Tokyo, Aug. 24, 2022 (GLOBE NEWSWIRE) -- The increased use of the biocomposites in the transportation sector, construction and building sector, consumer goods and many other types of end user industries are expected to drive biocomposites market growth. As most of the industries were shut during the outbreak of the COVID-19 pandemic the demand for the biocomposites had reduced but after the relaxation in restrictions the market has grown well.
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Asia Pacific Insights
- The Asia Pacific region is expected to have the largest market share in the coming years. This region has dominated the market in the recent years due to rapid industrialization and rapid urbanization. As there has been developments in the infrastructure of various types there has also been a growth in the economy in various nations of the Asia Pacific region which have been the most important factors that have led to the growth of the market in the recent years.
North America Insights
- The North American region is also expected to grow well in the coming years due to the increased use of the bio composites in automobile industries, construction industry as well as the aerospace industry. These three sectors are expected to have the maximum demand for biocomposites even in the coming years. As the manufacturing of the aircraft is done on a large scale in the North American region and the industry of electric cars has also increased a lot of revenue is generated due to the use of bio composites in these two industries.
Europe Insights
- Increase use of the aircrafts and automobiles in the European region have led to a growth in the bio composites market in the recent years and it will continue to grow well in the coming years period as the government in various nations across the European region have enacted strict environmental laws which are extremely favorable for the growth of the bio composites market will ensure greater demand in the coming years.
Report Highlights
- On the basis of type of fiber, the wood fiber has emerged as the largest market owing to the increasing demand in the society.
- On the basis of type of polymer, the segment of natural polymer has accounted 59% revenue share in 2021.
- On the basis of type of product, the segment of green bio composite has emerged as the largest segment due to the increasing demand in the market and accounted 61% revenue share in 2021.
- On the basis of end user, the transportation segment has accounted 21% market share in 2021.
- The Asia Pacific region has emerged as the largest consumer and accounted 38.6% market shar in 2021.
Recent Developments
- In March 2021 – Fiberon LLC introduced Wildwood composite cladding that had advanced properties like low maintenance, high durability and efficiency.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 25.4 Billion |
| Revenue Forecast by 2030 | USD 123.61 Billion |
| CAGR | 19.22% from 2022 to 2030 |
| Largest Market | Asia Pacific |
| Fastest Growing Region | North America |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | UPM (Finland), Trex Company (US), Universal Forest Products, Inc. (US), Fiberon LLC (US), FlexForm Technologies (US) and Others |
Market Dynamics
Market Drivers
As the countries like Japan, the United States and Germany are the developed nations and these nations have a greater demand for various products that are environment friendly the demand for biocomposites has increased to a tremendous level. The choice of bio composite products has been preferred as compared to the other options by the European Union. The increasing demand of biocomposites the European Union is seen to be greater than that of in Japan and the United States.
The increasing stress upon the usage of biobased products has helped to boost the market of biocomposites to a great extent. Vehicle components have been sorted for recycling with a view to prevent the huge number of radioactive materials and waste matter that is produced all over the world. Automotive manufacturers have been instructed to carry out the disposing process at their end to prevent the huge production of waste materials and scrap all over the world. The service life and maintenance of the vehicles has been handed over to the manufacturers itself.
Market Restraints
Lower fiber metrics is found in the natural fibers as far as interfacial bonding is concerned. This provides a poor mechanical output and delivers a considerably poor strength as compared to the use of synthetic fibers. This also includes the usage of carbon fiber and glass. Hydrophilic properties are found in the plant-based fibers which also proves to be of a polar character. Pectins and hemicelluloses are found in the natural fibers which are hydrophilic.
Thermosets and thermoplastics which also include the polymers are found to be hydrophobic and nonpolar. This leads to a compatibility issue that has been experienced regarding the matrix and the fiber. The mechanical strength of the product can be considerably increased with the use of chemical pretreatment which is carried out on the fibers. The stability of natural fibers is far greater than that of synthetic fibers. These multiple reasons have emerged as the restraining factors for the growth of the market
Market Opportunities
The energy that is required for manufacturing biocomposites is considerably lesser as compared to the production of glass fiber composites. This includes carbon fiber composites as well which requires a higher amount of energy to be manufactured. The cost of biocomposites is much higher as compared to the other available options in the market.
Considering the present market situation and the demand that is experienced by the key market players there is a huge possibility of lowering the prices of biocomposites. The developing countries like China and India are taking part in the production of biocomposites at a far lower cost as compared to its competitors the price of the natural fiber type of biocomposites will be reduced to a great extent and will in turn provide a great opportunity to the key market players.
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Market Challenges
Pertaining to the increasing demand for better products a challenge has been proposed in front of the market regarding the development and improvements in the structural performance mainly for the construction and building end users. A number of natural fibers have been used which have varying properties like stiffness strength, fiber length, cross-sectional area and resistance. With a view to improve the quality and properties of the fibers the matrix needs to be modified in certain cases. These multiple reasons proved to be the challenges in front of the market during the forecast period.
Market Segmentation
By Fiber Type
- Wood Fiber Composites
- Non-Wood Fiber Composites
- Jute fiber
- Flax fiber
- Kenaf fiber
- Hemp fiber
- Others
By Polymer Type
- Synthetic Polymers
- Natural Polymers
By Product
- Hybrid
- Green
By Process Type
- Compression Molding
- Injection Molding
- Resin Transfer Molding
- Extrusion molding process
- Others
By End User
- Transportation
- Consumer Goods
- Construction and Building
- Electrical and Electronics
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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