Home Industries Services Case Studies Blogs Custom Research Syndicate Services About Us Contact us
Home Industries Services Case Studies Blogs Custom Research Syndicate Services About Us Contact us

Biocomposites Market Size by Fiber Type (Wood Fiber Composites and Non-wood Fiber Composites), Polymer Type (Natural Polymer Composites and Synthetic Polymer Composites), Product (Hybrid Biocomposites and Green Biocomposites), End-use Industries (Building & Construction, Transportation, Consumer Goods, and Others) and Regions, Segmentation, and Projection till 2029

CAGR: 16.8% Current Market Size: USD 23.90 Billion Fastest Growing Region: Europe

Largest Market: APACProjection Time: 2022-2029Base Year: 2021

Global Biocomposites- Market Overview

The global Biocomposites market is expected to grow from USD 23.90 billion in 2021 to USD 80.55 Billion by 2029, at a CAGR of 16.8% during the Projection period 2022-2029. The rise in demand for biocomposites across the building & construction, consumer goods, and transportation has primarily driven the market's growth.

Biocomposites are biodegradable, natural, and renewable composites with the least environmental impact and considerably lower carbon emissions. They are formed by a matrix and a reinforcement of natural fibers. Such materials have attained huge traction across different end-use industries due to their attractive features such as biodegradable nature, lightweight, low cost, and better thermal stability. Its production is mainly based on the production processes of composites or plastics, for example, compression molding, filament winding, extrusion, hand layup, sheet molding, injection molding, and resin transfer molding.

Biocomposites are seeing a wide range of applications in biomedical, packaging, agriculture, and other related engineering fields such as building materials, circuit boards, the aerospace industry, and the automotive sector.

Global Biocomposites market- By CAGR

Request Sample: - Global Biocomposites Market

Market Dynamics:

Drivers:

  • Demand for lightweight materials

Continuous demand for lightweight materials in an extensive range of applications across the industries such as construction, aerospace, and automotive has led to the development of biocomposites. Different industry players have constantly innovated bio-based composites to meet lightweight materials' requirements. For instance, in July 2019, Porsche, the automaker, leveraged the benefits of organic materials in automotive manufacturing applications. The company has introduced a new 718 Cayman GT4 Clubsport that features body parts made of natural-Fiber composite materials to reduce the vehicle's weight.

  • Government regulations pertaining to the use of environment-friendly products

Governments across the globe have been emphasizing the usage of biocomposites as raw materials and encouraging its adoption across various industries. For instance, SSUCHY is a European Union (EU)-a funded project aimed at developing bio-based composites with improved functionalities for the automotive, aeronautics, and electronics sectors. This Consortium counts 17 partners from 7 European Countries. Such government initiatives have driven the growth of the global biocomposites market.

Restraints:

  • High costs associated with biocomposites

There is a need for a high initial investment for setting up a biocomposites manufacturing facility. In addition, the raw material needed for biocomposites is significantly expensive. These raw materials are made from natural fibers such as flax, wool, and cotton, which are more expensive than plastics. Moreover, skilled labor is required as these biocomposites are fairly new to the market. All of the abovementioned factors are projected to hamper the market's growth to some extent.  

Opportunities:

  • Emerging usage of biocomposites in the packaging industry

Significant innovation has led to the advancement in the packaging industry to identify emerging fruitful results for making the food packaging systems more efficient, sustainable, and resilient. The materials used in food packaging may harm the environment. For instance, synthetic polymers, such as plastics, and their usage in the food packaging industry have caused a burden on annual solid waste generation. The factors mentioned above have fueled demand for biocomposites in the packaging industry that are environmentally friendly and easy to recycle, creating lucrative growth opportunities for the market.

Challenges

  • COVID-19 impact on the demand

The biocomposites industry has seen low-capacity utilization, lower demand, and a liquidity crunch due to the COVID-19 pandemic. For instance, automobile manufacturers around the globe faced the severe impact of the pandemic. Hence, supply chain disruption caused by the COVID-19 pandemic has posed significant challenges to the biocomposites market growth.

Segmentation Analysis:

The global biocomposites market has been segmented based on fiber type, polymer type, product, end-use industries, and regions.

