Global Biocomposites Market Revenue to Cross $46.85Bn by 2028 at 16% CAGR with Wood Fiber Composite Segment Driving Growth During 2022–2028 | The Insight Partners

Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Biocomposites Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by fiber, product, and end use,” the Biocomposites market size is expected to grow from US$ 19.27 Billion in 2022 to US$ 46.85 Billion by 2028; it is estimated to register a CAGR of 16% from 2022 to 2028. The projected growth of the market is attributed to high demand from automotive industry

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Global Biocomposites Market: Competitive Landscape and Key Developments

TTS; Lingrove; Bcomp Ltd; UPM; Flexform Technologies; Tecnaro GmbH; Fiberon; Arkema; Trex Company, Inc.; and HempFlax Group B.V. are some of the major players operating in the global biocomposites market.  Players operating in the global biocomposites market are constantly focusing on strategies such as investments in research and development activities.

Biocomposites Market Report Scope, Segmentations, Regional & Country Scope:

In 2022, Asia Pacific held the largest share of the global biocomposites market and is expected to account for highest growth rate over forecast period. The building and construction industry in the region is growing at a high pace in many developing countries. As biocomposites are mainly used in decking applications, the growth in building and construction industry is expected to aid the market growth over forecast period. This, in turn, is driving the biocomposites market in the region.

Increasing Demand for Biocomposites from Automotive Industry

The automotive industry is facing major challenges such as reducing greenhouse gas emissions and petroleum depletion. Oil resources are being consumed faster than nature’s ability to replace them. Biocomposite materials are becoming a potential solution for these challenges in the automotive industry. Presently, the automotive sector is one of the main markets for biocomposites. The automotive sector is focusing on lightweight material as required performance standards for fuel economy come into place. This strategy includes parts consolidation, design optimization, and material substitution. As a result, biocomposites have become increasingly popular among the automotive manufacturers as they can reduce vehicle weight, which helps in improving the performance and lowers CO2 emissions. Biocomposites have various advantages for use in the automotive applications.

Biocomposites have excellent acoustic and thermal properties as compared to composites of non-renewable origin which makes them ideal for vehicle interior parts. Various properties of biocomposites make them suitable for the manufacture of non-structural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards. Due to all these benefits offered by the biocomposites, there use in the automotive industry is increasing. Therefore, a high demand for biocomposites from the automotive industry is driving the biocomposites market growth.

Biocomposites Market: Segmental Overview

Based on fiber, the biocomposites market is bifurcated into wood fiber composite and non-wood fiber composite. The wood fiber composite segment holds the larger market share in the global biocomposites market in 2022 whereas non-wood fiber composite is expected to grow at higher CAGR during the forecast period. Non-wood fibers are primarily derived from fast-growing plants. Non-wood plant fibers have garnered a lot of interest in recent decades, especially for composite material applications, due to their low cost, low density, high strength, good mechanical characteristics, non-abrasiveness, eco-friendliness, and biodegradability.

Based on product, the biocomposites market is bifurcated into hybrid composite and green composite. The hybrid composite segment holds larger market share in the global biocomposites market in 2022.  Hybrid biocomposite comprising natural-synthetic fibers, natural-natural fibers, and natural fiber hybrid with nanoparticles or fillers are primarily offered by manufacturers. Using multiple fibers and developing hybrid composites have received popularity due to the enhanced performance of manufactured products and the possibility of overwhelming the drawbacks of purely natural or synthetic fibers reinforced composites.

Based on end use, the biocomposites market is segregated into building and construction, automotive, consumer goods, and others. The building and construction segment holds largest market share in the global biocomposites market in 2022.  Biocomposites, also known as biodegradable composites, are the next generation of environmentally friendly building materials. They are made of eco-friendly components mainly plant fibers blended with natural resins and binders. Bio-composites and other sustainable construction materials reduce non-renewable waste, raw material use, and fossil-fuel consumption.

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Impact of COVID-19 Pandemic on Biocomposites Market

In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in chemical & materials and hampered the growth of the biocomposites market. The adverse effect of the pandemic on manufacturing industries negatively impacted the demand for biocomposites from these industries.

However, various economies have started reviving their operations. With this, the demand for biocomposites started increasing. The increasing use of biocomposites in building and construction, automotive, and consumer goods is expected to offer more growth opportunities for the global biocomposites market during the forecast period.

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