Tremendous Growth Potential Forecasted for Biocomposites Market Including Major Key Players: ALPAS, Green Bay Decking, LLC, Universal Forest Products, Inc., MCG Biocomposites, Trex Company, Fiberon Decking & Tecnaro GmbH

Biocomposites are being increasingly utilized in the automotive and construction industries because of their higher durability than conventional materials. In addition, biocomposites are biodegradable, thus helping reduce the negative impact on the environment. These two factors are driving the growth of the biocomposites market across the world.

With a revenue CAGR of 12.8% during the forecast period 2018–2023, the market is set to more than double in its 2017 size. Biocomposites are manufactured by combining reinforced natural fibers obtained from wood or plants with a resin.

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Structural and non-structural fibers are the two categories of the market when segmented by type. The former is primarily used for constructing houses and floors owing to their high load-bearing properties, whereas the latter is utilized more for windows, ceiling tiles, and automotive interiors that do not require load bearing. Structural fibers dominated the biocomposites market during 2013–2017 in terms of the total sales as well as revenue generated.

The forecast period is expected to display the same trend, wherein the sales of structural biocomposites will be higher than those of non-structural variants. This will be due to the rapid increase in construction activities in developing countries, where the governments are heavily investing in infrastructure.

Talking of the future scenario, the aerospace sector is set to provide the major biocomposites market players with lucrative opportunities. With the development of advanced biocomposite varieties, these are being increasingly utilized in the construction of aircraft.

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Driven by improvement in aviation technology and demand for advanced aircraft, an increasing amount of biocomposites will be required, as these will make fighters lightweight and more easily maneuverable. In the forecast period, the sale of biocomposites for the aerospace sector will be the highest in Asia-Pacific (APAC), while Europe will register the sharpest growth.

Thus, it becomes clear that the domain is predicted to grow in 2018–2023 due to the increasing demand for biocomposites, particularly in APAC.

GLOBAL BIOCOMPOSITES MARKET SEGMENTATION

By Type
• Structural
• Non-Structural
By Fiber Type
• Wood-Plastic Composites (WPC)
• Natural Fiber Composites (NFC)
By Application
• Construction
• Automotive
• Consumer Goods
• Aerospace
• Packaging
• Medical
• Others

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