Global Biocomposites Market

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 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 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).

The nature of the 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. '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'

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.

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.

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.

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Global Biocomposites Market

Report ID: SQMIG15E2187

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