The global biocomposites market size is projected to grow from USD 24.4 billion in 2021 to USD 51.2 billion by 2021, at a CAGR of 16.0% between 2021 and 2026. Biocomposite is a material in which at least one of the raw materials utilized (fiber or polymer) is obtained through natural sources. Biocomposites are characterized by the fact that the petrochemical polymer is replaced with a plant-based polymer, and the reinforcement is a natural fiber, such as flax, hemp, kenaf, jute, and sisal. Biocomposites are biodegradable and resist impact, moisture, and mildew and dimensional stability, resulting in low maintenance cost and a long product life cycle. These properties of biocomposites make them suitable for use in different end-use industries, such as transportation, sports & leisure goods, medical, building & construction, consumer goods, and electricals & electronics.
However, global pandemic COVID-19 has forced the automotive, building & construction material, and consumer goods manufacturers to shut down their operations which resulted into decreased demand for biocomposites in 2020.
Wood fiber composites are the fastest-growing fiber type of biocomposites market in terms of value. Wood fiber composites is the fastest-growing fiber type, in terms of both volume and value during forecasted years.These biocomposites are produced in the form of decking, railings, balusters, fences, and others.
Wood fiber composites are less expensive than non-wood fiber composites.These are used in applications, such as residential, commercial establishments, pool-side area, observatory deck, and jetties.
These are some of the factors driving the demand for wood fiber composites during the forecast period. Natural-polymer based biocomposites is the fastest-growing polymer type of biocomposites, in terms of value. Natural polymers are obtained from a variety of sources, including plants and recycled plastics.They are an emerging product, which is expected to decrease the dependency on petroleum polymers.
Natural polymers have the potential to increase their penetration in different end-use industries due to their favorable properties. Increasing government focus on increasing the use of environmentally-friendly products instead of petroleum-based products is a major driver for natural polymer based composites.
Hybrid biocomposites is the fastest-growing product type of biocomposites, in terms of value.
The hybrid composites product segment is the fastest-growing product segment in the global biocomposites market in terms of value during the forecasted period, backed by the strong demand for biocomposites across the globe. This high market share is attributed to their good fiber-polymer adhesion that results in low moisture absorption, high strength, and dimensional stability.
Transportation is the fastest-growing end-use industry of biocomposites, in terms of value.
The transportation end-use industry is estimated to account for the largest CAGR of the global biocomposites market.The demand for lightweight, naturally sourced products is resulting in increased fuel efficiency; it is expected to drive the biocomposites market growth.
An increase in the penetration of biocomposites is expected during the forecast period as automobile manufacturers have to meet stringent emission norms, such as CAFÉ, EU Norms, and BS-IV. The global biocomposites market is, therefore, projected to register the highest CAGR in the transportation end-use industry between 2021 and 2026 compared to other end-use industries, such as building & construction and consumer goods. The production of biocomposite parts across various industries was halted due to COVID-19, in 2020 Asia Pacific is the fastest-growing biocomposites market. Asia Pacific is projected to register the highest CAGR in terms of value in the global biocomposites market during the forecast period.Asia Pacific dominated the biocomposites industry in 2020.
The biocomposites manufacturing companies have ample opportunities in the Asia Pacific market in comparison to the European and North American counterparts owing to low-cost labor and raw materials.
Due to COVID-19, composites producers and numerous companies have halted their production sites across various countries that has led to reduced demand for biocomposites, Asia Pacific countries. The recovery in the end-use industries with restoration in the supply chain would drive the biocomposites demand during the forecast period.
This study has been validated through primary interviews conducted with various industry experts globally. These primary sources have been divided into the following three categories: • By Company Type- Tier 1- 40%, Tier 2- 33%, and Tier 3- 27% • By Designation- C Level- 50%, Director Level- 20%, and Others- 30% • By Region- North America- 15%, Europe- 50%, Asia Pacific (APAC) - 20%, Latin America-5%, Middle East & Africa (MEA)-10%,
The report provides a comprehensive analysis of company profiles listed below: • UPM (Finland), • Trex Company (US), • Fiberon LLC (US), • FlexForm Technologies (US), • Universal Forest Products, Inc. (US), • Nanjing Jufeng Advanced Materials Co., Ltd (China), • Meshlin Composites ZRT (Hungary), • Tecnaro GmbH (Germany),
Research Coverage This report covers the global biocomposites market and forecasts the market size until 2026.The report includes the market segmentation – Fiber Type (Wood Fiber Composites, Non-wood Fiber Composites), Polymer Type( Natural Polymer composites, Synthetic polymer composites), Product (LayHybrid composites, Green composites), End-use Industry (Building & Construction, Transportation, Consumer goods, and Others) and Region (Europe, North America, Asia Pacific, Latin America, and Middle East & Africa).
Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global biocomposites market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways: 1. This report segments the global biocomposites market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions. 2. The report helps stakeholders understand the pulse of the biocomposites market and provides them with information on key market drivers, restraints, challenges, and opportunities. 3. This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses. The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
Reasons to buy the report: The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall biocomposites market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities
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Gross Domestic Product
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