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Biocomposites Market to get significant proceeds by 2025
Biocomposites Marke
On the other hand, wood fiber composites have more than 60% of its mass as wood elements, and are moisture and mildew resistant. This enhances its shelf life and facilitates its application in the building & construction sector.
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Global Biocomposites Market size is mainly driven by increasing demand from automotive industry, where the product is employed to reduce the weight of vehicles without compromising on performance, quality and safety. Biocomposites can also be used in combination with standard materials, such as carbon and glass fibers, which results in a higher tensile strength and stiffness.
This improves the product performance and minimizes the environmental impacts. In addition, rising awareness among consumers regarding eco-friendly materials and government resolutions to substitute plastics with environmentally favorable materials are major trends responsible for biocomposites market growth.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o FlexForm Technologies
o Fiberon, Tecnaro
o UPM
o Meshlin Composites
o Trex Company
o Universal Forest Products
o MCG BioComposites
o Jelu-Werk J. Ehrler GmbH
o Alpas SRL
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The end-use areas of biocomposites include transportation, building & construction, consumer goods, electrical and electronics, and other sectors such as aerospace, marine etc. Biocomposite products are employed in automobiles for fabricating nonstructural components such as interior panels. Biocomposites also have extended applicability in outdoor constructions such as decking and railings which will boost the product demand in near future.
North America region will witness significant growth rate owing to growing demand for technologically advanced consumer electronics and automobile production in the U.S. The regional government have undertaken several initiatives related to infrastructural projects across residential, non-residential and commercial sectors, which is expected to propel the demand for biocomposites in near future. Europe is another substantial market in the global biocomposite market. The European Union's ban on non-recyclable plastics is expected to drive the market in the region, whereas technological advancements and availability of raw material in the region is projected to benefit this market.
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Global biocomposite market is moderately competitive owing to the presence of various industry players at global as well as local levels. There is a high initial fixed cost to setup manufacturing facility, and companies are vying to achieve economy of scale. Several key players in this industry are FlexForm Technologies, Fiberon, Tecnaro, UPM, Meshlin Composites, Trex Company, Universal Forest Products, MCG BioComposites, Jelu-Werk J. Ehrler GmbH, Alpas SRL etc.
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