Biocomposites Market 2023 Share by Company Global Technology Enhancements, Growth Outlook and Forecast 2030
it is expected to grow at a higher CAGR of 18.69% in the global market to account for the higher market value of approximately USD 121 million by the end of the forecasted period from 2021 to 2028 in the global market
The biocomposites market is expanding is garnering increasing traction over the past few years. Biocomposites have emerged as a viable green alternative to carbon, glass, and man-made fiber composites. Besides, rising ecological concerns and awareness about environmentally sustainable technologies are driving a major part of the market growth. Moreover, the increasing consumption of biocomposites in the automotive industry is accelerating the market on a global level.
Another industry that equally contributes to the growth of the Biocomposites market is aircraft manufacturing. Besides, rapid technological advancements are acting as a key tailwind for the market. Augmented demand across industries prompts the requirement of advanced manufacturing techniques, which can allow cost-competitive production at commercial volumes. Advances in the production process have certainly been supporting the Biocomposites market, meeting augmented demand across industries.
Global Biocomposites Market — Segmentation
The market is segmented into four dynamics to widen the scope of understanding,
By Fiber Type : Kenaf, Hemp, Flax, Jute, and others.
By Process Type : Injection Molding, Compression Molding, Resin Transfer Molding, and others.
By End-use Industry : Automotive, Construction, Consumer Goods, and others.
By Regions : Europe, North America, Asia Pacific (APAC), and the Rest-of-the-World (RoW).
Global Biocomposites Market — Regional Analysis
The Asia Pacific (APAC) is projected to hold a major share in the global biocomposites market. Augmenting demand in end-use industries such as building & construction, automotive, consumer goods, sports, and others drive the growth of the regional biocomposites market. Countries such as China, Japan, and India have become apparent leading players in this region. Out of these, China accounts for the larger market for biocomposites followed by India, Japan, South Korea, and South-East Asian countries.
Rising demand for lightweight auto components that provide better fuel efficiency and low carbon emission is a key growth driver. The burgeoning automobile industries in the APAC is consuming a huge amount of biocomposites in the making of lightweight vehicles. The region has been attracting foreign investors with the availability of cost-competitive workforce and the raw material advantage. Furthermore, favorable government policies like ‘Make in India’ are boosting foreign direct investment (FDI).
North America is another lucrative market for biocomposites, globally. The growth of the regional market is attributed to increasing reconstruction activities and demand from the automotive, aerospace, and sports industry. Automakers and aircraft manufacturers primarily drive the huge market demand in this region. Besides, it is estimated that increasing demand in the electrical & electronics industries would create a substantial revenue pocket. The U.S., Canada, and Mexico are projected to be the major growth contributors during the forecast period.
The Biocomposites orthopedic in the European region has been witnessing significant growth, continually. The region is witnessing a massive consumption of biocomposites in buildings & construction, automotive, marine, and aviation sectors. Also, the region has recently undertaken infrastructural expansion projects, which are anticipated to propel huge market demand. Besides, it is projected that the increasing demand in heavy end industries would drive substantial product demand. The UK, Germany, and Italy account for the leading players in this region due to the increasing use of biocomposites in aerospace, energy, sports, and other sectors.
Global Biocomposites Market — Competitive Analysis
The global market of biocomposites appears to be highly competitive with the presence of several well-established and small players. Well-established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain a competitive advantage in this market.
Major Players:
Players leading the global biocomposites market include Yixing Hualong New Material Lumber Co., Ltd (China), MCG BioComposites, LLC (US), Green Dot Holding LLC (US), Bcomp Ltd (Switzerland), AB Composites Pvt. Ltd (India), Advanced Environmental Recycling Technologies, Inc. (the US), Lingrove, LLC (US), Anhui Guofeng Wood-Plastic Composite Co., Ltd (China), TTS. (Canada), and Nanjing Xuha Sundi New Building Materials Co., Ltd (China), among others.
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