Biocomposites Market Size, Growth, and Analysis Report to 2029 | DataMIntelligence

May 26, 2022 at 18:36 PM EDT

DataM IntelligenceThe Global Biocomposites Market is predicted to reach a high CAGR of 14.20% during the forecast period (2022-2029).

Market Overview

Biocomposites refer to composite materials that are developed by the reinforcement of matrix and natural fibers. The matrix is produced by polymers that have been derived from nonrenewable & renewable resources such as flax, coir, hemp, kenaf, and wood. The global market for Biocomposites has grown at a good pace in the past few years and remains to embark upon a strong growth path due to the increased awareness among consumers regarding the requirement to choose bio-based materials instead of environmentally harmful non-recyclable synthetic materials.

Moreover, they are being utilized as a substitute for plastic composites. Strict environmental laws are additionally preferring their utilization. The utilization of Biocomposites produced using wood fiber is increasing due to expanding use of forests for economical use. In addition, the utilization of characteristic polymers is likewise expanding due to the growing demand for 100% biodegradable items. Also, there is a huge interest in biodegradable items in developed markets of Europe & North America. The primary reason these composites are chosen is their low weight and high strength, and it enables decreased fuel use or increase acceleration in transport. Additionally, Biocomposites are thermal insulators that are efficient where fire and blast protection is required.

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Market Dynamics

The increasing inclination of consumers toward disposable products due to stringent regulation is triggering the demand for Biocomposites in recent times. Growing demand for water-soluble fertilizers creates a strong opportunity for the Biocomposites market growth.

Increasing demand for disposable products is expected to boost the market growth

The treatment of plastic waste globally is a severe issue as plastic products do not decompose easily. To tackle this problem, many governments have banned plastic products and are promoting Biocomposites as a substitute for plastic composites. Growing disposable assets in emerging countries such as India & China and increasing awareness about Biocomposites and their advantages are key factors anticipated to drive the market in the region.

The growing environmental awareness and increasing global waste problems are promoting the growth of the Biocomposites market. Seekers are searching for unique composites compatible with the environment. However, biocomposite is recognized as a promising option for non-renewable and industries are endeavoring eco-friendly materials.

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Market Segmentation:

By Process Type

l Compression Molding

l Injection Molding

l Resin Transfer Molding

l Others

By Material Type

l Wood

l Flax

l Hemp

l Coir

l Kenaf

By Application

l Sound Absorbing Wooden Construction Materials

l Interior of Bathrooms

l Wood Decks

By End-User

l Construction

l Automotive

l Electronics & Electrical

l Aerospace

Competitive Landscape

The Biocomposites market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream applications. Green Bay Decking LLC, FlexForm Technologies, JELU-WERK J. Ehrler GmbH & Co. KG, Tecnaro GmbH, Lingrove, Newtechwood, Fiberon, LLC, Meshlin Composites ZRT, Universal Forest Products, Inc., Nanjing Jufeng Advanced Materials Co., Ltd. are the major player in the composites market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the Biocomposites market globally.