The global biocomposites market was valued at $28.9 billion in 2021 and it is expected to reach $130.9 billion at a CAGR of 13.7% between 2022 and 2032. Growing public awareness of environmentally friendly materials and government initiatives to replace plastics with biodegradable and environmentally friendly alternatives are two key trends driving market expansion. Additionally, the increased need in the automotive industry to improve passenger safety and lighten vehicles is anticipated to drive market demand.
Degradable, renewable, non-abrasive, and non-toxic bio-composites are those that have characteristics similar to synthetic fiber composites but without drawbacks. It has multiple applications and is used in many different sectors. They are eco-friendly composites that are biocompatible. Bio-composites are made up of a wide range of organic and inorganic elements, including metals, ceramics, sugars, proteins, natural and synthetic polymers, and Nano carbon. In addition, To create biocomposites, a polymer resin is combined with a natural fiber, either wood or non-wood. Due to their eco-friendly attributes, their application is expanding in several industries. They serve as an effective replacement for plastic composites. By mixing natural fibers with a matrix material, bio-composites are created. The matrix material might be either synthetic or non-biodegradable. Agribusiness products are used to make the fibers that are then blended with various polymer-based matrices to create bio-composites.
Source: SAI Research
Despite several benefits, the market is expected to face certain obstacles. One of the main elements anticipated to limit market demand is the high cost of biocomposites. These materials are more expensive than plastics since they are created from natural fibers like wood, flax, and cotton. Furthermore, because these products are relatively new to the market, there is a need for specialized workers. To maintain their position in the market through 2032, players are attempting to solve these difficulties. Moreover, the exterior and interior components of automobiles are primarily made from biocomposites. Numerous types of biocomposites have been developed, and they are used in a variety of automotive applications, including the creation of environmentally friendly vehicles, the use of automotive pistons, the development of anti-roll bar brake friction materials for medium-duty and low-velocity automotive applications, and biocomposites. Hence, these major factors are estimated to accelerate market growth during the forecast period from 2022 to 2032.
Furthermore, the main factor anticipated propelling the growth rate of the biocomposites market is the rise in demand for durable and environmentally friendly manufacturing materials. But the need for sustainable materials in the construction sector has grown recently. The introduction of innovative materials that support the growth of the circular economy and processes with minimal negative environmental effects is helping the sector become more sustainable. A significant component of the global building movement's usage of green materials is biocomposites. Biocomposites are environmentally friendly building materials that aid in the reduction of nonrenewable waste, the use of raw resources, and the use of fossil fuels.
Based on fiber type, the wood fiber composites segment accounted for the largest share of this market. Due to their use in outdoor structures like decking and railings, wood fiber variations are becoming more and more popular. Cellulosic material that can be used to create bio-composites is referred to as wood fiber. Wood fibers are taken from trees that have enough vascular bundles to give the fibers a stiff property; as a result, these fibers are well known for their rigidity and are used in a variety of applications. These fibers are used extensively in the construction and automotive industries since they are more durable and need less maintenance. However, the non-wood fiber composites category is also expected to gain more growth opportunities for the market due to its rising demand across various plastic industries.
In terms of product type, green biocomposites accounted for the largest market share over the past few years and are also expected to drive market growth with more opportunities due to their rising demand in several nations across the globe. Green biocomposites are completely biodegradable and have no negative environmental effects. Additionally, biocomposites have a sizable market in the decking and automobile industries, but their use in other industries has been sparse. Because they are sustainable for non-renewable composites and are renewable and biodegradable, green composites hold promise. On the other hand, the hybrid biocomposites segment is also rising in demand across various end-user industries. The hybrid varieties are not entirely biodegradable because they are constructed of synthetic polymers. Additionally, attention has gradually migrated away from more sophisticated systems known as hybrid biocomposites and toward more conventional biocomposite systems, such as thermoplastic polymers bonded with natural fibers. A fresh approach to addressing the drawbacks of exclusively natural fibers or matrices is provided by the hybridization of bio-based fibers/materials with synthetic ones.
Based on end-user type, the transportation segment holds most of the market share and it also creates more opportunities for the biocomposites market globally. These are utilized in automobiles for nonstructural parts like interior panels. They aid manufacturers in reducing both costs and the weight of automobiles. Additionally, biocomposites are favored by vehicle manufacturers all over the world since they are eco-friendly manufacturing materials with superior qualities like lightweight and high tensile strength.
Geographically, North America has been leading this market over the past few years due to the presence of most of the market players. Key players are focusing on making new strategies such as mergers and acquisitions. Hence, this would help major companies to hold a dominant position in the competitive market. The three industries that generate the most demand are aircraft, construction, and automobiles. In this region, biocomposites are in high demand due to the rapidly expanding aircraft manufacturing and electric vehicle industries. The global market for biocomposites is being driven by the rising need for environmentally friendly building materials. On the other side, the Asia-Pacific region is also expected to become the fastest-growing market during the forecast period from 2022 to 2032. The main growth-promoting factors in this region are the expansion of the economy and the infrastructure. Additionally, the demand for biocomposites is rising due to rising auto sales and the expansion of the automotive industry in China, India, Japan, and South Korea.
According to the study, key players such as Bcomp Limited (Switzerland), Fortune Brands Home (U.S), Flex Form Technologies (U.S), Mitsubishi (Japan), Meshling Composites (Hungary), Nanjing Jufeng New Materials Limited (China), SAPPI (South Africa), Tecnaro GmbH (Germany), Trex Company (U.S), UFP Industries (U.S) UPM (Finland), among others are leading the global biocomposites market.
|Market Size in 2021
|US$ 28.9 Billion
|Market Volume Projection by 2032
|US$ 130.9 Billion
|Forecast Period 2022 to 2032 CAGR
|2019, 2020 and 2021
|2022 to 2032
By Fiber Type: Wood Fiber Composites, Non-Wood Fiber Composites & Others
By Product Type: Green Biocomposites,Hybrid Biocomposites 7Others
By End-User Type: Consumer Goods,Building and Construction, Electrical and Electronics, Transportation & Others
North America, Europe, Asia-Pacific, LAMEA
|Bcomp Limited (Switzerland), Fortune Brands Home (U.S), Flex Form Technologies (U.S), Mitsubishi (Japan), Meshling Composites (Hungary), Nanjing Jufeng New Materials Limited (China), SAPPI (South Africa), Tecnaro GmbH (Germany), Trex Company (U.S), UFP Industries (U.S) UPM (Finland), among others
The Global Biocomposites Market – by Fiber Type:
The Global Biocomposites Market – by Product Type:
The Global Biocomposites Market – by End-User Type
The Global Biocomposites Market – by Regions: