The biocomposites market size was valued at USD 21.1 billion in 2021. The biocomposites industry is projected to grow from USD 24.09 Billion in 2022 to USD 61.04 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.20% during the forecast period (2022 - 2030). Increasing use of biocomposites in end-use sectors such as automotive, building and construction, electrical and electronics, and consumer goods and the increasing number of forests are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The increasing stress upon the usage of biobased products has helped to boost the market of biocomposites to a great extent. Vehicle components have been sorted for recycling to prevent the huge number of radioactive materials and waste matter produced worldwide. Automotive manufacturers have been instructed to carry out the disposing process at their end to prevent the huge production of waste materials and scrap all over the world. The service life and maintenance of the vehicles have been handed over to the manufacturers.
Further, developed countries, including Germany, the US, and Japan, are focusing on increasing the use of environmentally-friendly products instead of petroleum-based products. The European Union (EU) prefers using such products more than the US and Japanese governments. It insists on using bio-based materials, encouraging recyclability of vehicle components, or making the automotive manufacturers responsible for disposal at the end of the service life of the vehicles. However, the requirements in North America are not as stringent for automotive manufacturers as they are in other markets around the world. For example, the Japanese government aims to replace 25% of plastic consumption with renewable products by 2030.
Additionally, biocomposites made from wood fiber are growing as an increasing number of forests are under systematic and sustainable utilization. Wood plastic composites are manufactured from wood fibers. The use of natural polymer is also increasing due to the push for 100% biodegradable products. There is a significant demand for 100% biodegradable products in developed North America and Europe markets.
However, the rising need to reduce vehicle weight to improve efficiency is prompting manufacturers to incorporate lightweight materials like biocomposites. Thus, the rapid production of vehicles ly will eventually expand the biocomposites market revenue.
The biocomposites market segmentation, based on fiber type, includes hemp, kenaf, flax, jute, and others. The jute segment held the majority share in 2021 of the biocomposites market revenue. This is primarily due to the growing utilization of jute in many applications, such as packaging. However, kenaf is the fastest-growing category due to an increase in the demand for kenaf seed as a functional ingredient for processing biofuels over the forecast period.
The biocomposites market segmentation, based on process type, includes compression molding, injection molding, resin transfer molding, and others. The compression molding segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the rising demand for vehicles is expected to boost the demand for compression molding presses. However, injection molding is the fastest-growing category over the forecast period. This is attributed to the growing demand for mass production of thousands of identical components at lower costs coupled with design flexibility and precision from various end-user industries such as packaging, medical, and electronics, positively impacting the market growth.
The Biocomposites market data has been bifurcated by the end-use industry into construction, automotive, consumer goods, and others. The automotive category dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is attributed due to the increasing use of biocomposites in automobiles such as cars and trucks. They are used in cars for nonstructural components such as interior panels. However, construction is the fastest-growing category over the forecast period. Biocomposites are produced from wood fibers and natural fibers and are used in different forms in this industry. Decking, railing, balusters, fences, windows, doors, frames, and other components are produced from biocomposites. Wood fiber composites are mainly used to produce decking, railing, balusters, and fences.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific biocomposites market accounted for USD 9.26 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is due to the increase in the population. As the income of the people in the Asia Pacific region is anticipated to grow, the demand for biocomposite materials is also expected to grow in this region. Moreover, China biocomposites market held the largest market share, and the India biocomposites market was the fastest-growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe biocomposites market accounts for the second-largest market share due to rising disposable income in developing countries and growing awareness about biocomposites, and their advantages are key factors expected to drive the market in the region. Further, the Germany biocomposites market held the largest market share, and the UK biocomposites market was the fastest-growing market in the European region.
