Luton, Bedfordshire, United Kingdom, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Bio Composites Market.
The global bio-composites market size reached over USD 23.8 billion in 2021 and is expected to grow at an incredible CAGR of 16% during the forecast period between 2022 and 2029, reaching around USD 90.79 billion by 2029.
Bio-Composites refer to materials fabricated through the combination of natural fibers in a matrix material. They are degradable, non-abrasive, renewable, and non-toxic, and are used in varied applications. Bio-Composites constituents including bio-based polymers are obtained from renewable natural sources and serve as a potential substitute for oil-based non-renewable plastics.
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Robust growth of end-use industries such as automotive and construction, growing environmental concerns, continuous product launches, rising awareness among end users regarding the benefits of Bio-composites, and rapid expansion of the global natural fiber composites market are some of the major factors augmenting the demand for Bio-composites.
Recent Developments
- In October 2021, Lanxess launched a new fully Bio-composites material in its Tepex range of continuous-fiber-reinforced thermoplastic composites. The material combines natural flax fibers with bio-based polylactic acid.
- In December 2021, Deckorators, Inc., a subsidiary of Universal Forest Products, Inc., acquired Ultra Aluminum Manufacturing Inc. It is one of the prominent producers of aluminum railing, fencing, and gates.
- In November 2021, Celanese Corporation collaborated with Mitsubishi Chemical Advanced Materials to develop recycling solutions along with maintaining product quality, performance, and consistency.
Regional outlook- Asia Pacific has the largest market share and is expected to grow at the fastest rate over the forecast period.
The leading Bio-composites material manufacturers are relocating their operations to the Asia Pacific region. Furthermore, government policies in Asia Pacific countries encouraging eco-friendly material start-ups attract more foreign direct investment (FDI) from western countries. The increasing demand from the building and construction and transportation end-use sectors is a key element contributing to its rise.
- Germany Bio-composites market size was reached at USD 2.75 billion in 2021 and expanding growth at a CAGR of 16.5% over the forecast period 2022 to 2029.
- China Bio-composites market was accounted at USD 4.54 billion in 2021 and growing at a CAGR of 16.4% between 2022 to 2029.
- India Bio-composites market size was estimated at USD 1.96 billion in 2021 and growing at a CAGR of 17.2% from 2022 to 2029.
Key Market Opportunities
Economies of scale- the amount of energy that goes in the manufacturing of the carbon fibers or glass fibers is extremely high as compared to that of the Bio-composites. Bio-composites are offered in the market at higher prices as compared to glass fibers or the carbon fibers. The prices of the Bio-composites could be reduced in the coming years due to economies of scale and the increased use of Bio-composites in common applications.
Bio-composites Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 23.8 billion |
| Revenue forecast in 2029 | USD 90.79 billion |
| Growth rate | CAGR of 16% from 2022 to 2029 |
| Base year for estimation | 2020 |
| Historical data | 2017 - 2021 |
| Forecast period | 2022 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million/billion, and CAGR from 2022 to 2029 |
| Report coverage | Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Resin, application, region |
| Regional scope | North America; Europe; Asia Pacific; Central & South America; Middle East & Africa |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Russia & CIS Countries; Benelux; Turkey; Spain; Switzerland; Sweden; Poland; Austria; Norway; Denmark; Finland; Portugal; Czech Republic (CZ); Slovenia; China; India; Japan; Thailand; Brazil; Argentina; Saudi Arabia; South Africa |
| Key companies profiled | Alpas SRL, Jelu-Werk Josef Ehrler GmbH, MCG Bio-Composites s, UFP Industries (previously Universal Forest Products), Trex Company, Meshlin Composites, UPM, Tecnaro, Fiberon (Fortune Brands Home), and FlexForm Technologies are among the major companies in the Bio-Composites s market. |
| Customization scope | Report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Competitive Landscape
Leading Bio-composites manufacturers are rigorously investing in research and development for introducing new Bio-composites with efficient properties. They are targeting small-scale domestic businesses like Bio-composites packaging to increase their sales. Besides this, they have adopted various organic and inorganic strategies such as mergers, partnerships, acquisitions, and collaborations to dominate the Bio-composites market. Alpas SRL, Jelu-Werk Josef Ehrler GmbH, MCG Bio-Composites s, UFP Industries (previously Universal Forest Products), Trex Company, Meshlin Composites, UPM, Tecnaro, Fiberon (Fortune Brands Home), and FlexForm Technologies are among the major companies in the Bio-Composites s market.
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Key Market Segments: Bio-Composites Market
Bio-Composites Market by Fiber, 2022-2029, (USD Million)
- Wooden Fiber
- Non-Wood Fiber
Bio-Composites Market by Polymer Type, 2022-2029, (USD Million)
- Synthetic
- Natural
Bio-Composites Market by End User, 2022-2029, (USD Million)
- Building & Construction
- Automotive
- Consumer Goods
Bio-Composites Market by Region, 2022-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Growth factors
As the demand for the durable materials and the materials that are eco-friendly has grown in the recent years in the manufacturing industry the bio composites market is expected to grow well during the forecast period. Bio-composites are gaining popularity as compared to the glass fiber as they have many health issues associated with the use of the product. And there are many other issues associated with the use of the plastic composites due to which the demand for Bio-composites has grown in the recent years. awareness regarding the ill effects of using harmful composites has grown in the recent years and the environmental laws have also become strict due to which the demand for the sustainable materials have grown and they will drive the market growth in the coming years.
- The demand for the Bio-composites is expected to grow in the coming years due to the various properties like the high tensile strength and less weight as compared to the other materials.
- Biodegradable nature of Bio-composites is one of the major driving forces that will help in the growth of the market
- Lightweight strong materials are in great demand for the defense industry and the aerospace industry.
- The raw materials used in the manufacturing of bio composites are widely available do to which the market is expected to grow well
- Increased use of Bio-composites in different types of industries will provide opportunities for the growth of the market.
- Demand for sustainable materials in the construction industry have grown in the recent years And It Will Help in Boosting the Market.
Bio-composites Market Drivers
- Environment friendly government regulations - In many countries like Japan, Germany and the United States the governments are enacting laws in order to increase the use of environment friendly products in the construction industry or in any other industries. The demand for the biobased materials has increased in the recent years and the government is also engaged in increasing the usage of different materials that can be recycled. The demand for sustainable materials having increased in the manufacturing of the vehicles. The vehicle manufacturers are also seeking sustainable options.
- Increased application of Bio-composites - The demand for Bio-composites have increased in various end user applications as these materials are eco-friendly. In the recent years Bio-composites have replaced plastic composites and glass fiber as these two materials pose serious issues.
- Easily available raw materials - As the raw material used in the manufacturing of bio composites are widely available across the world the large-scale manufacturing of Bio-composites is possible which will help in the growth of the market in the coming years.
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