The global biocomposites market is projected to grow at a strong CAGR of 15.5 %, increasing from USD 31.76 billion in 2024 to USD 133.84 billion by 2034.
This robust growth is driven by extensive research and development in composite materials, alongside the advantages of biocomposites such as recyclability, lightweight properties, and cost-effectiveness. Additionally, concerns over synthetic materials—due to recycling difficulties and toxic residues—are further propelling the expansion of the biocomposites market during the forecast period.
According to the biocomposites market report, countries like Germany, the United States, and Japan are actively promoting the adoption of eco-friendly products over petroleum-based alternatives. The European Union has been a leader in this shift, mandating the use of bio-based materials, promoting the recyclability of vehicle parts, and holding automakers accountable for disposal at the end of a vehicle’s life cycle. These regulations are expected to increase demand for biocomposites across industries like transportation, construction, and electronics.
The energy required to manufacture biocomposites is significantly lower compared to glass fiber or carbon fiber composites. While biocomposites are currently more expensive than glass fiber alternatives, cost reductions are anticipated as economies of scale are reached and common applications become more widespread. Developing countries like India and China, with abundant natural resources such as flax, jute, kenaf, and hemp, are poised to produce biocomposites at lower costs, further reducing the overall price of natural fiber-based biocomposites. As the technology advances and production scales up, biocomposites are expected to become even more cost-effective.
However, the COVID-19 pandemic negatively impacted biocomposites sales, particularly in the construction sector, one of the largest consumers of biocomposites. The decline in construction activity during the pandemic has resulted in a negative market outlook.
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.
Competitive Landscape
- To gain a foothold in the biocomposites market opportunities, the key companies in the industry are pursuing a variety of inorganic and organic techniques.
- Biocomposites, an international medical device company that produces and manufactures leading products for bone and soft tissue infection management, announced today that its STMULAN products are, vancomycin, gentamycin, and tobramycin, have received new Canadian approval for the mixing of antibiotics with them.
Key Players in the Biocomposite Market:
- Stora Enso
- UPM
- Universal Forest Products, Inc.
- Trex Company
- Fiberon LLC
- FlexForm Technologies
- Tecnaro GmbH
- Meshlin Composites ZRT
- Nanjing Jufeng Advanced Materials Co., Ltd.
- Bcomp Ltd.
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)
Report Preview: https://www.futuremarketinsights.com/reports/biocomposites-market
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