The North America biocomposites Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the favorable government initiatives in these regions, which support the adoption of biodegradable and recyclable products. The utilization of lightweight biocomposites has enhanced the automotive sector as it helps improve vehicles' efficiency. Moreover, the US biocomposites market held the largest market share, and the Canada biocomposites market was the fastest-growing market in the North America region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the biocomposites market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, increased investments, mergers and acquisitions, and collaboration with other organizations. Competitors in the biocomposites industry must offer cost-effective items to expand and survive in an increasingly competitive and growing market environment.
One of the primary business strategies manufacturers adopt in the biocomposites industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The biocomposites markets major players, such as MCG Biocomposites, LLC (US), Anhui Guofeng Wood-Plastic Composite Co., and others, are working on expanding the market demand by investing in research and development activities.
Lanxess AG (Lanxess) is a specialty chemical manufacturing company. It develops, manufactures, and markets chemical intermediates, additives, specialty chemicals and plastics. The company's products find applications in agrochemicals, automotive, construction, aromas and flavors, pharmaceuticals, tire chemicals, electrical, electronics, leather processing and water treatment, among others. It carries out R&D in alliance with institutes and universities. The company operates through a network of manufacturing facilities across the world. It is in Europe, Asia Pacific, Latin America, and North America. Lanxess is headquartered in Cologne, North Rhine-Westphalia, Germany. In October 2021, Lanxess launched a new fully biocomposite material in its Tepex range of continuous-fiber-reinforced thermoplastic composites. The material combines natural flax fibers with bio-based polylactic acid.
Also, Fiberon, LLC, headquartered in New London, NC, is a leading manufacturer of composite and PVC decking, railing and fencing products used in homes and light commercial construction. Fiberon produces some of the top innovative, alternative outdoor living products. In March 2021, Fiberon LLC launched Wildwood composite cladding with excellent properties such as high durability, low maintenance, and efficient performance.
July 2021: Biocomposites, an international medical device firm producing and manufacturing leading products ly for use in bone and soft tissue infection management, announced a new Canadian approval for the mixing of antibiotics with its STMULAN products, vancomycin, gentamycin and tobramycin.
December 2021: Deckorators, Inc., a subsidiary of Universal Forest Products, Inc., acquired Ultra Aluminum Manufacturing Inc. It is one of the prominent producers of aluminum railing, fencing, and gates.
November 2021: Celanese Corporation collaborated with Mitsubishi Chemical Advanced Materials to develop recycling solutions and maintain product quality, performance, and consistency.
October 2021: Trex Company, Inc. announced plans for its third production site in the US. This expansion will provide better customer access to Trex Residential products, enabling the company's future growth.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 21.1 billion |
| Market Size 2022 | USD 24.09 billion |
| Market Size 2030 | USD 61.04 billion |
| Compound Annual Growth Rate (CAGR) | 14.20% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fiber Type, Process Type, End-Use Industry and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | MCG BioComposites, LLC (US), Anhui Guofeng Wood Plastic Composite Co., Ltd. (China), A.B.COMPOSITES PVT.LTD. (India), Green Dot Holding LLC (US) and Yixing Hualong New Material Lumber Co., Ltd. (China) |
| Key Market Opportunities | Growing demand for lightweight vehicles |
| Key Market Dynamics | Growing government initiatives regarding the use of environment-friendly products Increasing use of biocomposites in electric vehicles |
Biocomposite Market Highlights:
Frequently Asked Questions (FAQ) :
The biocomposites market size was valued at USD 21.1 Billion in 2021.
The biocomposites market is projected to grow at a CAGR of 14.20% during the forecast period, 2022-2030.
Asia-Pacific had the largest share of the biocomposites market
The key players in the biocomposites market are MCG BioComposites, LLC (US), Anhui Guofeng Wood Plastic Composite Co., Ltd. (China), A.B.COMPOSITES PVT.LTD. (India), Green Dot Holding LLC (US), and Yixing Hualong New Material Lumber Co., Ltd. (China).
The jute category dominated the biocomposites market in 2021.
Compression molding had the largest share of the biocomposites market.
Automotive had the largest share of the biocomposites market.
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