According to a market report, published by Sheer Analytics and Insights, 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. Biocomposites are composite materials created using polymer resin and natural fiber, such as wood or non-wood fiber. Due to their environmental benefits, they are being used in more industries. They serve as an effective replacement for plastic composites. Strict environmental regulations also support its use. Natural fibers are combined with a matrix material to create biocomposites, which are distinctive composite materials. Due to their numerous appealing qualities, including their biodegradable nature, improved thermal stability, lightweight, low cost, etc., these materials have begun to gain tremendous traction across a variety of end-use sectors. Additionally, the manufacturing industry's increased desire for long-lasting and environmentally friendly materials is predicted to drive strong growth for the bio-composites market throughout the forecast period. Compared to glass fiber, biocomposites are becoming more and more popular because of the numerous health risks linked with their use. The usage of plastic composites is also accompanied by some other problems, which have led to an increase in the demand for biocomposites in recent years.
The construction sector has seen an upsurge in demand for sustainable materials in recent years. 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. During the projected period, the market for biocomposites is anticipated to rise strongly as a result of growing environmental concerns and the desire to reduce emission levels.
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Moreover, there is a significant chance of lowering the cost of biocomposites given the state of the market at the moment and the demand that the major market participants are experiencing. The price of the natural fiber type of biocomposites will be reduced to a great extent, which will in turn present a great opportunity to the key market players. Developing nations like China and India are participating in the production of biocomposites at a far lower cost compared to their competitors. Furthermore, as a result, the market for biocomposites will rise in the future due to reasons such as the increasing usage of wood plastic composites in emerging nations, the expansion of the soft magnetic composites industry, and the implementation of strict laws on the use of petroleum-based materials. Hence, these rising factors are expected to create more growth opportunities for the biocomposites market globally.
On the other side, some restraints are anticipated to hamper the market over the foretaste period. For instance, when compared to synthetic fibers, such as glass and carbon fiber, natural fiber composites perform poorly mechanically and have comparatively low strengths. This is because they have limited fiber-matrix interfacial bonding. All plant-based fibers are polar and hydrophilic. Hydrophilic components hemicellulose and pectin make up natural fibers (they absorb water). Due to the nonpolar and hydrophobic nature of polymers, such as thermoplastics and thermosets, there are compatibility concerns between the fiber and the matrix. Moreover, when it comes to interfacial bonding, natural fibers have lower fiber metrics. Compared to the use of synthetic fibers, this offers a weak mechanical output and generates a noticeably poor strength. Therefore, these several causes have come to light as the elements limiting the market's expansion.
According to the study, key players dominating the global bio-composites market are 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:
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