Biocomposites Market to Cross $141.95 billion Revenue by 2030

Biocomposites Market Overview

“The Biocomposites Market Predictable at $25.15 billion in 2022, is estimated to increase at a CAGR of 18.72% from $40.09 billion in 2023 to $141.95 billion by 2030.”

Biocomposites are biodegradable, renewable, non-abrasive, and non-toxic composite materials, similar to synthetic fiber composites. They are used in various sectors and applications, including films, membranes, moldings, coatings, particles, fibers, and foams. Biocomposites are composed of organic and inorganic components like polymers, sugars, polysaccharides, proteins, metals, ceramics, and nanocarbon.

Biocomposites, made from natural fibers and polymer resins, are increasingly used in various industries due to their environmentally friendly properties. They can be non-biodegradable, biodegradable, or synthetic matrix materials. Biocomposite fibers are created by combining agricultural products with polymer-based matrices. Natural fibers are abundant and inexpensive to harvest, but concerns about synthetic fiber risks, recycling challenges, and hazardous byproducts drive biocomposite research and development.

Scientists are focusing on creating eco-friendly and biodegradable materials to reduce global warming and pollution. Biocomposites, which are environmentally friendly and biodegradable, are gaining popularity for their ability to reduce vehicle weight and improve fuel efficiency. These materials are used in various parts of vehicles, such as armrests, door panels, seat backs, and trays, due to their resistance to breaking and higher sound absorption.

The biocomposites market is gaining momentum due to growing environmental consciousness and global waste issues. Biocomposites are eco-friendly composite materials made from reinforced natural fibers and a biopolymer matrix, offering a sustainable alternative to nonrenewable materials. The industry seeks environmentally benign materials.

Bio-based materials, such as biocomposites, are lightweight, cushioning, and absorbent, providing health benefits. These materials, often made from plants and cellulose, are increasingly being researched and developed due to their lower environmental impact compared to fiberglass. The global market for biocomposites is expanding.

Biocomposites have gained popularity in aerospace, construction materials, printed circuit boards, and automotive applications over the past five years. However, performance limitations compared to traditional composites are hindering market expansion. Surface modification approaches are used to enhance fiber-matrix adhesion and mechanical properties of biocomposites.

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Key Takeaways

In 2022, the transportation category had a revenue share of roughly 27.65% by end use.

In 2022, the green biocomposites segment had the biggest revenue share of 58%.

In terms of polymer type, the natural polymer segment has a 54% revenue share in 2022.

In 2022, the wood fiber composites segment had the highest revenue share by fiber type.

Market Dynamics

Growth Factors

• The market for biocomposites is predicted to increase in the coming years due to qualities such as high tensile strength and low weight when compared to other materials.
• The biodegradable nature of biocomposites is one of the primary driving aspects that would aid in market growth.
• Lightweight, robust materials are in high demand in the defense and aerospace industries.
• Because the raw ingredients used in the production of bio composites are readily available, the market is likely to increase rapidly.
• The increased use of biocomposites in various sectors would give chances for market growth.
• Demand for sustainable materials in the building industry has increased in recent years, which will aid in market growth.

Growth Drivers

Governments in Japan, Germany, and the US are implementing regulations to promote the use of environmentally friendly products in various industries, including the building sector. The demand for biobased materials and recyclable materials has also increased. Additionally, the demand for sustainable materials in automobile manufacturing has also increased, prompting manufacturers to seek eco-friendly alternatives.

Biocomposites, due to their environmental benefits, are increasingly popular in various end-user applications, replacing plastic composites and glass fiber due to their significant drawbacks.

The widespread availability of globally available raw materials for biocomposites manufacturing allows for large-scale production, thereby facilitating market expansion in the future.

Challenges 

Less tensile strength –

Biocomposites' lack of tensile strength compared to carbon or glass fibers is a significant obstacle to market growth in the coming years.

Thermal unstability-

Thermal instability in natural fibers, which degrades at 392° F, makes them unsuitable for certain manufacturing processes, posing a challenge to market growth and affecting their preference.

Opportunities

The high energy required to manufacture carbon or glass fibers is significantly higher than biocomposites, which are more expensive on the market. This could lead to a decrease in biocomposites prices in the coming years due to economies of scale and their increasing use in common applications.

