The global market of Biocomposites was estimated at USD 27.54 Billion in 2021 and is projected to reach USD 68.07 Billion by 2028, growing at a CAGR of 13.8% during the forecast period
Biocomposites are eco-friendly and biocompatible composites. They consist of a huge variety of organic and inorganic components such as polysaccharides, synthetic and natural polymers, sugars, ceramics, proteins, nano carbons, and metals. Biocomposites are present in different forms such as fibers, moldings, membranes, particles, films, foams, and coatings. Rapidly increasing population, rising air, and land pollution, and increasing demand for more innovative and cost-effective consumer products have been exerting a substantial burden on industrial resources, thereby leading to a switch towards non-renewable and bio-degradable resources. Such factors have led to a focus on sustainable economic development and it will thereby play a vital role in eliminating environmental impacts. The major factors such as the lightweight nature, and the high thermal and corrosion resistance properties drive the major industries to market revenue growth of Biocomposites Market. Owing to the lower environmental impact, and the safe and recyclable nature of Biocomposites, the Global Biocomposites Market is projected to attain tremendous growth in the forecasted period.
Major Key Players for Biocomposites Market:
- A B Composites Pvt. Ltd. (India)
- Advanced Environmental Recycling Technologies Inc. (the US)
- Alpas Srl (Italy)
- Alstone (India)
- Solar Impulse Foundation (Switzerland)
- Anhui Huiyun Wood Plastic Composite Co. Ltd. (China)
- Bcomp Ltd. (Switzerland)
- Fiberon (US)
- FlexForm Technologies (US)
- Green Bay Decking LLC (US)
- Jelu-Werk Josef Ehrler GmbH & Co. KG (Germany)
- Lingrove LLC. (US)
- MCG BioComposites LLC. (US)
- Meshlin Composites Zrt (Hungary)
- Nanjing Xuhua Sundi New Building Materials Co.Ltd (China)
- NewTechWood America Inc. (the US).
- Polyvlies- Franz Beyer – GmbH (Germany)
- Saige Longlife Decking Ltd. (UK)
- Trifilon AB (Sweden)
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Market Dynamics and Factors:
The continuous search for innovative, modernized, and lightweight materials for a wide range of users across aerospace, construction, and automotive industries has paved the way for the growth of biocomposites. Increasing environmental concerns supported by the rising need for lowering emission levels are anticipated to foster the growth of the biocomposites market. Additionally, Plastic waste is an alarming problem racking the majority of parts globally. To tackle this problem, strict restrictions on the utilization of plastics and promoting eco-friendly alternatives are been imposed by Governments all around the world. Despite various driving factors, the market is most likely to meet some hurdles. The high cost of biocomposites is one of the major factors estimated to restrict market demand. The materials are made from natural fibers such as flax, wool, and cotton, they are more expensive than plastics and henceforth led to hinder the growth of the Biocomposites Market.
Biocomposites Market Report Highlight:
- By Type, the Non-Wood Biocomposites segment is expected to have the maximum market share in the Biocomposites market during the estimated period. With its Non-abrasiveness, high specific strength, low density, low cost, biodegradability, and varied mechanical properties, this segment is high in demand and helps to boost the growth of the Biocomposites market.
- By Process Type, the Injection Molding segment is predicted to expand the most in the Biocomposites market during the forecasted years. Injection molding results in rapid production of molds and less generation of waste owing to the rapid growth of the Biocomposites market.
- By Polymer, the natural polymer segment is expected to dominate the Biocomposites market, during the estimated period. With its non-toxic, safe, and easy degradable nature, this segment uplifts the growth of the Biocomposites market.
- By End User, the automotive segment is expected to dominate the Biocomposites market in the estimated period. The use of Biocomposites in the manufacturing of vehicles can reduce strain on non-renewable materials, thereby leading to the growth of the Biocomposites Market.
- By Region, North America is projected to dominate the Biocomposites Market in the upcoming years. Many organizations in this region are using Biocomposites to reduce waste generated during polymer matrix production, henceforth, inducing the Biocomposites Market growth.
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Key Industry Development:
- In Feb 2021, Lingrove, the San Francisco, USA, based biocomposite manufacturer has set its eyes on the automotive market with their flagship material – Ekoa® Surface. Originally developed as a lightweight alternative to rainforest wood for guitars. Lingrove’s Ekoa Surfaces have 98% biobased content and they are Clean Air Gold certified said the Lingrove founder Mr. Joe Luttwak.
- In June 2019, the KVE Composite group was acquired by Daher. With the acquisition of KVE Composites Group, it continues the implementation and execution of its corporate strategic plan and improvises its position in the market for thermoplastic structural components.
Biocomposites Market Segmentation:
- Wood Fiber
- Non-Wood Fiber
By Process Type
- Compression Molding
- Injection Molding
- Resin Transfer Molding
- Synthetic Polymer
- Natural Polymer
- Consumer Goods
For this report, Introspective Market Research has segmented the Biocomposites Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. Biocomposites Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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