By Fiber Type

The fiber type offering segment includes wood fiber composites and non-wood fiber composites. The wood fiber composites segment led the biocomposites market with a market share of around 61.08% in 2021. Wood fiber composites are mainly produced in different forms such as decking, balusters, railings, fences, and others. These composites are less expensive than non-wood fiber composites and are seeing increasing applications in residential, pool-side areas, commercial establishments, observatory decks, and jetties.

Global Biocomposites Market By Fiber Type

By Polymer Type

The polymer type segment includes Natural Polymer Composites and Synthetic Polymer Composites. The synthetic polymer biocomposites segment led the Biocomposites market with a market share of around 56.10% in 2021. The use of polymers, such as PE, PP, epoxy, ABS, PET, and PC, in the production of biocomposites has primarily driven the growth of the synthetic polymer biocomposites segment. Although demand for artificial and synthetic materials is being replaced by organic and natural alternatives, the segment is anticipated to continue being popular among end-users.

By Product

The product segment includes hybrid biocomposites and green biocomposites. The hybrid segment led the Biocomposites market with a market share of around 52.07% in 2021. Such biocomposites are not 100% biodegradable as they are made of synthetic resins. The growth of this segment is driven by huge demand for hybrid biocomposites in engineering applications due to their versatile properties such as lightweight, low cost, strength-to-weight ratio, high strength, and ease of structure development.    

By End-use Industries

The end-use Industries segment includes building & construction, transportation, consumer goods, and others. The building & construction segment led the biocomposites market with a market share of around 47.9% in 2021. Growing applications of biocomposites within building construction, including framing, walls and wallboard, doors, flooring, window frames, decorative paneling, ceiling panels, and cubicle walls, are fueling the growth of this segment. In construction, biocomposites are replacing the synthetic fiber-reinforced composites.

By Regional Analysis:

The regions analyzed for the Biocomposites market include North America, Europe, South America, Asia Pacific, and the Middle East, and Africa. The Asia-Pacific region dominated the Biocomposites market and held a 39.03% share of the market revenue in 2021.

  • The Asia-Pacific region witnessed a major share. Rising disposable income and increased population in Asia-Pacific have driven demand for automotive and affordable houses, fueling the growth of the biocomposites market. In addition, the availability of low-cost labor and raw materials has boosted the growth of the Asia-Pacific biocomposites market. Moreover, an upsurge in foreign direct investment in transportation and infrastructure sectors across India and China is expected to fuel demand for biocomposites.
  • Europe is expected to witness a considerable growth rate during the Projection period. The increased adoption of biocomposites in the building and construction industry, along with favorable government initiatives in the region, has driven the growth of the biocomposites market. For instance, Bio build Project is an initiative funded by the European Commission to promote the use of biocomposites.

Global Biocomposites Market- Country Analysis:

  • Germany

Germany's Biocomposites market size was valued at USD 2.63 billion in 2021 and is expected to reach USD 8.65 billion by 2029, at a CAGR of 16.4% from 2022 to 2029.

Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. The market growth in this country is mainly driven by increasing environmental awareness coupled with European Union initiatives that support the usage of biocomposites.  In addition, the flourishing automotive sector in this country has driven the demand for biocomposites.

  • China

China's Biocomposites market size was valued at USD 4.30 billion in 2021 and is expected to reach USD 13.95 billion by 2029, at a CAGR of 16.2% from 2022 to 2029. China is the largest consuming as well as an exporting country. In addition, the rapid expansion of global composites industry players in the country has created lucrative growth opportunities for the market. For instance, in February 2022, Teijin Automotive Technologies and the core company of Teijin Group’s automotive composites business, began commercial operation of a new 39,000-square-meter composites manufacturing facility in the Wujin National Hi-Tech Industrial Zone, China.               

  • India

India Biocomposites market size was valued at USD 1.91 billion in 2021 and is expected to reach USD 6.54 billion by 2029, at a CAGR of 17.0% from 2022 to 2029. India is one of the strongest growing economies in Asia. Significant demand for biocomposites from mass transportation, electrical & electronics, building and construction, and the renewable sector has primarily driven the market growth in this country.

