Biocomposites Market Expected to Grow Rapidly Due to Increased Demand for Sustainable Products| MarketsandMarkets™
Biocomposites are composite materials made by combining natural fibers with synthetic elements such as plastic. These materials are often lightweight and long-lasting. They can be employed in a variety of industries, including aerospace, automotive, construction, and maritime. Biocomposites are environmentally friendly since they often incorporate recycled materials, may be recycled, and can minimize the amount of energy required to manufacture a product. They are also frequently less expensive than traditional materials.
The global biocomposites market size is projected to reach USD 51.2 billion by 2026, registering a CAGR of 16.0% from 2021 to 2026. The biocomposites industry is growing due to the increase in the demand for environment-friendly materials from various end-use industries such as transportation, building & construction, consumer goods, and others.
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Wood fiber composites comprise a major share of the biocomposites market in terms of value and volume.
Wood fiber composites, often known as wood-plastic composites (WPCs), are among the most utilized biocomposites on the market today. They are created by fusing wood fibers or sawdust with thermoplastics like polyethylene, polypropylene, or PVC. WPCs are popular because they outperform traditional materials such as wood, metal, and concrete. They are more durable, rot and decay resistant, and require less upkeep. They are also environmentally friendly because they employ recycled or discarded wood fibers and are recyclable.
Synthetic polymer-based biocomposites accounted for the largest market share in the global biocomposites market during the forecast period in terms of value and volume.
Synthetic polymer-based biocomposites held the greatest market share in the global biocomposites market. This is because of their outstanding qualities, which include lightweight, high strength, and corrosion resistance. These materials are utilized in a variety of industries, including automotive, electrical, electronics, packaging, construction, and consumer goods. The growing need for goods with increased performance and durability is projected to boost biocomposites market growth in the approaching years. Furthermore, the development of new biocomposites with increased features such as heat resistance and fire retardancy is expected to open up new opportunities for market expansion.
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Hybrid composites product type dominates the global biocomposites market in terms of value and volume
Throughout the projected period, hybrid composites are expected to have the highest share of the global biocomposites market. Natural fibers and synthetic materials such as glass fibers and polymers are used to make hybrid composites. The mix of organic and inorganic components improves the material’s qualities and makes it appropriate for a wide range of applications, including automotive, building and construction, and electrical and electronics. Furthermore, the increasing use of hybrid composites in the automotive industry and other end-use industries is likely to fuel the growth of the worldwide biocomposites market.
The building & construction end-use industry accounted for the largest market share in the global composites market during the forecast period in terms of value.
The building and construction industry is the world’s largest consumer of composites, accounting for over 40% of the total market share in 2020. This is due to the widespread use of composites in the building industry, such as the production of doors, windows, insulation, and even roofing. The global expansion of the residential and commercial construction industries is also increasing the demand for composites in this sector. Furthermore, the growing usage of composites in the manufacture of lightweight, high-performance building materials is expanding its market share in this area.
Asia Pacific is expected to account for the largest market share in the biocomposites market during the forecast period.
The Asia Pacific region is predicted to lead the global biocomposites market during the forecast period. The growing demand from the automotive and construction industries is propelling this region. Furthermore, the region’s expanding disposable income and fast urbanization are likely to boost market expansion. Furthermore, increased demand for eco-friendly materials, rising population, and the presence of key players in the region are some of the main factors driving the growth of the Asia Pacific biocomposites market.
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The key players in the market include UPM (Finland), Trex Company (US), Fiberon LLC (US), FlexForm Technologies (US), Universal Forest Products, Inc. (US), Nanjing Jufeng Advanced Materials Co., Ltd (China), Meshlin Composites ZRT (Hungary), Tecnaro GmbH (Germany), among many others.
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