Biocomposites Market (Material Type - Wood, Flax, hemp, Coir, Kenaf, Polyethylene, Polyvinyl Chloride, and Polypropylene; Product Type - Wood Plastic Composites (WPC) and Natural Fiber Composites (NFC); Application - Automotive, Construction, Electronics & Electricals, Furniture, and Consumer goods) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
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Global Biocomposites Market: Snapshot
Biocomposites refer to the composite materials that are formed by the reinforcement of natural fibers and a matrix. The matrix is formed by polymers that have been extracted from renewable and nonrenewable resources such as coir, flax, wood, hemp, and kenaf. The global market for biocomposites has expanded at a promising pace in the past few years and continues to embark upon a healthy growth path, thanks mostly to the increased level of awareness among consumers regarding the need to choose bio-based materials instead of the environmentally harmful, non-recyclable synthetic materials.
The market has also gained pace owing to the easy availability of the natural fiber required for the production of biocomposites. While factors such as the comparatively lower strength of biocomposites when synthetic fiber composites are considered and the unstable cost, unavailability, and quality of raw materials are likely to hamper the growth prospects of the market, the increased investment on research and development activities in the market are expected to help companies overcome some of these challenges.
According to the report, the global biocomposites market is expected to exhibit a promising 9.46% CAGR over the period between 2017 and 2025.
Wood to Remain Most Popular Material for Biocomposites
In terms of type, the biocomposites market can be classified on the basis of material type, which includes wood, flax, hemp, coir, kenaf, polyethylene, polyvinyl chloride, polypropylene and others segments. Among these, wood accounted for the highest share of the market in 2016, while flax segment anticipated for the fastest growth during the forecast period. Wood is used because of its easy availability and its excellent binding properties. Based on the product type biocomposites market has been segmented into wood plastic composites (WPC) and natural fiber composites (NFC). Wood plastic composites is the combination of wood with polyethylene, polyvinyl chloride, polypropylene and others, while natural fibre composites are made up of wood, flax, hemp, coir and kenaf.
In terms of the application, the global biocomposites market can be classified into segments such as automotive, construction, electronics & electrical, furniture, and consumer goods. Of these, the segment of construction, occupies the dominant share of the global market due to the increased usage of biocomposites in developing regions. Automotive segment is estimated to outpace other segments in terms of growth pace because biocomposites are safer than conventional materials such as glass or carbon fiber composites owing to the fact that in case of a crash, biocomposites do not led to the formation of sharp-edged fractures.
Asia Pacific Accounts for Dominant Share in Global Market as Demand from Construction and Automotive Industries Surges
Geographically, the report covers the global biocomposites market across regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, the market in Asia Pacific held the dominant share of the global biocomposites market in 2016. Moreover, Asia Pacific also stood out as the regional market exhibiting the highest CAGR for the biocomposites market in the year 2016. Rapid industrialization is the key factors attributable to the overall expansion of the Asia Pacific Market.
Other key factors that are expected to fuel the overall growth prospects of the biocomposites market in the region are the increasing demand for biocomposites from the region's construction, automotive, and consumer goods end-use industries. Europe takes the second spot in terms of growth of the biocomposites composites. In this region, the demand for biocomposites is majorly from automotive industries. North America has significant share in the biocomposites market due to the strong presence of biocomposites manufacturers in this region. Similarly, Middle East and Africa, and Latin America are also developing regions and expected to witness remarkable growth during the forecast period.
Some of the leading players in the global biocomposites market are UPM, Green Bay Decking LLC, FlexForm Technologies, JELU-WERK J. Ehrler GmbH & Co. KG, Tecnaro GmbH, Newtechwood, Fiberon, LLC, Meshlin Composites ZRT, Universal Forest Products, Inc., Al.P.A.S. Srl, and Nanjing Jufeng Advanced Materials Co., Ltd.
Inclination toward Using Biodegradable Materials to Increase the Growth Rate of the Biocomposites Market
The awareness about using biodegradable materials instead of plastics has increased considerably over the years. Many individuals and businesses around the globe are embracing eco-friendly materials instead of plastics. All these factors will prove ripe for the growth of the biocomposites market during the assessment period of 2017-2025.
- The heightening efforts of the governments of various countries to replace plastics with biodegradable and eco-friendly materials will enhance the growth prospects. Stringent norms and regulations on plastic use have helped in increasing the demand for biocomposites.
- Biocomposites are composite materials made of resin or matrix. They are derived from renewable and natural sources. The properties attached with biocomposites such as great tensile strength, affordability, low density, and others will bring considerable growth opportunities. The emergence of biocomposites as a suitable alternative to glass and carbon composites will enhance the growth prospects exponentially. Thus, all these aspects bode well for increasing the growth rate.
- The extensive demand for electric vehicles and the increasing use of lightweight components in vehicles will serve as a profitable growth opportunity. Furthermore, the rising sales of automobiles will lay a red carpet of growth. Thus, all these factors bring good growth opportunities for the biocomposites market.
- The SARS-CoV-2 outbreak has affected the growth projections of a large number of businesses and sectors. The biocomposites market is no stranger to this effect. The closure of manufacturing facilities and production units due to lockdown impositions had a negative impact on the growth. The border restrictions disrupted the supply chain and logistics. All these factors ruined the growth projections extensively.
- Nevertheless, the relaxations in the lockdown norms are helping in the revival of the biocomposites market. The resuming of operations in factories and manufacturing units is playing a crucial role in the growth of the biocomposites market.
Global Biocomposites Market: Overview
This report analyzes and forecasts the market for biocomposites at the global and regional level. The market has been forecast based on revenue (US$ Mn) and volume (Tons) from 2017 to 2025. The study includes drivers and restraints of the global biocomposites market. It also covers the impact of these drivers and restraints on demand for biocomposites during the forecast period. The report also highlights opportunities in the biocomposites market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global biocomposites market. Porter’s Five Forces model for the biocomposites market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein applications are benchmarked based on their market size, growth rate, and general attractiveness.
Global Biocomposites Market: Scope of the Report
The study provides a decisive view of the global biocomposites market by segmenting it in terms of type, and application. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for biocomposites in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual type, and applications in all the regions.
The report provides the estimated market size of biocomposites for 2016 and forecast for the next eight years. The global market size of biocomposites has been provided in terms of revenue and volume. Market numbers have been estimated based on material type, product type and application segments of biocomposites market. Market size and forecast for each major type and application have been provided in terms of global and regional markets.
Global Biocomposites Market: Research Methodology
In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, webcasts specific to companies operating in the market, American Chemical Society, International Council of Chemical Associations, 4m Associations, and European Union. Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, type, and applications across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
Global Biocomposites Market: Competitive Landscape
The study includes profiles of major companies operating in the global biocomposites market. Key players in the biocomposites market include key players in the global biocomposites market include UPM, Green Bay Decking LLC, FlexForm Technologies, Tecnaro GmbH, JELU-WERK J. Ehrler GmbH & Co. KG, Universal Forest Products, Inc., Fiberon, LLC, Meshlin Composites ZRT, Al.P.A.S. Srl, Huangshan Huasu New Material Science & Technology Co., Ltd., Newtechwood, Nanjing Jufeng Advanced Materials Co., Ltd among others. LLC, Novamont SpA, Danimer Scientific, Total Corbion, Galatea Bio Tech, among others. Market players have been profiled in terms of attributes such as company overview, overall revenue, business strategies, and recent developments.
The report segments the global biocomposites market as follows: