Biocomposites Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

The global market for biocomposites is estimated at USD 24,726.7 million in the year 2022, is projected to reach a size of USD 74,593.5 million by 2030, growing at a compound annual growth rate (CAGR) of 14.8% over the forecast period 2022-2030. The market is expected to be driven by the rising concern about the environment by using natural composites, having lower costs from its substitutes, and offering higher product utility in various end-user verticals.

MARKET DRIVERS

The widespread usage of biodegradable natural composites and the rise of end-use industries including consumer goods, electronics, automotive, and the construction industry around the world is fueling the growth of the global biocomposites market.

The biocomposites are effective thermal insulators for situations requiring fire and explosion protection. Biocomposites are frequently used in transportation because of their high strength and low weight, which can reduce fuel consumption or boost acceleration. The global market is primarily driven by the automotive industry, which is more technologically advanced and uses biocomposites in conjunction with common materials like carbon and glass fibers to give high tensile strength and stiffness.

Due to their environmental benefits, biocomposites are increasingly being used in several fields. They are effectively used as a replacement for plastic composites. The quest for fully biodegradable products is driving an increase in the use of distinctive polymers. Biodegradable products are very popular in developed markets in North America and Europe.

Another significant element fueling the market growth is the government policies encouraging the manufacturing and usage of ecologically friendly goods and materials. Most noticeable are the changes and the rate of acceptance of biocomposites in nations like Germany, the U.S., Japan, and others.

SEGMENTATION ANALYSIS

On the basis of product type, the market is bifurcated into wood fiber composites, and non-wood fiber composites. The wood fiber composites segment is expected to dominate the market in the forecast period of 2022-2030.

On the basis of polymer, the market is segmented into natural and synthetic. Natural segment is further segmented into Polyhydroxyalkanoate, polylactic acid and others. The synthetic segment can be exemplified by polypropylene, polyethylene, and polyvinyl chloride. The synthetic segment is expected to dominate the market during the forecast period of 2022-2030.

On the basis of product, the market is bifurcated into hybrid and green. The hybrid segment is expected to grow at the fastest CAGR in the forecast period of 2022-2030.

On the basis of end-use, the market is segmented into construction industry, automotive, medical, military application, consumer goods, aerospace, and others. The segment of the construction industry is expected to dominate the market in the forecast period of 2022-2030.

REGIONAL ANALYSIS

In 2021, the largest market share was held by the Asia Pacific region, and it is anticipated that this trend will continue during forecast period. Manufacturers of biocomposites have more potential in the Asia Pacific region because manpower and raw materials are less expensive there than in Europe and North America. The Asia Pacific region outpaces Europe, North America, Latin America, and the Middle East and Africa in terms of market size.

North American region comprises the US and Canada. The U.S. acquired the largest share of the biocomposite market in the North American region in 2022. The region is estimated to remain dominant throughout the forecast period of 2022-2030.

COMPETITIVE ANALYSIS

Some of companies profiled in report include UPM, Fiberon LLC, FlexForm Technologies, Meshlin Composites ZRT, Nanjing Jufeng Advanced Materials Co., Ltd, Tecnaro GmbH, Trex Company, and Universal Forest Products, Inc.

SEGMENT COVERAGE

Biocomposites Market By Fiber: Segment Analysis 2022 & 2030

·        Wood Fiber Composites

·        Non-wood Fiber Composites

Biocomposites Market By Polymer: Segment Analysis 2022 & 2030

·        Natural

o   Polyhydroxyalkanoate

o   Polylactic Acid

o   Others

·        Synthetic

o   Polypropylene

o   Polyethylene

o   Polyvinyl Chloride

Biocomposites Market By Product: Opportunity Analysis 2022 & 2030

·        Hybrid Biocomposites

·        Green Biocomposites

Biocomposites Market By Product: End Use Analysis 2022 & 2030

·        Construction Industry

·        Automotive

·        Medical

·        Military Application

·        Consumer Goods

·        Aerospace

·        Others