USD 28.55 billion
Biocomposites Market Size, Share, Growth Analysis, By Polymer type(Synthetic Polymers and Natural Polymers), By Product(Hybrid and Green), By Fiber Type(Wood Fiber, and Non-wood Fiber), By End User(Building and Construction, Transportation, and Consumer Goods), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15E2187 |
Region:
Global |
Published Date: July, 2024
Pages:
184
|Tables:
112
|Figures:
69
Biocomposites Market Insights
Global Biocomposites Market size was valued at USD 28.55 billion in 2022 and is expected to rise from USD 33.15 billion in 2023 to reach USD 109.42 billion by 2031, at a CAGR of 16.10% over a forecast period (2024-2031).
Biocomposites are polymer-encased natural fibres such as hemp, wood and paper industry waste, jute, and flax. From construction to packing to autos, these composites have a wide range of uses. Due to its high specific strength, low density, low cost, good mechanical qualities, biodegradability, eco-friendliness, and non-abrasiveness for the predicted period, "non-wood fibre" is the fibre type sector with the quickest growth. Sustainable building materials and alternatives to plastic composites are in greater demand. As a result, environmentally friendly biocomposites have become well-liked building materials. Furthermore, according to the forecast for 2023–2030, tight environmental regulations are anticipated to encourage the growth of the biocomposite market.
The market for biocomposites is anticipated to increase in the upcoming years because they are environmentally beneficial. Because they have superior mechanical and physical features and a wide range of advantages, the market is anticipated to expand strongly in the upcoming years.
US Biocomposites Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Natural Polymer
Fastest Growth
Natural Polymer
Growth Rate
16.10% CAGR
Global Biocomposites, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Biocomposites Market Segmental Analysis
The biocomposites market is segmented on the basis of polymer type, product, fiber type, end user, and region. Based on polymer type, the Biocomposites Market is segmented into Synthetic Polymers and Natural Polymers. In terms of product, the biocomposites market is segmented into Hybrid and Green. With respect to categorization by fiber type, the market is bifurcated into wood-fiber, and non-wood fiber. By end-user, the Biocomposites Market is categorized into building and construction, transportation, and consumer goods. Based on Region Biocomposites Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Biocomposites Market Analysis by Polymer Type
On the basis of polymer type, natural polymers are predicted to emerge as the largest shareholding segment in 2022. Many customers in numerous industries are demanding natural polymers as the use of biodegradable products has increased. Natural polymers used in consumer goods in the automotive sector include rubber, wool cellulose, and silk. The synthetic polymers that are now in use, such as polyethylene, polyester, and nylon, are being replaced by organic or natural alternatives, and it is anticipated that demand for natural polymers will increase over the coming years.
Biocomposites Market Analysis by Product
Based on product, the green biocomposite segment is anticipated to rule the market. With the greatest market share in terms of revenue in the past, this category has dominated the market and will keep expanding over the course of the projection. Since it is environment-friendly, the demand for this kind of product is predicted to increase in the upcoming years. The demand for these commodities has increased in most of the industrialized nations of the world, including Europe and North America. The 100% biodegradability of green biocomposites is one of the elements that will propel market expansion in the ensuing years. Due to their increased strength and lightweight design, hybrid varieties are projected to see an increase in popularity, but their biodegradability leaves something to be desired.
Global Biocomposites Market By Polymer Type, 2022 (%)
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Biocomposites Market Regional Insights
The Asia Pacific region is predicted to have the greatest market share in the next few years, owing to population growth. The market for biocomposite materials is anticipated to increase in the Asia Pacific area along with the expected rise in per capita disposable income. The majority of the population in developing nations like China and India is middle class, and there is a high demand for both affordable housing and automobiles. During the projected period, the demand for inexpensive housing and automobiles in nations such as China and India would contribute to the growth of the bio composites market.
Global Biocomposites Market By Geography, 2022-2030
- Largest
- Fastest
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Biocomposites Market Dynamics
Biocomposites Market Driver
Rise in Use in Automobile Applications to Propel Growth
- The exterior and interior components of automobiles are primarily made from biocomposites. There are many different types of biocomposites being developed for use in automotive applications. For example, environmentally friendly vehicles are being developed, automotive pistons are being used, anti-roll bar brake friction materials are being developed for low-velocity impact response and medium duty automotive applications, and biocomposites are being developed. These are some of the major factors expected to boost the growth of the biocomposite market.
Biocomposites Market Restraint
Lack of Awareness about Benefits of Biocomposites to Challenge Growth
- The market's expansion may be constrained by the high availability of biocomposites' competitors on the market, such as carbon fibre and glass fibres. Compared to carbon fibre and glass fibre composites, biocomposites are less durable. The biggest obstacle preventing the worldwide market for biocomposites from expanding is this. Additionally, a growth inhibitor for the global biocomposites market is the lack of knowledge about the potential advantages of biocomposites.
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Biocomposites Market Competitive Landscape
The nature of the global biocomposites market is highly competitive on account of the presence of multiple players. In order to maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also investing heavily on R&D.
Biocomposites Market Top Player's Company Profiles
- UPM
- Trex Company, Inc.
- Fiberon
- Flexform SpA
- UFP Industries, Inc.,
- Meshlin Composites ZRT
- Tecnaro GmbH
- Anhui Guofeng Wood-Plastic Composite Co., Ltd.
- B.COMPOSITES PVT.LTD.
- Green Dot Corporation
- Hualong New Material Lumber Co. Ltd.
- Kudoti Pty Ltd
Biocomposites Market Recent Developments
- December 2023 Lingrove, a cutting-edge company that uses patented technology to transform quickly maturing plants into composite surfaces and panels for a range of uses, including building and other industries, announces the resounding success of its Series B investment round. The funding round was oversubscribed, led by Lewis & Clark Agrifood and Diamond Edge Ventures, with substantial contributions from Bunge Ventures and SOSV. The research and manufacturing of ekoa natural fiber composite panels and surfaces will be aided by this cash injection, resulting in interior design that is aesthetically pleasing, high performance, and environmentally friendly.
- Rock West Composites purchased Performance Plastics Inc.'s assets in September 2023. With this expansion, RWC will be able to sell its products in supplementary markets that are like but have less in common with its current business operations in terms of materials and processes.
- A Canadian space corporation called MDA hired Rock West Composites, and as part of that agreement, the business announced in May 2023 that it had finished designing the development model for Canadarm3.
Biocomposites Key Market Trends
- The market for bio composites will have tremendous development potential as a result of the expanding use of biocomposites in a variety of industries. The market demand for biocomposites is growing as a result of their lightweight characteristics. The bio composites material offers biocomposites with high performance and economic viability, which draw end users and raise the adoption rate of this material. In the following years, this biomaterials market will experience rapid growth. Additionally, the expansion of the newly developing industry and an increase in strategic alliances will work as market drivers and further produce advantageous chances for the market's growth rate.
Biocomposites Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our biocomposites market analysis, When compared to biocomposites, the amount of energy used in the production of carbon fibres or glass fibres is extremely high. Compared to glass fibres or carbon fibres, biocomposites are more expensive on the market. Due to economies of scale and growing use of biocomposites in common applications, the prices of the biocomposites may decrease in the upcoming years. Moreover, Due to increased public awareness of the negative impacts of using toxic composites and stricter environmental regulations, demand for sustainable materials has increased and will continue to do so in the years to come.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 28.55 billion |
| Market size value in 2031 | USD 109.42 billion |
| Growth Rate | 16.10% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Biocomposites Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Biocomposites Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Biocomposites Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Biocomposites Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biocomposites Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biocomposites Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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