Biocomposites Market to Rise at a CAGR of 13.2% from 2023 to 2031, Reach a Valuation of USD 75 billion: Exclusive Report by Transparency Market Research, Inc.
A rise in the food and beverage industry and pharmaceutical innovations are expected to drive the market for biocomposites.
Wilmington, Delaware, United States, Jan. 10, 2024 (GLOBE NEWSWIRE) -- *Transparency Market Research Inc. - *The biocomposites market was valued at US$ 24.6 billion in 2022. A *CAGR of 13.2%* is forecast from 2023 to 2031, *reaching US$ 75.0 billion* during the forecast period. A shift toward sustainable practices and environmental concerns have led to adoption of biocomposites materials. As consumers increasingly seek eco-friendly and sustainable options, companies incorporate these materials into their products.
Researchers are constantly working on improving biocomposites' properties. Among these improvements are enhanced durability, strength, and other characteristics, resulting in a superior performance for biocomposites over traditional materials. *Various industries have found use for biocomposites, including the automotive, construction, and packaging industries*. Because biocomposites are versatile, they can be used to design and function products in various industries.
Since biocomposites are lightweight and can reduce carbon footprints, the automotive industry has adopted them widely. Biocomposites are used in various components in automotive interiors, exterior panels, and structural components, resulting in a lighter vehicle. Flax, hemp, and jute fibers have been combined with bio-based polymers to create biocomposites materials. In addition to improving the material's mechanical properties, this combination enhances its sustainability.
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*Global Biocomposites Market: Key Players*
Several leading biocomposites companies are actively investing in the development of new, cost-effective products to increase their market share. As part of their research, they are also studying recent industry trends regarding biocomposites to develop products of superior quality and made of high-quality raw materials.
· UPM
· Green Bay Decking LLC
· FlexForm Technologies
· Tecnaro GmbH
· JELU-WERK J. Ehrler GmbH & Co. KG
· Universal Forest Products, Inc.
· Fiberon, LLC
· Meshlin Composites ZRT
· P.A.S. Srl
· Huangshan Huasu New Material Science & Technology Co., Ltd
· Newtechwood
· Nanjing Jufeng Advanced Materials Co. Ltd.
*Key Developments *
· *In June 2023, Biocomposites announced the acquisition of German firm Artoss*, adding its NanoBone range to its offerings. NanoBone technology will be offered to Biocomposite's worldwide distribution network, giving surgeons and patients access to NanoBone technology in over 40 countries.
· *In November 2023, the development of biocomposites made from polylactic acid (PLA), *lyocell fiber, and wood was conducted by the Korea Carbon Industry Promotion Agency (KCARBON, Jeonju-si, South Korea) in collaboration with Korea Institute Science Technology (KIST, Seoul, South Korea).
*Key Findings of the Market Report*
· Based on product type, the wood plastic composites (WPC) segment will likely drive demand for biocomposites.
· In terms of material type, flax, and hemp are expected to drive demand for biocomposites.
· In the automotive industry, biocomposites play a significant role.
· In 2022, Asia Pacific accounted for the largest share of the biocomposites market.
· Globally, the construction and furniture industries have expanded rapidly in recent years
*Global Biocomposites Market: Growth Drivers*
· The demand for eco-friendly materials has been driven by the awareness of environmental issues and the necessity for sustainable practices. As an alternative to traditional synthetic materials, biocomposites strengthen themselves from renewable resources.
· Regulatory policies and regulations aimed at reducing carbon footprints and fostering sustainability have greatly impacted the biocomposites market. Because of the use of sustainable materials becoming increasingly popular, governments may be offering incentives or restricting the use of these materials in various regions.
· Renewable materials such as fibers and biopolymers contribute to the biocomposites market's growth. Composites can be made from these materials instead of or in addition to traditional non-renewable resources.
· As consumers become more aware of sustainable products and companies adopt greener practices, biocomposites are becoming more popular. Consumers are increasingly choosing bio-based products due to consumer preferences.
· A wide range of properties has been improved in biocomposites materials as a result of ongoing research and development. In various industries, biocomposites are finding new applications due to technological advancements.
· A circular economy, which reuses, recycles, or repurposes materials, has contributed to the growth of biocomposites. Materials that are biodegradable or recyclable are often aligned with the principles of a circular economy.* *
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*Global Biocomposites Market: Regional Landscape*
· Asia-Pacific is expected to lead the market for biocomposites in the market. Biocomposites are becoming increasingly popular in Asia because of environmental concerns and increased sustainability awareness. Materials made from biocomposites are becoming increasingly popular among consumers and industries looking for eco-friendly alternatives.
· *Asia-Pacific* governments are taking steps to reduce environmental impact and promote sustainable development. Incentives and policies to use renewable materials have helped drive the market for biocomposites. Natural fibers and bio-based polymers are abundant in the Asia-Pacific region. Biocomposite materials are developed and produced due to the availability of these resources.
· A high level of research and technological innovation has improved the properties of biocomposite materials, making them more competitive with traditional materials. Building materials and automotive components have benefitted from the growing infrastructure development in Asia-Pacific, especially in the construction and transportation industries.* *
*Global Biocomposites Market: Segmentation*
*By Material Type*
· Wood
· Flax
· Hemp
· Coir
· Kenaf
· Polyethylene
· Polyvinyl Chloride
· Polypropylene
· Others
*By Product Type*
· Wood Plastic Composites (WPC)
· Natural Fiber Composites (NFC)
*By Application*
· Automotive
· Construction
· Electronics & Electricals
· Furniture
· Consumer Goods
· Others
*By Region*
· North America
· Latin America
· Europe
· Asia Pacific
· Middle East & Africa
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