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NEW YORK , June 30, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Biocomposites Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fiber (Wood Fiber Composite and Non-Wood Fiber Composite), Product (Hybrid Composite and Green Composite), End-Use Industry (Building & Construction, Automotive, Consumer Goods, and Others), and Geography," the market is expected to grow from US$ 19.27 Billion in 2022 to US$ 46.85 Billion by 2028; it is estimated to grow at a CAGR of 16% from 2022 to 2028. An increase in the use of sustainable building materials and the rise in demand for biocomposites from the automotive industry drive the market growth. However, high hydrophilicity and variations in the mechanical properties of biocomposites restrict the growth of the market.
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Biocomposites Market - Strategic Insights
No. of Charts & Figures
Fiber, Product, and End-Use Industry
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Biocomposites Market: Competition Landscape and Key Developments
TTS, Lingrove, Bcomp Ltd., UPM, Flexform Technologies, Tecnaro Gmbh, Green Bay Decking, Fiberon LLC, Arkema, and Procotex are among the key players operating in the biocomposites market. Leading market players adopt various business strategies, such as mergers and acquisitions, to expand their geographical presence and consumer base across the world. In 2020, UPM develops a truly wood-based biocomposite material with up to 100% renewable resources.
In 2021, Asia Pacific dominated the global biocomposites market. The region is expected to continue its dominance during the forecast period. The biocomposites market trends in the Asia Pacific are influenced by the growing end-use industries, including building & construction and transportation. In addition, the increasing foreign direct investments (FDIs) in the infrastructure and transportation sectors propel the demand for biocomposites in the region. Thus, these factors are fueling the biocomposites market growth across the Asia Pacific .
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In recent years, the construction industry has been focused on the utilization of sustainable materials to reduce the harmful environmental impact. According to the report from the Global Alliance for Building and Construction, the construction sector is one of the most harmful sectors to the environment. The increased use of sustainable materials in the construction sector is driving the demand for biocomposites in the industry. Biocomposites are increasingly used in the green materials and building movement across the world.
They are sustainable building materials that help in eliminating nonrenewable waste, reducing raw material usage, and cutting fossil-fuel consumption. Biocomposites are increasingly used for making building products, including windows, doors, fences, siding, and decking. Biocomposite materials are also being promoted as a replacement for synthetic fiber reinforced composites, which tend to use petroleum-based materials. Therefore, a movement toward green construction, utilizing sustainable materials and environmentally sound techniques is creating demand for biocomposite products from the building and construction industry, thus, driving the biocomposites market growth.
Biocomposites Market Size: Segment Overview
Based on fiber, the market is bifurcated into wood fiber composites and non-wood fiber composites. In 2021, the wood fiber composite segment held the largest biocomposites market share. Wood fiber composites comprise a combination of wood fibers and polymers that can be a fossil, bio-based, or recycled.
Based on product, the market is bifurcated into hybrid composites and green composites. The market for the green composite segment is expected to grow rapidly during the forecast period. Green composites are composite systems with high performance, strength, and adaptability, and their full degradability and composability make them relatively appealing.
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Based on end-use industry, the market is segmented into building & construction, automotive, consumer goods, and others. The market for the automotive segment is expected to grow at the fastest rate during the forecast period. Biocomposites are increasingly used in the interior and nonstructural components of transportation vehicles. In recent years, the automotive industry is growing rapidly. Biocomposites are generally lightweight materials, so they reduce vehicle consumption of fuel and greenhouse gas emissions.
In 2021, the wood fiber composite segment held the largest market share. Composites made of wood fiber cost less than non-wood composites. These are used in a variety of applications, including residential, commercial, swimming pool, observation decks, and jetties. These are a few of the factors that led to the dominance of wood fiber composites in 2021.
The packaging is expected to be the fastest-growing segment during the forecast period. Green biocomposites are typically made by combining a biodegradable polymeric matrix with eco-friendly and renewable fibers. Increasing concern for the environment is driving the growth of green biocomposites during the forecast period.
During the forecast period, the automotive segment is expected to be the fastest-growing segment. Many automotive applications use biocomposites to achieve objectives, including light vehicle weight, fuel economy, low battery weight, low CO2 emissions, and high accident safety. Increasing demand for lightweight and fuel-efficient vehicles is propelling the demand for biocomposites during the forecast period.
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The key driver fueling the biocomposites market's expansion is the population's increased awareness of the necessity for eco-friendly materials to protect the environment from degradation. Another aspect driving the biocomposites market's expansion is the growing use of biocomposites to lighten vehicles and increase safety. Other reasons that contributed to the market's growth include the introduction of strict government restrictions and safer usage of biocomposites than glass fiber.
Based on end-use industry, the biocomposites market is segmented into building & construction, automotive, consumer goods, and others. In 2021, the building & construction segment dominated the market. Biocomposites are basically made from natural fibers produced from wood or non-wood sources. They are used in different forms in the building & construction industry.
Decking, Railing, balusters, fences, windows, doors, frames, and other components are produced from biocomposites. Wood fiber composites are mainly used for the production of decking, railing, balusters, and fences. Biocomposites are increasingly used for non-load bearing indoor components in civil engineering because of their susceptibility to extreme environmental conditions, such as moisture, freeze-thaw cycles, and ultraviolet radiations. They are used to make windows, doors, frames, wall panels, durable roofing elements, exterior constructions, and composites panels.
The global biocomposites market is segmented into five main regions—North America, Europe , Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America . Asia Pacific dominated the market in 2021and is also expected to be the fastest-growing region during the forecast period. The growing end-use industries, including building & construction and automotive, drive the demand for biocomposites across the region. There has been an increase in the production of lightweight vehicles in countries, such as China and India , which propelled the demand for biocomposites in such countries. In addition, the increased use of sustainable building materials across various countries in Asia Pacific fuels the biocomposites market growth.
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Biocomposites are distinctive composite materials made by combining organic fiber with a matrix material. Due to their numerous qualities, including their biodegradable nature, improved thermal stability, lightweight, low cost, etc., these materials have begun to acquire tremendous traction across a variety of end-use sectors. Manufacturers are using lightweight materials like biocomposites more often to reduce vehicle weight to increase efficiency. As a result, the size of the global biocomposites market is expected to increase during the forecast period.
Impact of COVID-19 Pandemic on Biocomposites Market
In 2020, the COVID-19 pandemic adversely affected the biocomposites market due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain hampered the supply of biocomposites. However, businesses are growing as governments of various countries have eased imposed restrictions. Moreover, vaccination drives have led to a rise in business activities across the globe. The start of operations in the biocomposites manufacturing units is positively impacting the biocomposites market. Owing to the relaxation of lockdown restrictions, the manufacturing units restarted to operate with full capacity, which has increased automotive production across the world. Along with this, the resumption of the building and construction projects, which were on hold during the initial period of the COVID-19 pandemic, is also driving the biocomposites market growth.
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