ID: MRFR/CnM/3022-HCR | February 2021 | Region: Global | 140 pages
The Biocomposites market is a rapidly growing market and was valued at USD 20.97 billion in 2020. 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 :
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:
Segmentation of the global Biocomposites market, by 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
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:
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.
This report will be beneficial for every stakeholder of the Biocomposites market such as :
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: Significant Value|
|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||
Frequently Asked Questions (FAQ) :
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 ( 2020-2028 ).
● 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.)