Allied Market Research

2024

Biocomposites Market

Biocomposites Market Size, Share, Competitive Landscape and Trend Analysis Report, by fibers, by Polymer, by Product and, by End-Use Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

MC : Advanced Materials

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Author's: | Eswara Prasad
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Biocomposites Market Analysis

Biocomposites are composite materials produced using common fiber like wood or non-wood fiber, alongside polymer resin. Their utilization in different areas is expanding due to their eco-friendly qualities. They are successfully being utilized as a substitute for plastic composites. Severe environmental laws are additionally preferring their utilization. The utilization of biocomposites produced using the wood fiber is growing owing to expanding utilization of forests for economical use. Wood plastic composites are fabricated from wood fibers. The utilization of characteristic polymer is likewise expanding due to the rising demand for 100% biodegradable items. There is a huge interest for biodegradable items in developed markets of North America and Europe. The primary reason why these composites are chosen is their low weight and high strength, it allows to reduce fuel use, or increase acceleration in transport. Additionally, biocomposites are thermal insulators which are efficient where fire and blast protection is required.

COVID-19 Impact analysis

  • The lockdown situation has brought about the shutdown of various manufacturing units of biocomposites which brought about a destruction of biocomposites sales and also disrupted the supply chain.
  • COVID-19 is an incomparable global public health emergency that has affected almost every industry so far and the long-term effects projected to impact the industry growth of the biocomposites market. 
  • Automotive industry has been severely affected due to the nationwide lockdowns. It has hampered the automotive production in various countries. Being the major application area for biocomposites, it restricts the growth prospects for the biocomposites market.

Top Impacting Factors

The biocomposites market is expected to witness growth owing to growing concern about environmentally sustainable technology as the biocomposites are used as substitutes to man-made fiber composites, carbon composites, and glass composites. Rising end use applications in industries such as consumer goods, electronic, automotive and construction among others creating an opportunity for the biocomposites market. Global biocomposites market is mainly driven by automobile sector which is more technology driven where biocomposites is used in combination with standard materials, such as carbon and glass fibers, which provide high tensile strength and stiffness. This evolves the product performance and minimizes the environmental impact. However, the low strength and the fluctuating cost are the major restraining factor for the market. Moreover, low energy consumption in production, low carbon emission and recyclability are properties of biocomposites, which boost the demand for biocomposites globally.

Market Trends

  • The installation of new chemical industries and technologically advanced consumer electronic and automobile production in the developing region such as Asia Pacific is expected to boost the demand for this biocomposites.
  • The worldwide biocomposite market is attributable to the presence of different industry players globally. There is a high starting fixed expense for arrangement of production house, and organizations are competing to accomplish economy of scale.
  • The favorable government initiatives in countries such as European countries are boosting the investments for chemical sectors.
  • In 2012 major collaboration by Arkema is Fiabilin in France which is an R&D project launched with an objective to develop the manufacturing of composite materials for various market.
  • Recently Arkema launched, Biostrength additives, which enhance the mechanism properties of biocomposites, which in turn is expected to drive the growth of the market.

Key Benefits of the Report

  • This study presents the analytical depiction of the Biocomposites Market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Biocomposites Market share.
  • The current market is quantitatively analyzed to highlight the Electrically Conductive Adhesives Market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed Biocomposites Market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the Biocomposites Market Report

  • Who are the leading market players active in the Biocomposites Market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?
  • What are the major applications of biocomposites market?
  • Which industry is the major consumer of biocomposites?
  • Which region is the largest and the fastest growing market for biocomposites?
  • What are the major strategies adopted by the major leading market players?

Biocomposites Market Report Highlights

Aspects Details
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By fibers
  • Wood Fiber Composites
  • Non-Wood Fiber Composites
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By Polymer
  • Synthetic
  • Natural
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By Product
  • Hybrid
  • Green
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By End-Use Industry
  • Automobile
  • military application
  • aerospace
  • Building & Construction
  • Consumer Goods
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)
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Key Market Players

UFP Industries Inc., Huntsman Corporation, Trex Company, Inc., Arkema, Mitsubishi Plastics, Inc., Flex Form Technologies., Jelu - Werk J. Ehrler GmbH & Co. Kg,, Advanced Environmental Recycling Technologies, Inc., TECNARO GMBH, UPM, Green Bay Decking,, NEWTECHWOOD.

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Biocomposites Market

Global Opportunity Analysis and Industry Forecast, 2023-2032