Competitive Landscape of the Biocomposites Market

• Universal Forest Products, Inc. US),
• Fiberon LLC US)
• FlexForm Technologies US)
• UPM Finland)
• Trex Company US)

Recent Developments in Biocomposites Market

Advanced Environmental Recycling Technologies had focused on investing more into research and development activities which will help them in maintaining their market position and to enter other untapped markets.

In the year 2021, Retrac Group Its plans to offer wide range of biocomposites of the natural type. This new strange of products exhibit the qualities of carbon fiber and natural fiber which can be used in the making of lightweight structures

In July 2021, Biocomposites, an international medical device company producing and manufacturing leading products worldwide for use in bone and soft tissue infection management, today announced a new Canadian approval for the mixing of antibiotics with its STMULAN products, vancomycin, gentamycin and tobramycin.

In March 2021, Fiberon LLC launched Wildwood composite cladding with excellent properties such as high durability, low maintenance, and efficient performance.

Regional Insights

What is the outlook for soft magnetic composites in the United States?

“Booming Construction and Building Industry Aiding the Growth of the Biocomposites Market in the United States”

The US biocomposites market is predicted to be highly profitable due to the growth of the automotive and construction industries, increasing eco-consciousness, and the presence of prominent manufacturers.

Economic expansion and urbanization have boosted end-use industries like automotive, building, and construction, creating sales opportunities for biocomposites. The US Census Bureau predicts building spending in April 2022 to be $1,744.8 billion.

The biocomposites market in the United States is expected to be driven by the increasing demand for lightweight materials in the automotive industry and advancements in plastic composites.

Why is China becoming a profitable market for biocomposites?

“Rising Automotive Industry Demand for Lightweight and Ecofriendly Materials Drives Biocomposites Sales in China”

China dominates the Asia Pacific biocomposites market, expected to grow rapidly between 2022 and 2032 due to the rapid expansion of end-use industries, environmental concerns, government support, and the availability of low-cost raw materials.

China's growing automobile industry is boosting biocomposites demand, with domestic car production expected to surpass 35 million vehicles by 2025, according to the International Trade Administration.

Chinese car manufacturers are incorporating biocomposites into their vehicles to enhance efficiency and environmental friendliness by reducing overall weight.

The Chinese biocomposites market is expected to grow further due to government regulations promoting the use of eco-friendly materials like natural polymer composites.

Segments Covered in the Biocomposites Market

Biocomposites Market By Fiber Type

• Wood Fiber Composites
• Non-Wood Fiber Composites

Biocomposites Market By Polymer Type

• Synthetic Polymers
• Natural Polymers

Biocomposites Market By Product

• Hybrid
• Green

Biocomposites Market By Process Type

• Compression Molding
• Injection Molding
• Resin Transfer Molding
• Extrusion molding process
• Others

Biocomposites Market By End User

• Transportation
• Consumer Goods
• Construction and Building
• Electrical and Electronics
• Others

Biocomposites Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa MEA)

Frequently Asked Questions:

What is the current size of biocomposites market?

The Biocomposites Market Predictable at $25.15 billion in 2022, is estimated to increase at a CAGR of 18.72% from $40.09 billion in 2023 to $141.95 billion by 2030.

What will be the CAGR of global biocomposites market?

The global biocomposites market is poised to grow at a CAGR of 18.72% from 2023 to 2030.

Who are the prominent players operating in the biocomposites market?

The major players operating in the biocomposites market are UPM Finland), Trex Company US), Universal Forest Products, Inc. US), Fiberon LLC US), FlexForm Technologies US)

Which are the driving factors of the biocomposites market?

As there has been an increased use of the bio composites in the transportation sector, construction and building sector, consumer goods and many other types of end user industries the market for biocomposites is expected to grow well during the forecast period.

Segments Covered in the Biocomposites Market

Biocomposites Market By Fiber Type

• Wood Fiber Composites
• Non-Wood Fiber Composites

Biocomposites Market By Polymer Type

• Synthetic Polymers
• Natural Polymers

Biocomposites Market By Product

• Hybrid
• Green

Biocomposites Market By Process Type

• Compression Molding
• Injection Molding
• Resin Transfer Molding
• Extrusion molding process
• Others

Biocomposites Market By End User

• Transportation
• Consumer Goods
• Construction and Building
• Electrical and Electronics
• Others

Biocomposites Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa MEA)

Research Methodology