NEWARK, Del, July 30, 2024 (GLOBE NEWSWIRE) -- The worldwide biocomposite market is expected to adhere to a staggering CAGR of 15.5% through 2034, thereby creating lucrative growth opportunities for both existing players as well as emerging firms. The market is likely to reach USD 31.76 billion by 2024, which is expected to further attain a value of USD 133.84 billion by 2034.
The emerging trend of green buildings is likely to govern the construction sector, thereby bolstering the demand for biocomposites. Eco-friendliness of materials and the biodegradability of compounds upsurge sales of biocomposites in the industry.
With government regulations becoming stringent, various players in the market are inclined toward the use of biocomposites. The ability of such materials to curb carbon footprints is enabling these composites to gain momentum in the field.
The growing use of biocomposites in the aerospace and defense industries is anticipated to upscale sales of biocomposites. This factor is likely to create several prospects for leading organizations in the field.
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The growing inclination toward designing lightweight applications is projected to uphold the popularity of biocomposites. The rising prominence of such applications in a wide range of end-use industries is likely to propel the growth of the market.
Consumer trends have been drifting toward eco-friendly and sustainable choices of materials. This trend is upholding the demand for sustainable and green solutions, providing more traction to the biocomposite market.
Biocomposites are unique composite materials formed by combining natural fibers in a matrix material. These materials have started gaining immense traction across various end-use industries on account of their various attractive features such as biodegradable nature, better thermal stability, lightweight, low cost, etc.
Rising environmental concerns supported by the increasing need for lowering emission levels are expected to provide a strong thrust to the growth of the biocomposites market during the forecast period.
Consequently, factors such as the rising penetration of wood plastic composites across developing regions, expansion of the soft magnetic composites market, and implementation of stringent regulations on the use of petroleum-based products will drive growth in the biocomposites market in the future
Key Takeaways from the Market Study
- Compared to the historical CAGR of 7.2%, the forecast advancement is set to adhere to a CAGR of 15.5%.
- India is likely to propel the demand for biocomposites at the most prominent CAGR of 16.9% through the forecast period.
- Owing to the growing expenditure on construction projects in Mexico, the country is set to adhere to a staggering CAGR of 16.4% through 2034.
- Synthetic polymer composite is set to gain traction, securing 62.3% of the market share in 2034.
- In terms of the end-use industry, the building and construction segment is likely to hold a share of 46.1% in 2034.
“Rising concerns of environmental sustainability are projected to accelerate the demand for biocomposites due to their eco-friendly nature,” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Why is China Emerging as a Lucrative Market for Biocomposites?
Rising Demand for Lightweight and Ecofriendly Materials in the Automotive Industry Boosting the Sales of Biocomposites Across China
China forms a significant share of the Asia Pacific biocomposites market and is expected to grow at a stupendous pace during the forecast period between 2024 and 2034. Growth in the market is driven by the rapid expansion of end-use industries, increasing environmental concerns, favorable government support, and the availability of raw materials at lower costs.
The blooming automotive industry across China is emerging as a major factor in fueling the demand for biocomposites. According to the International Trade Administration (ITA), domestic vehicle production in China is expected to reach 35 million vehicles by 2025.
Leading vehicle manufacturers based in China are continuously focusing on reducing the overall weight of vehicles to make them more efficient and eco-friendly. As a result, they are incorporating materials like biocomposites in their vehicles.
Government regulations to encourage the adoption of eco-friendly materials such as natural polymer composites will further boost the biocomposites market growth in China
Competition Outlook
The growing technological investments are expected to help existing players create a strong presence in the global market landscape. Owing to the growing expansion rate, such firms are bolstering the position of their organizations, hindering the entry of new entrants.
Mergers, acquisitions, strategic collaborations, partnerships, and product launches are employed by such firms to broaden their presence in the global market. New entrants might employ product differentiation as a key strategy in order to neutralize the threat of existing players. The collective ecosystem is projected to augment the size of the biocomposite market.
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Key Players in the Biocomposite Market
- Stora Enso
- UPM
- Universal Forest Products, Inc.
- Trex Company
- Fiberon LLC
- FlexForm Technologies
- Tecnaro GmbH
- Meshlin Composites ZRT
- Nanjing Jufeng Advanced Materials Co., Ltd.
- Bcomp Ltd.
The following recent developments are expected to drive the growth of the global market-
- In May 2023, Stora Enso launched Tambrite Aqua+, which is a new circular packaging material of the organization. It aims to reduce fossil-based plastics and enhance recyclability.
- In September 2023, Universal Forest Products Global Holdings Ltd. acquired about 80% of the equity in a newly formed company, UFP Palets y Embalajes SL. The transaction cost about USD 52 million. This strategic move helped the organization diversify the business.
Key Segments of Market Report
By Fiber Type:
- Wood fiber composites
- Non-wood fiber composites
By Polymer Type:
- Natural polymer composites
- Synthetic polymer composites
By Product:
- Hybrid bio-composites
- Green bio-composites
By End-use Industry:
- Building and Construction
- Transportation
- Consumer Goods
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia
- the Middle East
- Africa
Authored By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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