WASHINGTON, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The Global Bio-Composites Market is valued at USD 24.2 Billion in 2021 and is projected to reach a value of USD 57.5 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 15.5% over the forecast period 2022-2028.
One of the most significant economic areas is the Bio-Composites business, and consistent expansion is projected. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses current trends and anticipated changes to provide a full insight into the sector. Additionally, it provides details on the significant industry players and their expansion strategies.
The report thoroughly analyzes international producers and suppliers and their current situation and future prospects. It also details the global drivers of the demand for Bio-Composites, including rising investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some key factors are anticipated to accelerate the Bio-Composites Market growth over the forecast period. Due to stability in well-established areas like construction and automotive, the bio-composite industry has had consistent growth. Furthermore, the market presence in the industries above further grew with the entry of new players who offered prospects for creative applications.
We forecast that sales of the wood fiber composites category in the Bio-Composites Market will account for more than 30% of total sales by 2028. Due to their use in outdoor structures like decking and railings, wood fiber variants are becoming more and more popular.
Asia Pacific dominates the market, and this trend of dominance will continue throughout the projection period. The regional market is expanding due to various key factors, including rising disposable income and an escalating population.
Top Players in the Global Bio-Composites Market
- UPM (Finland)
- Trex Company (US)
- Universal Forest Products, Inc. (US)
- Fiberon LLC (US)
- FlexForm Technologies (US)
For Additional Information on Bio-Composites Market Players and Detail List, Download a Report PDF Brochure
Market Dynamics
Rising Demand for Environmentally Friendly Materials, such as Wood-Based Bio-Composites, is Driving market
The rapidly increasing demand for environmentally acceptable materials such as wood in various industries is increasing the market share for bio-composites. Growing pollution from the use and production of petroleum-based materials and new policies favoring the environment from fossil-based products have fueled the demand for sustainable materials. Renewable resources, such as bio-composites, have emerged as viable replacements for fossil-based materials. The natural fiber is a superior option to synthetic fiber in terms of characteristics.
Government rules govern the promotion of the market for environmentally friendly items
Governments worldwide have strongly emphasized using Bio-Composites as raw materials and promoting their adoption by various sectors. For instance, the European Union (EU) is funding the SSUCHY project, which aims to create bio-based composites with enhanced functionalities for the electronics, aerospace, and automotive industries. 17 partners from 7 different European nations are part of this consortium. The market for Bio-Composites has increased as a result of these government initiatives.
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Recent Development
- Oct 2021, LANXESS launched Tepex line of continuous-fiber-reinforced thermoplastic composites which is the source of combine fabrics from natural flax fibers with bio-based polylactic acid, it is acting as matrix materials. This biocomposite has been formed by natural resources. The company has produced quality level product which is perfect for large-scale manufacturing. These biocomposites can be easily recycled to thermoplastic systems. These biocomposite can be used in electronics for producing housing components and in cars for producing interior parts, and more.
- Oct 2021, Retrac Group, which is a renowned composites specialist in the U.K., is planning to reveal a wide range of sustainable or natural bio-composites. The Retrac Future series includes five recycled or sustainable biocomposite materials which have higher sustainability with better performance.
Top Trends in Global Bio-Composites Market
- One trend that Vantage Market Research (VMR) expects to see in the Bio-Composites industry is driving up the need for lightweight materials. Bio-Composites have been developed due to the ongoing demand for lightweight materials in various applications across the construction, aerospace, and automotive industries. Various industry players have continuously innovated bio-based composites to meet the demands of lightweight materials.
- Another trend that VMR predicts will continue in the Bio-Composites industry is more frequently used in the packaging sector. The packaging industry has advanced due to significant innovation, which has allowed the identification of new solutions that will increase food packaging systems' effectiveness, viability, and resilience. Environmental damage could result from the materials used in food packaging.
Top Report Findings
- Based on Types, most of the Bio-Composites Market's revenue is controlled by the flexible wood fiber composites category. These Bio-Composites are created as decking, railings, balusters, fences, and other architectural elements. Composites made of wood fiber cost less than composites made of other materials.
- Based on Polymer Types, most of the Bio-Composites Market's revenue is controlled by the natural polymer composites category. Natural polymers are used increasingly frequently due to rising consumer demand for biodegradable products across various end-use industries.
- Based on Products, most of the Bio-Composites Market's revenue is controlled by the green Bio-Composites category. Green Bio-Composites are completely biodegradable and have no negative environmental effects.
- Based on End-Use Industries, most of the Bio-Composites Market's revenue is controlled by the transportation category because Bio-Composites are used more and more in cars and trucks. They are utilized in automobiles for nonstructural parts like interior panels.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Bio-Composites Market Forecast Report (2022-2028).
Top 10 Players Generate More Than 45% of the Global Bio-Composites Market Revenue
The report also found that the largest players in the Bio-Composites Market are technology providers such as UPM (Finland), Trex Company (US), and Universal Forest Products Inc. (US). These companies are expected to benefit from increased demand for their products and services and investments in new products. Other major players include Fiberon LLC (US), and FlexForm Technologies (US). As per the latest report published by Vantage Market Research, the top 10 companies generate more than 45% of market revenue.
Natural Polymer Composites Category in Bio-Composites Market to Generate Over 30% Revenue
Bio-Composites are an expensive investment. Vantage Market Research has analyzed the market for Bio-Composites to understand its current state and potential future growth factors. For better understanding, based on the polymer type, the Bio-Composites Market is divided into natural polymer composites and synthetic polymer composites.
During the forecast period, the market for Bio-Composites is anticipated to experience the highest CAGR for the natural polymer composites category. Natural polymers are used more frequently due to consumers' growing desire for biodegradable products across all end uses. Several industries, including automotive and consumer goods, use natural polymers like wool, silk, rubber, cellulose, and proteins.
On the other hand, the synthetic polymer composites category is anticipated to grow significantly over the forecast period. Polyethylene, polyester, and nylon are examples of synthetic polymers. The demand for natural and organic alternatives is quickly overtaking that for artificial materials, but consumers will still favor this market segment.
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Global Bio-Composites Market Segmentation
By Fiber Type
- Wood Fiber Composites
- Non-wood Fiber Composites
By Polymer Type
- Natural Polymer Composites
- Synthetic Polymer Composites
By Product
- Hybrid Bio-Composites
- Green Bio-Composites
By End-Use Industries
- Building & Construction
- Transportation
- Consumer & Goods
- Other Industries
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Regional Analysis
- Asia-Pacific dominates the biocomposites market due to growing infrastructure development, rapid economic growth, and rising automobile sales and expansion of the automotive industry in this region.
- North America will continue to project the highest compound annual growth rate during the forecast period of 2022-2028 rapidly growing electric car industry and aircraft manufacturing in this region.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 24.2 Billion |
| Revenue Forecast by 2028 | USD 57.2 Billion |
| CAGR | 15.5% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | UPM, Trex Company, Universal Forest Products Inc., Fiberon LLC, FlexForm Technologies |
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