Global Biocomposites Market – Industry Trends and Forecast to 2029

Biocomposites Market Analysis and Size

Biocomposites are made up of natural fibers such as hemp, wood and paper industry waste, jute, flax in the polymer matrix. These composites have many applications in several industries, from construction to packaging to automobiles.  The “non-wood fiber” is the fastest growing fibre type segment due to their high specific strength, low density, low cost, good mechanical properties, biodegradability, eco-friendliness, and nonabrasiveness over forecast period. There is a rising demand for sustainable building materials and replacements for plastic composites. Therefore, Biocomposites having environment friendly properties have arisen as popular building materials. Furthermore, strict environmental regulation are expected to promote the growth of the biocomposite marketdueing thw forwcast of 2022-2029. 

Data Bridge Market Research analyses that the biocomposites market is expected to undergo a CAGR of 16.50% during the forecast period. This indicates that the market value, which was USD 24.40 billion in 2021, would rocket up to USD 82.79 billion by 2029.  In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Report Scope and Market Segmentation

Market Definition

Biocomposites are defined as eco-friendly and biocompatible composites. They contain of a large variety of inorganic and organic components, such as polysaccharides, ceramics, metals, proteins, sugars, and nanocarbons. Biocomposites are present in several forms, such as coatings, particles, fibers, films, membranes, moldings and foams.

Biocomposites Market Dynamics

Drivers

• Rising demand of biocomposites in automotive sector

The automobile manufacturers mainly use biocomposites to make the automobiles' exterior and interior parts. The development of numerous type of biocomposites are used in automotive applications for instance, in development of environmental friendly automotive, application of automotive piston, anti-roll bar brake friction material for low-velocity impact response and medium duty automotive application, and biocomposites, these are some major factors which are anticipated to increase the growth of the biocomposite market.

• Increasing demand of biocomposites in defence and aerospace sector

The demand for biocomposite from aerospace and defence sector will generate exceptional demand for the bio-based product. In current period, upsurge the use of biocomposite in the aerospace market for the manufacture of aerospace equipment which requires ultra-edge composites that can sustain the product, all these factors are expected to the major reason for the excellent growth of biocomposites market. 

Furthermore, the increase in the demand for eco-friendly and durable manufacturing materials is the major growth factor expected to drive the growth rate of the biocomposites market. Also, increasing awareness and stricter environmental laws regarding the use of sustainable building materials are expected to fuel the growth of the biocomposites market.

Opportunities

• Light weight and cost-effective nature of biocomposites

The growing application of biocomposites will create immense opportunities for the growth of the bio composites market and increase the adoption of biocomposites in several industries. Biocomposites have lightweight properties which increase the demand of this composites in the market. The bio composites material provides high performance and cost-effectiveness biocomposites which attract end-users and increase the adoption rate of this material. This biocmposites market will witness for the high development in upcoming years. 

Moreover, upsurge in the emerging new market and increase the number of strategic collaborations will also act as market drivers and further create useful opportunities for the market's growth rate.

Restraints/Challenges

• Presence of substitutes

High availability of biocomposites substitutes in the market such as carbon fiber and glass fibers can restrain the growth of the market. The biocomposites have less strength as compared to carbon fiber and glass fiber composites. This is the major factor which is hindering the growth of the global Biocomposites market.

Moreover, less awareness regarding the potential benefits of biocomposites is a growth hindrance for the global biocomposites market. 

This biocomposites market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the biocomposites market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Biocomposites Market

The outbreak of coronavirus had an adverse impact on the biocomposites market. As a result of this pandemic, the government has implemented stringent global rules, which has severely affected the biocomposites market's growth. The primary users of biocomposites, such as automotive, construction, aerospace and other industries, have also shut down their manufacturing activities due to this declining demand of biocomposites globally. Also, the majority of biocomposites raw materials suppliers in this market has close down their operations and the major suppliers turned their priority to providing pandemic relief.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• October 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.
• October 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.

Global Biocomposites Market Scope

The biocomposites market is segmented on the basis of type, process,  fiber type, polymer type, product and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Structural
• Non-Structural

Process

• Compression Molding
• Injection Molding
• Resin Transfer Molding
• others

Fiber Type

• Wood Fiber
• Non-wood Fiber

Polymer Type

• Synthetic
• Natural

 Product

• Hybrid
• Green

End user

• Building and Construction
• Transportation
• Consumer Goods

Biocomposites Market Regional Analysis/Insights

The biocomposites market is analysed and market size insights and trends are provided by type, process, fiber type, polymer type, product and end user as referenced above.

The countries covered in the biocomposites market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

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 2022-2029 rapidly growing electric car industry and aircraft manufacturing in this region .

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Biocomposites Market Share Analysis

The biocomposites market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to biocomposites market.

Some of the major players operating in the biocomposites market are:

• UPM (Finland)
• Trex Company, Inc. (U.S.)
• Fiberon (U.S.)
• Flexform SpA (U.S.)
• UFP Industries, Inc., (U.S.)
• Meshlin Composites ZRT (Hungary)
• Tecnaro GmbH (Germany)
• Anhui Guofeng Wood-Plastic Composite Co., Ltd. (China)
• B.COMPOSITES PVT.LTD. (India)
• Green Dot Corporation (U.S.)
• Hualong New Material Lumber Co. Ltd. (China)
• Kudoti Pty Ltd (South Africa)
• Bcomp (Switzerland)
• Nanjing Xuha Sundi New Building Materials, Ltd. (China)
• Lingrove Inc, (U.S.)
• DEVOLD AMT (Norway)
• Taiyuan Heavy Industry Co.,Ltd (China)
• STRUCTeam (U.K.)
• RTP Company (U.S.)
• G. Angeloni s.r.l (Italy)
• Talon Technology Co.,Ltd (U.S.)
• Rock West Composites, Inc (U.S.)
• COLAN AUSTRALIA, (Australia)

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