Global Biocomposites Market Size study & Forecast, by Product (Hybrid Biocomposites, Green Biocomposites) by Fiber (Wood Fiber Composites, Non-wood Fiber Composites), by Polymer (Natural Polymer Composites, Synthetic Polymer Composites), by End-use (Build

Global Biocomposites Market Size study & Forecast, by Product (Hybrid Biocomposites, Green Biocomposites) by Fiber (Wood Fiber Composites, Non-wood Fiber Composites), by Polymer (Natural Polymer Composites, Synthetic Polymer Composites), by End-use (Building & Construction, Transportation, Consumer Goods, Others) and Regional Analysis, 2023-2030

Global Biocomposites Market is valued approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% over the forecast period 2023-2030. Biocomposites are composite materials composed of two or more distinct components: a matrix material and reinforcement fibers derived from renewable or bio-based sources. These materials combine the benefits of both components, resulting in a composite material that exhibits enhanced properties and environmental advantages. The major driving factors for the Global Biocomposites Market are rising government regulations regarding use of environmentally-friendly products, rising awareness for bio composites and growing adoption of bio composites. Moreover, advancements in technology and manufacturing processes and rising initiatives by key market players is creating lucrative growth opportunity for the market over the forecast period.

Developed countries such as Germany, the US, and Japan are increasingly prioritizing the use of environmentally-friendly products over petroleum-based alternatives. The European Union (EU) has been particularly proactive in promoting the use of bio-based materials and encouraging the recyclability of vehicle components. It has implemented regulations that hold automotive manufacturers responsible for the proper disposal of vehicles at the end of their service life. In comparison, the requirements in North America are generally less stringent for automotive manufacturers. However, the Japanese government has set a target of replacing 25% of plastic consumption with renewable products by 2030, indicating a commitment to sustainability. The EU Commission has highlighted the use of plant and wood fibers, amounting to 80,000 tons annually, in the reinforcement of composite products in the European car industry. The EU has also emphasized the adoption of recyclable and biodegradable parts for automotive interior components. These regulations and initiatives are expected to drive the demand for biocomposites in the transportation sector, as well as in industries such as building and construction, electrical and electronics, and others. However, the high cost of Biocomposites stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Biocomposites Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America holds a significant share in the bio composites market. The region has a strong focus on sustainability and environmental regulations, which drive the adoption of bio-based materials. The United States and Canada have robust research and development activities in bio composites, particularly in the automotive, construction, and packaging industries. The Asia-Pacific region is witnessing rapid growth in the bio composites market. Countries like China, Japan, and India are investing in the development and application of bio composites across various industries, including automotive, construction, and packaging. The region's growing population, increasing urbanization, and rising environmental concerns contribute to the demand for sustainable materials.

Major market player included in this report are:
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)
Deckorators, Inc. (US)
Celanese Corporation of America (US)

Recent Developments in the Market:
In December 2021, Deckorators, Inc., a subsidiary of Universal Forest Products, Inc., completed the acquisition of Ultra Aluminum Manufacturing Inc. Ultra Aluminum Manufacturing is a leading manufacturer of aluminum railing, fencing, and gates. This acquisition strengthens Deckorators' product portfolio in the outdoor living space, allowing them to offer a wider range of high-quality and innovative aluminum products to their customers.

In November 2021, Celanese Corporation and Mitsubishi Chemical Advanced Materials collaborated to develop recycling solutions while maintaining product quality, performance, and consistency. The collaboration aims to address the growing demand for sustainable materials and the need for effective recycling in the industry. By combining their expertise and resources, Celanese Corporation and Mitsubishi Chemical Advanced Materials seek to develop innovative recycling technologies that enable the production of high-quality recycled materials suitable for various applications. This collaboration highlights the commitment of both companies towards sustainability and advancing the circular economy.

Global Biocomposites Market Report Scope:
Historical Data – 2020 - 2021
Base Year for Estimation – 2022
Forecast period - 2023-2030
Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Product, Fiber, Polymer, End-use, Region
Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product:
Hybrid Biocomposites
Green Biocomposites
By Fiber:
Wood Fiber Composites
Non-wood Fiber Composites
By Polymer:
Natural Polymer Composites
Synthetic Polymer Composites
By End-use:
Building & Construction
Transportation
Consumer Goods
Others

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned
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)
Deckorators, Inc. (US)
Celanese Corporation of America (US)

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