Green Composites Market 2021 scope and Research methodology | TECNARO GMBH (Germany), Procotex SA Corporation NV (Belgium)

 Green Composites Market – Market Overview

Global Green Composites market is expected to grow at a staggering rate owing to increasing demand from end-use industries such as packaging, military, automotive & transportation and construction among others. Factors such as depleting natural resources and deduction in environmental pollution are anticipated to drive the demand for green composites over the forecast period.

Shift in trend towards bio-based products coupled with initiatives taken up by regulatory and governmental bodies to promote the usage of natural based products is a key factor to bolster demand for green composites. They are often referred to as bio composites and are manufactured from bipolar matrix and reinforcement of natural fibers. Major natural fibers utilized in green composites includes jute, wood flour, sugarcane bagasse, oil palm fiber, and rice husk. The matrix used in green composites is vital to defend the fibers from ecological dilapidation, motorized damage, to hold together and to transfer the loads on it.

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Some of the prominent advantages of green composites over conventional or manmade fibre include low cost, different mechanical properties and reduced energy requirements. The growth of automotive industry along with rising construction spending specifically in emerging economies of Asia Pacific and Latin America such as China, India, Japan, Brazil, and Argentina is slated to fuel the demand for green composites. Automotive manufacturers are already using natural fibre reinforced polypropylene (PP) composites due to their low cost and strength in comparison to conventional materials such as steel. Properties such as easy molding and resistance to adverse conditions has further benefitted their application scope in automotive & transportation industry

Rising environmental concerns along with strict regulatory norms is expected to drive its demand in construction applications. The construction industry in China and India has witnessed staggering growth over the last seven years driven by population expansion coupled with increasing urbanization and strong economic performance. Residential and non-residential construction in Tier 1 and Tier 2 cities of both the countries are witnessing extreme growth driven by higher income levels

Asia Pacific is presently the dominant regional market and is expected to continue its dominance over the forecast period owing to factors such as growth of manufacturing sector along with significantly growing packaging industry specifically in Southeast Asian countries such as Indonesia, Malaysia, an Thailand among others.

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With major automotive and transportation manufactures shifting their manufacturing bases towards Asia Pacific due to favourable business environment and easy raw material availability, the outlook for green composites is positive. Governments across the region have introduced new schemes and regimes to lure major companies to invest in the region in order to generate employment and economic relations. Stringent regulatory norms coupled with adoption of green products in developed economies of North America and Europe is expected to drive the demand for green composites.

Green Composites Market   - Competitive Analysis

The global green composites is characterized by presence of large scale and small scale companies vying to penetrate into untapped regions through product innovation and development. European companies such as Greengran and Technaro GmbH are some of the prominent industry participants. The Asia Pacific regional market is largely fragmented with companies entering into strategic partnerships and allianced in order to develop application specific products.