Further, MIDHANI, a metals and metal alloys manufacturing company in India, signed a Memorandum of Understanding (MoU) with Hindustan Aeronautics Ltd. to develop and produce composite raw materials. Such developments in India are opportunistic for the growth of the Indian biocomposites market.                        

Key Industry Players Analysis:

To increase their market position in the global Biocomposites business, top companies are focusing on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.

  • UPM
  • Trex Company
  • Fiberon LLC
  • FlexForm Technologies
  • Universal Forest Products, Inc.
  • Nanjing Jufeng Advanced Materials Co., Ltd.
  • Meshlin Composites ZRT
  • Tecnaro GmbH
  • SAPPI
  • GREEN BAY DECKING LLC

Latest Development:

  • In October 2021, Trex Company announced to develop a new multi-faceted production site in Little Rock, Ark. This expansion is expected to provide customers significantly better access to Trex Residential products when needed and generate new revenue streams for the company.
  • In November 2020, Fiberon, one of the leaders in capped composite and PVC decking, railing, and cladding, expanded its partnership with Wolf Home Products. The partnership is aimed at meeting the consumer requirement for building products that are high performance with low maintenance.

Report Metrics

Report Attribute  

Details

Study Period

2021-2029

Base year considered

2021  

CAGR (%)

16.8%

Market Size

23.90 billion in 2021

Forecast period

2021-2029

Forecast unit

Value (USD)

Segments covered

Fiber Type,  Polymer Type, Product, End-use Industries, and Regions

Report Scope

Revenue forecast, competitive landscape, company ranking, growth factors, and trends

Companies covered

UPM, Trex Company, Fiberon LLC, FlexForm Technologies, Universal Forest Products, Inc., Nanjing Jufeng Advanced Materials Co., Ltd., Meshlin Composites ZRT, Tecnaro GmbH, SAPPI, and GREEN BAY DECKING LLC among others

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 Industries

                      

  • Building & Construction
  • Transportation
  • Consumer Goods
  • Others

Regional scope

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East and Africa

Scope of the Report

Global Biocomposites Market by Fiber Type:

  • Wood Fiber Composites
  • Non-wood Fiber Composites

Global Biocomposites Market by Polymer Type:

  • Natural Polymer Composites
  • Synthetic Polymer Composites

Global Biocomposites Market by Product:

  • Hybrid Biocomposites
  • Green Biocomposites

Global Biocomposites Market by End-use Industries:

  • Building & Construction
  • Transportation
  • Consumer Goods
  • Others

Global Biocomposites Market by Region:

  • North America
    • USA
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Russia
  • Asia-Pacific
    • Japan
    • China
    • India
    • Korea
    • Southeast Asia
  • South America
    • Brazil
    • Peru
  • Middle East and Africa
    • UAE
    • South Africa
    • Saudi Arabia

Frequently Asked Questions

What Was Market Size of Global Composite in 2021?

Global Biocomposites market Was USD 23.90 billion in 2021 and it will grow to USD 80.55 Billion by 2029, at a CAGR of 16.8% during the Projection period 2022-2029

How Many Type of Fiber in Composites?

Fiber type offering segment includes wood fiber composites and non-wood fiber composites

Who are the End User of Biocomposites?

End-use Industries segment includes building & construction, transportation, consumer goods, and others

What are the Polymer Type in Biocomposites?

Polymer type segment includes Natural Polymer Composites and Synthetic Polymer Composites

Which Region Dominate the Global Biocomposites Market?

Asia-Pacific region dominated the Biocomposites market and held a 39.03% share of the market revenue in 2021

How Biocomposites Helps For The Betterment of Environment?

Significant innovation has led to the advancement in the packaging industry to identify emerging fruitful results for making the food packaging systems more efficient, sustainable, and resilient. The materials used in food packaging may harm the environment. For instance, synthetic polymers, such as plastics, and their usage in the food packaging industry have caused a burden on annual solid waste generation. The factors mentioned above have fueled demand for biocomposites in the packaging industry that are environmentally friendly and easy to recycle, creating lucrative growth opportunities for the market.