LONDON, Nov. 30, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Biocomposites Global Market Report 2023, the global biocomposites market continues its robust growth, expanding from $24.68 billion in 2022 to $29.42 billion in 2023, representing a remarkable compound annual growth rate (CAGR) of 19.2%. Despite challenges stemming from the Russia-Ukraine war affecting global economic recovery, the biocomposites market is poised for further expansion, with projections reaching $54.68 billion in 2027 at a CAGR of 16.8%.
Environmental Concerns Driving Market Momentum
The escalating environmental concerns globally are anticipated to be a major driver propelling the growth of the biocomposites market. With a heightened focus on sustainable solutions, biocomposites offer a significant advantage. These materials boast fewer environmental footprints, are safer for both humans and ecosystems, and are predominantly recyclable and reusable. A Mastercard survey in 2021 revealed that 83% of adults across 24 countries are actively taking personal action on environmental and sustainability issues. With 58% of respondents expressing increased environmental consciousness, the demand for eco-friendly alternatives is a key catalyst for the growth of the biocomposites market.
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Major Players and Technological Innovations
Key players in the biocomposites market include UPM, Trex Company Inc., and Fiberon LLC. A notable trend within the market is the surge in technological innovations. Companies are introducing advanced technologies like the fully biocomposite material Tepex, manufactured using continuous fiber-reinforced thermoplastic composites. German specialty chemicals company Lanxess, for example, introduced a new fully biocomposite material in its Tapex range, offering 100% recyclability, lighter weight, flexibility, and superior mechanical performance. These innovations are poised to revolutionize applications in various industries, from automotive to consumer goods.
Industry Developments and Acquisitions
In a strategic move to address environmental challenges associated with plastics, CBD Global Sciences Inc., a Canadian specialty pharmaceutical company, announced the acquisition of Pure BioPlastics Inc. in March 2022. This acquisition establishes a bio-based technologies division, allowing CBD Global to provide advanced solutions to global environmental plastic issues. Pure BioPlastics Inc., a US-based renewable plastics company, aligns with the industry's commitment to sustainable practices.
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For industry players, investors, and stakeholders, the Biocomposites Global Market Report serves as a valuable resource to navigate the dynamic landscape. Understanding key trends, regional dynamics, and the impact of environmental concerns positions businesses strategically. Whether exploring technological innovations, considering acquisitions, or capitalizing on the demand for sustainable solutions, the biocomposites market report equips stakeholders with actionable insights. By leveraging this comprehensive resource, businesses can make informed decisions, seize growth opportunities, and contribute to the sustainable evolution of the biocomposites market.
Biocomposites Global Market Report 2023 by The Business Research Company provides insights on the biocomposites market size, biocomposites market segments, biocomposites market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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