Biocomposite Market-Global Industry Analysis and Forecast (2022-2029)

Biocomposite Market size was valued at US$ 24.3 Bn. in 2021 and the total Biocomposite revenue is expected to grow at 14.3% through 2022 to 2029, reaching nearly US$ 70.79 Bn.
Biocomposite Market Overview:
Biocomposite is a composite material composed of matrix i.e. resin and natural fiber reinforcement. Environmental concerns and costs of synthetic fibers have led to the foundation for using natural fibers as reinforcements for polymer composites. Interest in biocomposites is rapidly increasing due to the great advantages in industrial and commercial applications (vehicles, rail freight cars, aviation, military applications, and construction, packaging) and basic research in renewable, cheap, recyclable, biodegradable materials.

To know about the Research Methodology :- Request Free Sample Report

The report explores the Biocomposite market's segments (Type, Product, End-Use Industry, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2021. The report investigates the Biocomposite market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Biocomposite market's contemporary competitive scenario.
Biocomposite Market Dynamics:
Government-mandated regulations surrounding ecologically sustainable products are a major driver of market growth.

Developed countries e.g. Germany, the United States, and Japan are focusing on increasing the use of environmentally friendly products rather than petroleum-based products. The European Union favors the use of such products over the governments of the United States and Japan. It requires the use of bio-based materials, promotes the recyclability of vehicle parts, or holds automakers responsible for disposal at the end of the vehicle's useful life. However, the requirements of North American automakers are not as strict as in other markets around the world. For example, the Government of Japan has set a goal of replacing more than 20% of plastic consumption with renewable products by 2030.

According to the EU Commission, the European automotive industry uses over 75,000 tons of plant and wood fiber each year to strengthen composites in place of other synthetic fibers. The European Union also emphasizes the use of recyclable and biodegradable parts for vehicle interior parts.

A major restraint in the market growth is that biocomposites have lower strength compared to glass fibers.

Natural fiber composites have lower mechanical performance and comparatively lower strength than synthetic fibers such as glass and carbon fiber due to the low interface between the fibers and the matrix. All plant fibers are hydrophilic and polar. Natural fibers are made of hydrophilic (water-absorbing) hemicellulose and pectin. Polymers such as thermoplastics and thermosetting resins are non-polar and hydrophobic, so there is a compatibility issue between the fiber and the matrix. However, the chemical preprocessing of the fibers can increase their mechanical strength. Unlike synthetic fibers, natural fibers are thermally unstable and begin to undergo thermal degradation at approximately 200 °C, but are not supported by certain manufacturing processes. In addition, poor fiber separation and dispersion is another drawback of biocomposites, limiting their widespread utilization.

A major challenge in the market growth is consistency in the production process and mechanical properties of biocomposites.

Structural effectiveness is a significant challenge for the design & construction end-use industry; however, different natural fibers have distinct features, such as resilience, toughness, fiber length, and cross-sectional area, depending on the conditions under which they are developed. To increase natural fiber mechanical qualities, either the fiber or the matrix is treated; in certain circumstances, both are adjusted. Chemical binding agents are used to modify the matrices. Fibers are changed to eliminate undesired fiber elements, roughen the fiber surface, separate individual fibers from a bunch of fibers, or diminish the hydrophilic character of the fiber. The biggest problem, however, is to ensure continuity in the manufacturing process since biocomposites are extremely dependent on the supply and quality of the natural fibers purchased.
Biocomposite Market Segment Analysis:
By Type, the wood fiber composite segment is expected to grow at a CAGR of 4.5% during the forecast period. These biocomposites are made into flooring, handrails, balusters, fence, and other products. Non-wood fiber composites cost less than wood fiber composites. These are applied in a variety of settings, including residential and commercial buildings, poolside areas, viewing decks, and docks. During the forecast period, these are some of the reasons boosting demand for wood fiber composites.

