Biocomposites Market 2022 – Segments Analysis, Industry
Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast
2030
Page: 284 | Report Code: MC223006 | Research Suite: Report (PDF) & Market Data (Excel)
NOTE: Due to exhaustive nature of content, ToC can't be
uploaded. Please request Sample Pages to receive full table of content.
The global market for biocomposites is estimated at USD
24,726.7 million in the year 2022, is projected to reach a size of USD 74,593.5
million by 2030, growing at a compound annual growth rate (CAGR) of 14.8% over
the forecast period 2022-2030. The market is expected to be driven by the
rising concern about the environment by using natural composites, having lower
costs from its substitutes, and offering higher product utility in various
end-user verticals.
MARKET DRIVERS
The widespread usage of biodegradable natural
composites and the rise of end-use industries including consumer goods,
electronics, automotive, and the construction industry around the world
is fueling the growth of the global biocomposites market.
The biocomposites are effective thermal insulators for situations requiring fire and explosion protection. Biocomposites are frequently used in transportation because of their high strength and low weight, which can reduce fuel consumption or boost acceleration. The global market is primarily driven by the automotive industry, which is more technologically advanced and uses biocomposites in conjunction with common materials like carbon and glass fibers to give high tensile strength and stiffness.
Due to their environmental benefits, biocomposites are
increasingly being used in several fields. They are effectively used as a
replacement for plastic composites. The quest for fully biodegradable products
is driving an increase in the use of distinctive polymers. Biodegradable
products are very popular in developed markets in North America and Europe.
Another significant element fueling the market growth is
the government policies encouraging the manufacturing and usage of ecologically
friendly goods and materials. Most noticeable are the changes and the rate of
acceptance of biocomposites in nations like Germany, the U.S., Japan, and
others.
SEGMENTATION
ANALYSIS
On the basis of product type, the market is bifurcated
into wood fiber composites, and non-wood fiber composites. The wood fiber
composites segment is expected to dominate the market in the forecast period of
2022-2030.
On the basis of polymer, the market is segmented into natural and synthetic. Natural segment is further segmented into Polyhydroxyalkanoate, polylactic acid and others. The synthetic segment can be exemplified by polypropylene, polyethylene, and polyvinyl chloride. The synthetic segment is expected to dominate the market during the forecast period of 2022-2030.
On the basis of product, the market is bifurcated into
hybrid and green. The hybrid segment is expected to grow at the fastest CAGR in
the forecast period of 2022-2030.
On the basis of end-use, the market is segmented into
construction industry, automotive, medical, military application, consumer
goods, aerospace, and others. The segment of the construction industry is
expected to dominate the market in the forecast period of 2022-2030.
REGIONAL
ANALYSIS
In 2021, the largest market share was held by the Asia
Pacific region, and it is anticipated that this trend will continue during
forecast period. Manufacturers of biocomposites have more potential in the Asia
Pacific region because manpower and raw materials are less expensive there than
in Europe and North America. The Asia Pacific region outpaces Europe, North
America, Latin America, and the Middle East and Africa in terms of market size.
North American region comprises the US and Canada. The
U.S. acquired the largest share of the biocomposite market in the North
American region in 2022. The region is estimated to remain dominant throughout
the forecast period of 2022-2030.
COMPETITIVE
ANALYSIS
Some of companies profiled in report include UPM,
Fiberon LLC, FlexForm Technologies, Meshlin Composites ZRT, Nanjing Jufeng
Advanced Materials Co., Ltd, Tecnaro GmbH, Trex Company, and Universal Forest
Products, Inc.
SEGMENT
COVERAGE
Biocomposites
Market By Fiber: Segment Analysis 2022 & 2030
·
Wood Fiber Composites
·
Non-wood Fiber Composites
Biocomposites
Market By Polymer: Segment Analysis 2022 & 2030
·
Natural
o
Polyhydroxyalkanoate
o
Polylactic Acid
o
Others
·
Synthetic
o
Polypropylene
o
Polyethylene
o
Polyvinyl Chloride
Biocomposites
Market By Product: Opportunity Analysis 2022 & 2030
·
Hybrid Biocomposites
·
Green Biocomposites
Biocomposites
Market By Product: End Use Analysis 2022 & 2030
·
Construction Industry
·
Automotive
·
Medical
·
Military Application
·
Consumer Goods
·
Aerospace
· Others