Green Composites Market Size and Forecast | Key Companies – ALPAS SRL (Italy), Flex Form Technologies (USA), GreenGran BN (The Netherlands), MCG Biocomposites LLC. (USA)
Market
Analysis
The global green
composites market is predicted to grow at a significant CAGR between 2016-
2023, according to the recent Market Research Future (MRFR) report. Green
composites are created from renewable-resource-based polymers or biopolymers that
are reinforced with natural fibers or bio-fillers. They are biodegradable,
renewable, and recyclable. Green composites largely reduce the dependency on
fossil fuels when utilized in interior applications. They are of two types-
wood fibers and non-wood fibers, Wood fibers comprise sisal, kenaf, jute, hemp,
and others, while the non-wood fibers include polyvinyl chloride,
polypropylene, polyethylene, and others. Owing to its excellent properties such
as eco-friendly nature, cost-effectiveness, formability, & abundance, and
plentiful benefits, green composites have wide applications in different end-use industries including packaging, military, healthcare, construction,
automotive and transportation, aerospace, and others.
Various factors are
adding to the global green composites market share. These factors, as per the
new MRFR report, include rising consumption of green composites, government
regulations, need to reduce dependency on crude oil, growing demand from the
healthcare & transportation industry, increasing concern for the
environment, increasing awareness about sustainable packaging, and use in
marine & construction industry as it is rigid and easily moldable.
Market
Segmentation
The MRFR report
offers an in-depth segmental analysis of the global green composites market
based on fiber type, and application.
By application, the
green composites market is segmented into packaging, military, healthcare,
construction, automotive and transportation, aerospace, and others. Of these,
the automotive segment will lead the market over the forecast period, followed
by the construction segment.
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By fiber type, the
green composites market is segmented into non-wood fibers and wood fibers. The
wood fiber segment is again segmented into sisal, kenaf, jute, hemp, and
others. The non-woven fiber segment is again segmented into polyvinyl chloride,
polypropylene, polyethylene, and others. Of these, non-wood fibers will
dominate the market over the forecast period.
Regional
Analysis
Based on the region,
the global green composites market covers the recent trends & growth
opportunities across Europe, the Asia Pacific (APAC), North America, Latin
America, and the Middle East and Africa. Of these, the APAC region will
dominate the market over the forecast period. Factors boosting the market
growth include the region’s flourishing automotive industry, increasing
construction activities, and India & China being the manufacturing hub for
green composites.
The global green
composites market in North America is predicted to hold the second-largest
share during the forecast period solely for the surging demand for green
composites. The US is the key contributor in the region.
The global green
composites market in Europe is predicted to have a healthy growth over the
forecast period for the increasing non-residential and residential projects
directed by the government. The UK, Germany, and France are the key
contributors in the region.
The global green
composites market in Latin America is predicted to have remarkable growth over
the forecast period for economic development in Brazil, growing construction
industry, and favorable government policies.
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Meanwhile, the
global green composites market in the MEA will have the smallest share over the
forecast period for political instability, lack of technological development,
lack of education, and lack of awareness.
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