Biocomposites Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fiber (Wood Fiber Composite and Non-Wood Fiber Composite), Product (Hybrid Composite and Green Composite), and End-Use Industry (Building & Construction, Automotive, Consumer G

Biocomposites Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fiber (Wood Fiber Composite and Non-Wood Fiber Composite), Product (Hybrid Composite and Green Composite), and End-Use Industry (Building & Construction, Automotive, Consumer Goods, and Others)

The biocomposites market is expected to grow from US$ 19,268.62 million in 2022 to US$ 46,851.39 million by 2028; it is estimated to grow at a CAGR of 16% from 2022 to 2028.

Biocomposites are composite materials made from natural fibers, including wood fiber, flax, jute, and help, and are reinforced in a polymeric resin matrix. The matrix helps in providing the shape of the composite and protects the fibers from mechanical damage and environmental degradation.

Based on the end-use industry, the global biocomposites market is segmented into building and construction, automotive, consumer goods, and others. In 2021, the building & construction segment led the market. The market for the automotive segment is expected to grow at the fastest pace during the forecast period. Biocomposites are used in the interior and nonstructural components of vehicles. Also, they are generally lightweight materials, so they help in reducing vehicle consumption of fuel and greenhouse gas emissions. Compared to the composites of nonrenewable origin, biocomposites have excellent acoustic and thermal properties, which makes them ideal for vehicle interior parts.

The biocomposites market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). In 2021, Asia Pacific dominated the global market. The economic growth and infrastructure development in the region are among the major factors driving the growth of the market across the region. Moreover, increasing automobile production and expanding the automotive industry in China, India, Japan, and South Korea are propelling the demand for biocomposites. According to the National Bureau of Statistics of China, the construction output value in the country grew from US$ 1.51 trillion in 2010 to US$ 4.18 trillion in 2020. Thus, the growing construction industry across the region is fueling the growth of the biocomposites market.

Many industries, including the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties due to COVID-19 safety protocols adversely affected the biocomposites market. The lockdown severely impacted the supply and production of biocomposites, restraining the market growth. However, vaccination drives have led to a rise in business activities across the world. The economies are reviving their operations. Thus, the demand for biocomposites is expected to rise globally in the coming years. Key manufacturers have resumed their operations, thereby restoring the production capacity of biocomposites.

TTS, Lingrove, Bcomp Ltd., UPM, Flexform Technologies, Tecnaro Gmbh, Green Bay Decking, Fiberon LLC, Arkema, and Procotex are among the leading players in the biocomposites market. These companies are adopting strategies, such as mergers and acquisitions and product launches, to expand their geographic presence and consumer bases.

The overall global biocomposites market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global biocomposites market.

Reason to buys

Highlights key business priorities to assist companies realign their business strategies.
Features key findings and crucial progressive industry trends in the global biocomposites market, thereby allowing players to develop effective long-term strategies.
Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
Scrutinizes in-depth market trends as well as key market drivers and restraints.
Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.