The global Biocomposites Market is expected to increase at a robust CAGR of 16%, from US$ 25 Bn in 2021 to US$ 128 Bn in 2032. Over the forecast period, the global Biocomposites Market is predicted to increase at an exponential rate of 16%. Valued at US$ 25 Bn in 2021, the biocomposites market is anticipated to reach US$ 128 Bn by 2032. The increased research and development efforts for composite materials and biocomposite uses and benefits such as recyclability, lightweight, and cost-effectiveness are driving this trend. In addition, due to the harmful nature of synthetic materials, recycling challenges, and toxic residues, the biocomposites market size will continue to expand throughout the predicted timetable.
As per the biocomposites market report, Germany, the United States, and Japan are among the developed countries working on boosting the usage of ecologically friendly items rather than petroleum-based products.
The European Union (EU) has favoured such items over the United States and Japanese governments. It requires the use of bio-based materials, encourages the recyclability of vehicle components, and holds automakers accountable for disposal at the end of the vehicle’s service life. These laws are likely to boost demand for biocomposites in various end-use industries, including transportation, construction, and electrical and electronics.
The power necessary to make biocomposites is far lower than that critical to making glass fiber composites or carbon fiber composites. On the other hand, Biocomposites are more expensive than glass fiber composites. However, price reductions are prospects due to economies of scale and common biocomposites applications.
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These biocomposites may be made inexpensively in developing countries like India and China using abundant raw materials, including flax, jute, Kenaf, and hemp. Therefore, the overall cost of natural fiber-based biocomposites will be reduced. In addition, the biocomposites market future trends indicate that as the technology matures and production reaches economies of scale, these biocomposites are likely to become less expensive in the long run.
COVID-19 has had a detrimental impact on sales of biocomposites due to a drop in demand from numerous end-use sectors. Being one of the largest users of biocomposites, building and construction have seen the worst and most immediate effects of the epidemic. The building industry has been hit the worst. This has had a negative biocomposites market outlook.
Advancing at a CAGR of 16%, the biocomposites market size is expected to reach US$ 51 Bn by 2026.
Key Takeaways
- The hybrid composites product section captured the largest market size in the global biocomposites market, owing to increased biocomposites applications around the world. Its substantial market share is credited with the optimum fiber adhesion that leads to decreased moisture content, high strength, and structural capacity.
- As per the biocomposites adoption trends, they are predicted to be the dominant market in the Asia Pacific. Over the projected period, it is also anticipated to be the fastest regional market.
- The requirement for synthetic polymer biocomposites had decreased in 2020 because of the COVID-19 pandemic. As global end-use industries found a stable footing by the fourth quarter of 2020, demand for biocomposites also showed signs of recovery.
- The market for biocomposites is dominated by the building and construction industry.
- Wood fiber composites have the biggest market share in volume in the global biocomposites industry.
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Biocomposites Market Key Segments
By Fiber Type:
- Wood Fiber Composites.
- Non-wood Fiber Composites
By Polymer Type:
- Natural Polymer Composites
- Synthetic Polymer Composites
By Product:
- Hybrid Biocomposites
- Green Biocomposites
By End-use Industry:
- Building & Construction
- Transportation
- Consumer Goods
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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Competitive Landscape
Leading biocomposites manufacturers are rigorously investing in research and development for introducing new biocomposites with efficient properties. They are targeting small-scale domestic businesses like biocomposites packaging to increase their sales. Besides this, they have adopted various organic and inorganic strategies such as mergers, partnerships, acquisitions, and collaborations to dominate the Biocomposites market.
For instance,
- In October 2021, Lanxess launched a new fully biocomposite material in its Tepex range of continuous-fibre-reinforced thermoplastic composites. The material combines natural flax fibers with bio-based polylactic acid.
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