The biocomposites market size was valued at USD 21.1 billion in 2021. The biocomposites industry is projected to grow from USD 24.09 Billion in 2022 to USD 61.04 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.20% during the forecast period (2022–2030). Increasing use of biocomposites in end-use sectors such as automotive, building and construction, electrical and electronics, and consumer goods and the increasing number of forests are the key market drivers enhancing the market growth.
Market Synopsis
Biocomposites are developed from natural fibers like flax, jute, wood paper industry waste, hemp, etc. in the polymer matrix. These composites have vital applications in numerous industries, such as construction, packaging, and automobiles.
The escalating need for eco-friendly, sustainable building materials and alternatives for plastic composites will be extremely favorable for the biocomposites market in the long run.
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Report Scope:
Report AttributeDetails2030 Market Size2030: USD 60.61 BillionCAGR14.20% (2022–2030)Base Year2021Forecast Period2022–2030Historical Data2020Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredBy Type, Process Type, End-Use Industry, and RegionGeographies CoveredNorth America, Europe, Asia-Pacific, and Rest of the World (RoW)Key Market DriversThe rise in demand for eco-friendly and durable manufacturing materialsThe wide availability of raw materials is also a major growth-boosting factor
Market Competitive Landscape:
Prominent companies in the biocomposites industry are
- MCG BioComposites LLC (U.S.)
- Anhui Guofeng Wood Plastic Composite Co. Ltd. (China)
- A.B. COMPOSITES PVT.LTD. (India)
- Green Dot Holding LLC (U.S.)
- Yixing Hualong New Material Lumber Co. Ltd. (China)
- Advanced Environmental Recycling Technologies Inc. (U.S.)
- Bcomp Ltd. (Switzerland)
- Nanjing Xuha Sundi New Building Materials Co. Ltd. (China)
- TTS. (Canada)
- Lingrove, LLC (U.S.)
Market USP Covered:
Market Drivers:
Soaring awareness with regard to eco-friendly materials along with strong government efforts to ban the use of plastics and instead use biodegradable alternatives will benefit the worldwide market. Other than this, the heightened demand for biocomposites in the automotive sector to enhance passenger safety and bring down the weight of a vehicle should spur the growth rate of the market. Biodegradable and lightweight properties are some of the top advantages provided by biocomposites, which help augment their popularity among end-users and consumers.
Plastic waste has been a highly alarming issue that has plagued almost the entire world. It is a non-degradable material that doesn’t decompose for years and years. To deal with this issue, governments are implementing stringent restrictions on the use of plastics and encouraging eco-friendly alternatives. This will undoubtedly benefit the global market in the years to come.
Market Restraints:
Despite the host of advantages and favorable business prospects, the global market will most likely face various hurdles. The high costs of biocomposites remain a major reason for the decline in their demand. Since biocomposites are developed using natural fibers like flax, cotton, and wood, their cost is much higher than that of plastics.
Moreover, the need for skilled labor is especially high since these materials are relatively new to the market. However, players are doing everything in their capacity to deal with these challenges to uplift their positions in the coming years.
COVID 19 Analysis
The COVID-19 outbreak’s impact on people’s health and businesses worldwide has been brutal. The aftermath of the pandemic is related to the substantial social and economic pressure on people across the globe. While policymakers are coming up with new frameworks and industries are taking up creative models of expansion to enhance their positions, people are facing a series of mental trauma.
The pandemic has had a brutal impact on the biocomposites sector since the majority of the countries are under lockdowns with transportation restrictions. This has brought down the production rate of various materials and products including biocomposites.
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Market Segmentation
By Process Type
Compression molding process type, Extrusion molding process, Injection molding process type, Resin transfer molding process type, and others are the top process types covered in the study.
The extrusion molding process has emerged as the top segment owing to the large number of benefits associated with its usage. An extrusion machine is easily operable and gives high production volume. It forms around 37 percent of the worldwide market.
On the other hand, injection molding is one of the fastest expanding segments, given the automation and fast-molding ability of this process.
By Fiber Type
Non-Wood Fiber, Wood Fiber, Flax fiber, Jute fiber, Hemp fiber, and Kenaf fiber are the key fiber types considered in the report.
The wood fiber segment dominates the worldwide industry. Impressive characteristics of wood fibers including high resistance to mildew and moisture elevate their demand. These types of fibers boast of extended shelf life and do not need not much maintenance, therefore finding widespread use in the automotive and construction industries.
However, with advances in composites technology, it is possible that the non-fiber segment will achieve a high position in the market over the following years.
By End-users
Construction industry, Automotive industry, Consumer goods industry, and more are the industry end-users listed in the report.
The automotive industry generates the highest demand for biocomposites and is, therefore, the top end-user in the market. Biocomposites Growth Opportunities are eco-friendly manufacturing materials with excellent properties like lightweight, and high-tensile strength, which elevate their use in the automotive sector.
Regional Insights
The Asia Pacific market is the biggest, in terms of size and growth rate. Compared to its North American and European counterparts, the APAC market for biocomposites presents ample lucrative opportunities due to cheaper labor and lower-priced raw materials. Some of the key reasons for the strong market demand in the region is the escalating demand for biocomposites from transportation and building construction end-use industries. Substantial product demand is observed primarily in countries like Japan, China, South Korea, and India. Additionally, the surge in foreign direct investment in infrastructure and transportation sectors in these countries should also favor the biocomposites industry in the years to come.
North America stands second in the global market, as the demand for biocomposites continues to mount in industries like construction, automobile, and aerospace. The rapidly expanding electric car and aircraft manufacturing industries are however, the biggest end-users of biocomposites in the region.
Europe, holding a robust aircraft and automobile manufacturing base, is one of the top markets. Rigid environmental regulations in the region offer a favorable business environment for the biocomposites market.
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