Global Biocomposites Market Is Expected To Increase At A Robust CAGR Of 16% During 2022-2032
Over the forecast period, the global biocomposites market is predicted to increase at an exponential rate of 16%. Valued at US$ 25 Bn in 2021, the biocomposites market is anticipated to reach US$ 128 Bn by 2032. The increased research and development efforts for composite materials and biocomposite uses and benefits such as recyclability, lightweight, and cost-effectiveness are driving this trend. In addition, due to the harmful nature of synthetic materials, recycling challenges, and toxic residues, the biocomposites market size will continue to expand throughout the predicted timetable. As per the biocomposites market report , Germany, the United States, and Japan are among the developed countries working on boosting the usage of ecologically friendly items rather than petroleum-based products. The European Union (EU) has favored such items over the United States and Japanese governments. It requires the use of bio-based materials, enc...