocomposites. Increasing awareness about the environmental benefits of Biocomposites with a rising literacy rate will further fuel the market growth.
The North American market holds the second largest market share of the global Biocomposites market. The aerospace, Construction, and automobile industries are the major demand-generating industries. The rapidly growing aircraft manufacturing and the electric car industry are generating significant demand for Biocomposites in this region.
Europe with a good automobile and aircraft manufacturing base holds a significant market share of the global Biocomposites market. Stricter environmental laws in this region are providing a favorable environment for the growth of the Biocomposites market.
The Latin America and the Middle East sector is also a booming market for Biocomposites owing to the demand for luxurious high-end items.
Recently, Advanced Environment Recycling Technologies, Inc. (U.S.) is investing a huge amount of money in research and development to sustain its market position in the global market by tapping the untapped market.
October 2021 : LANXESS has launched Tepex line of continuous-fiber-reinforced thermoplastic composites, combining fabrics sourced from natural flax fibers with bio-based polylactic acid acting as matrix materials. This biocomposite has been developed completely natural resources. The company has produced it keeping in mind the utmost quality level ideal for large-scale manufacturing. These biocomposites can be recycled to thermoplastic systems that can be included in closed-loop material cycles. Other than use in sports equipment, these biocomposite can be used in cars, including in producing interior parts, in electronics for producing housing components, and more.
October 2021 : Retrac Group, a renowned composites specialist in the UK, is planning to unveil an extensive range of sustainable/natural bio-composites. The Retrac Future series comprises five recycled or sustainable biocomposite materials, giving consumers the option of higher sustainability with better performance. Result of exhaustive R&D by the company’s Retrac Composites division, the new range exhibits a host of recycled natural-fiber and carbon fiber products perfect for several applications in various lightweight structures.
The largest market share in the biocomposites market in the global market is held by the Asia-Pacific region as it is the fastest-growing region. The measures undertaken for the expansion of the infrastructural project are some contributing factors that drive the growth of the biocomposites market in the global market.
Most of the interior parts of Toyota Raum are made from hemp fibers and they use potato-derived (PLA) in their springboard which is largely made of sugarcane bagasse.
Nanjing Xuha Sundi New Building Materials Co, Ltd. (China) adopts various strategies to expand their customer base in the domestic market as well as international market for increasing their sales revenue and profit margin.
This report will be beneficial for every stakeholder of the Biocomposites market such as :
Manufacturers of Biocomposites
Raw material suppliers
Research and Development Institutes
Traders and Distributors
This report provides an in-depth analysis of the Biocomposites market in terms of current value and future forecast. It also has information about the problems and prospects of the given market.
Moreover, the technological analysis section of the report gives details about the technological know-how of the product. Furthermore, this report contains a detailed analysis of every segment of the Biocomposites market for the current forecast period. This report has also highlighted the key players and the current developments in the Biocomposites market.
|Market Size||2030: USD 61.21 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Fiber Type, Process Type and End-Use Industry|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||MCG BioComposites, LLC (U.S.), Anhui Guofeng Wood Plastic Composite Co., Ltd. (China), A.B.COMPOSITES PVT.LTD. (India), Green Dot Holding LLC (U.S.), Yixing Hualong New Material Lumber Co., Ltd. (China), Advanced Environmental Recycling Technologies, Inc.(U.S.), Bcomp Ltd.(Switzerland), Nanjing Xuha Sundi New Building Materials Co.,Ltd. (China), TTS.(Canada), and Lingrove, LLC (U.S.)|
|Key Market Opportunities||Provide better health and safety to the environment and the industries|
|Key Market Drivers||· Increasing awareness of environmentally sustainable technologies · Growing demand for lightweight vehicles|
A rise in demand for eco-friendly and durable manufacturing materials is the major growth driving factor for the global Biocomposites market.
Asia-Pacific is the largest regional market for the global Biocomposites market. The rapid economic growth and infrastructure development in this region are the major growth driving factors.
The wood fiber segment is the dominating market segment over the current forecast period ( 2022-2030 ).
● MCG Biocomposites, LLC (U.S.) ● Anhui Guofeng Wood Plastic Composite Co., Ltd. (China) ● A.B.COMPOSITES PVT.LTD. (India) ● Green Dot Holding LLC (U.S.), Yixing ● Hualong New Material Lumber Co Ltd. (China) ● Advanced Environmental Recycling Technologies, Inc.(U.S.) ● Bcomp Ltd.(Switzerland), ● Nanjing Xuha Sundi New Building Materials Co Ltd. (China) ● TTS. (Canada) ● Lingrove, LLC (U.S.)