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, encourages the recyclability of vehicle components, and holds
automakers accountable for disposal at the end of the vehicle’s service life.
These laws are likely to boost demand for biocomposites in
various end-use industries, including transportation, construction, and
electrical and electronics.
To Know more @
https://www.futuremarketinsights.com/reports/biocomposites-market
The power necessary to make biocomposites is far lower than
that critical to making glass fiber composites or carbon fiber composites. On
the other hand, Biocomposites are more expensive than glass fiber composites.
However, price reductions are prospects due to economies of scale and
common biocomposites applications.
COVID-19 has had a detrimental impact on sales of
biocomposites due to a drop in demand from numerous end-use sectors.
Being one of the largest users of biocomposites, building and construction have
seen the worst and most immediate effects of the epidemic. The building
industry has been hit the worst. This has had a negative biocomposites
market outlook.
Advancing at a CAGR of 16%, the biocomposites market
size is expected to reach US$ 51 Bn by 2026.
Key Takeaways
- The
hybrid composites product section captured the largest market size in the
global biocomposites market, owing to increased biocomposites
applications around the world. Its substantial market share is
credited with the optimum fiber adhesion that leads to decreased moisture
content, high strength, and structural capacity.
- As per
the biocomposites adoption trends, they are predicted to be
the dominant market in the Asia Pacific. Over the projected period, it is
also anticipated to be the fastest regional market.
- The
requirement for synthetic polymer biocomposites had decreased in 2020
because of the COVID-19 pandemic. As global end-use industries found a
stable footing by the fourth quarter of 2020, demand for
biocomposites also showed signs of recovery.
- The
market for biocomposites is dominated by the building and construction
industry.
- Wood
fiber composites have the biggest market share in volume in the global
biocomposites industry.
“The need for biocomposites is increasing in the
building and construction, transportation, consumer goods, and other end-use
industries. However, as a result of COVID-19, sales in various industries have
decreased, reducing demand for biocomposites.”—opines an FMI analyst.
Competitive Landscape
To gain a foothold in the biocomposites market
opportunities, the key companies in the industry are pursuing a variety of
inorganic and organic techniques.
Biocomposites, an international medical device company that
produces and manufactures leading products for bone and soft tissue infection
management, announced today that its STMULAN products are, vancomycin,
gentamycin, and tobramycin, have received new Canadian approval for the mixing
of antibiotics with them.
Key Segments
By Fiber Type:
- Wood
Fiber Composites.
- Non-wood
Fiber Composites
By Polymer Type:
- Natural
Polymer Composites
- Synthetic
Polymer Composites
By Product:
- Hybrid
Biocomposites
- Green
Biocomposites
By End-use Industry:
- Building
& Construction
- Transportation
- Consumer
Goods
- Others
By Region:
- North
America
- Latin
America
- Europe
- Asia
Pacific
- Middle
East and Africa (MEA)
These biocomposites may be made inexpensively in developing
countries like India and China using abundant raw materials, including flax,
jute, Kenaf, and hemp. Therefore, the overall cost of natural fiber-based
biocomposites will be reduced. In addition, the biocomposites market
future trends indicate that as the technology matures and production
reaches economies of scale, these biocomposites are likely to become less
expensive in the long run.
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