Biodegradable Polymer Composites Market: Introduction
- Demand for bio-composite systems has been rising since the last few years due to their potential as a substitute of conventional materials produced in various manufacturing industries. Biocompatible and biodegradable polymer composites play an important role as alternatives for petrochemical-based renewable products.
- Many market players have achieved the successful production of eco-friendly bio-composite materials with natural fibers such as jute, bamboo, hair, flex, wool, and silk. Biomaterials based on natural fibers dispersed in natural matrix such as natural rubber or polyester have also been obtained with applications in various end-use industries. Mechanical properties of bio-composites make them superior to many other conventional materials.
Key Drivers of Biodegradable Polymer Composites Market
- Rise in usage of biodegradable polymer composites in the automotive & transportation industry is expected to boost the market during the forecast period. Biodegradable polymer composites are extensively in the manufacture of automotive parts. Injected automotive parts such as fuel pipes and under-the-hood parts are made using bio-based polymers such as polyamides. Polycarbonates and biodegradable composites are being used for producing decorative parts using wood, flax, and hemp. Textile fibers used for decoration of seats and door panels are made of bio-based polyethylene terephthalate (PET), polylactic acid (PLA) or Sorona fiber (PTT). Flexible foams for seats are also being made from bio-based polyurethane (PUR). Thus, rise in adoption of biodegradable polymer composites in the automotive &transportation sector is driving the biodegradable polymer composites market.
- Excellent properties of biodegradable polymer composites are driving their adoption in various applications. Biodegradable polymer composites have significant potential in the industrial sector due to their biodegradability and other enhanced mechanical properties. Production of composites can be carried out by combining two or more chemically different materials or phases, such as polymers in an orderly manner or merely by mixing. These composites possess excellent properties such as rapid processability; high resistance to impact and delamination, abrasion, and chemicals; and low absorption of moisture. These properties are boosting the usage of biodegradable polymer composites in various end-use industries, thereby driving the market.
Restraints of Biodegradable Polymer Composites Market
- Dearth of universal directives pertaining to applications of biodegradable polymer composites is expected to restrain the market during the forecast period. Every country has different directives pertaining to applications of biodegradable polymer composites. Companies find it difficult to deal with these country-wise regulations. This is discouraging investment in biodegradable polymer composites market, thereby hampering the market.
COVID-19 impact on Biodegradable Polymer Composites Market
- The COVID-19 outbreak is hampering the demand for biodegradable polymer composites in many applications. Governments of various countries across the globe enforced stringent lockdowns to curb the spread of the coronavirus. This led to a slowdown in manufacturing operations and restrictions on supply and transport, thus affecting the biodegradable polymer composites market.
- Key players operating in the biodegradable polymer composites market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of biodegradable polymer composites.
North America Expected to Hold Leading Share of Global Biodegradable Polymer Composites Market
- In terms of region, the global biodegradable polymer composites market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to hold significant share of the global biodegradable polymer composites market during the forecast period owing to the rise in consumption of polylactic acid (PLA) and bio-based commodities in the region
- The market in Asia Pacific is likely to expand at a rapid pace during the forecast period, due to the rise in industrialization and growth of the construction industry in countries such as China and India. Increase in adoption of biodegradable polymer composites in automotive and building & construction industries is anticipated to drive the market in in the region during the forecast period.
Biodegradable Polymer Composites Market: Prominent Players
Major players operating in the global biodegradable polymer composites market are adopting various organic and inorganic growth strategies such as joint ventures, mergers & acquisitions, expansion, collaborations, new product launches, strategic alliances, and research and development to increase their regional presence and business operations. The market is currently witnessing fierce competition among several leading players. Key players operating in the market include:
- Novamont S.p.A
- Arkema S.A.
- Dow Chemical Company
- BASF SE
- Mitsubishi Plastics Inc.
- Corbion NV
- Huntsman Corporation
- Natureworks LLC
- Toray Industries Inc
- Solvay SA
Biodegradable Polymer Composites Market: Research Scope
Biodegradable Polymer Composites Market, by Fiber Type
- Wood Fiber Composites
- Non-wood Fiber Composites
Biodegradable Polymer Composites Market, by End-user Industry
- Automotive & Transportation
- Electrical & Electronics
- Building & Construction
- Aerospace & Defense
- Consumer Goods
Global Biodegradable Polymer Composites, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.