In terms of value, synthetic polymer biocomposites led the biocomposites market in 2021. Biocomposites are made from polymers e.g. PE, PP, ABS, PET, and PC. These polymers give varied properties to biocomposites, rendering them beneficial in a variety of end-use businesses. PP polymer, for example, has a low density, high stiffness, and impact resistance. As a result, PP polymer in combination with natural fibers (wood fibers, cellulose) is utilized in mobility, building and construction, maritime, and other end-use sectors. The COVID-19 outbreak impacted demand for synthetic polymer biocomposites in 2021. However, as international end-use industries stabilized by the fourth quarter of 2021, the demand for synthetic polymer biocomposites has increased.

Because of their responsiveness to harsh weather conditions e.g. moisture, freeze-thaw cycles, and UV radiations, natural fiber composites are mostly used in non-load-bearing interior components in structural engineering. They are utilized in the manufacture of frames, doorways, casings, wall panels, long-lasting roofing components, external structures, and composite panels. A multitude of renowned biocomposite producers provide a wide range of biocomposites with implications in the building and construction industries.
Biocomposite Market Regional Insights:
The wide application spectrum of wood fiber composites in manufacturing and window frames is anticipated to drive considerable growth in demand in the United States during the forecast period. Additionally, the rising demand for bio-based polymers in landscapes and street development is expected to drive the product demand. Because of rising per capita income and increasing industrialization, Asia Pacific is anticipated to be the fastest-growing market for wood fiber composites. Over the forecast period, the change in consumer behavior in China, expanding competition from local manufacturers, decentralized distribution, and rising dual-income families are likely to generate possibilities for biocomposites manufacturers.

Housing construction in Central and South American regions has increased significantly as a result of growing wage levels and a movement in customer preference toward green structures. The development of the industrial construction sector, together with legislative measures to raise public awareness about sustainable construction, is likely to drive the growth of the regional biocomposites market. Soaring concerns about the global economy as a result of the continued decline in the Europe and China relations, US-China trade negotiations, the political landscape between China and Hong Kong, and Brexit outcomes are expected to have an impact on international investments, trade, and ongoing residential projects, and markets around the world. This, in turn, is expected to restrict the market growth during the forecast period.

The objective of the report is to present a comprehensive analysis of the Biocomposite market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Biocomposite market dynamics, and structure by analyzing the market segments and projecting the Biocomposite market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Biocomposite market make the report investor’s guide.
Biocomposite Market Scope: Inquiry Before Buying



Global Biocomposite Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 24.3Bn.


Forecast Period 2022 to 2029 CAGR:
14.3 %
Market Size in 2029:
US $ 70.79 Bn.


 Segments Covered:
by Type
• Wood Fiber Composites
• Non-wood Fiber Composites
• Natural Polymer Composites
• Synthetic Polymer Composites


by  Product
• Hybrid Biocomposites
• Green Biocomposites


by End-Use Industry
• Transportation
• Building & Construction
• Consumer Goods
• Electrical & Electronics
• Others



Biocomposite Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Biocomposite Market Key Players
• Craft Composite
• Plafco Fibertech
• Invalt
• Agrona
• Hemp Corporation
• Beologic
• Advanced Compounding
• APM
• Tecnaro
• UPM
• Trex Company
• Fiberon
• FlexForm Technologies
• Universal Forest Products, Inc.
• Nanjing Jufeng Advanced Materials Co., Ltd
• Meshlin Composites ZRT

FAQs:

1. Which is the potential market for the Biocomposite in terms of the region?
Ans. APAC is the potential market for biocomposites in terms of the region.

2. What are the challenges for new market entrants?
Ans. A major challenge in the market growth is consistency in the production process and mechanical properties of biocomposites.

3. What is expected to drive the growth of the Biocomposite market in the forecast period?
Ans. Government-mandated regulations surrounding ecologically sustainable products are a major driver of market growth.

4. What is the projected market size & growth rate of the Biocomposite Market?
Ans. Biocomposite Market size was valued at US$ 24.3 Bn. in 2021 and the total Biocomposite revenue is expected to grow by 14.3% from 2022 to 2029, reaching nearly US$ 70.79 Bn.

5. What segments are covered in the Biocomposite Market report?
Ans. The segments covered are Type, Product, End-Use Industry, and Region.