Increasing Product Demand from Construction Industry Driving Biocomposites Market

In 2017, the global biocomposites market reached a value of $4,167.2 million and is expected to generate $8,473.4 million in 2023, registering a 12.8% CAGR during the forecast period (2018-2023). The market is witnessing growth because of the rising demand for green composites from the automotive industry, lower negative impacts of natural composites on the environment, and increasing demand for biocomposites from furniture and construction industries. Structural materials which are made from renewable resources and can be disposed of without harming the environment are called biocomposites.

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When type is taken into consideration, the biocomposites market is divided into non-structural and structural. Among these, the market was dominated by the structural division during the historical period (2013-2017), holding a volume share of over 55.0% in 2017. This was attributed to the superior load bearing property of this type as compared to the other type, due to which these biocomposites find applications in construction of subflooring, framing components, roof systems, stairs, and furniture. The division is further going to account for the larger share of the market during the forecast period.

On the basis of fiber type, the biocomposites market is bifurcated into natural fiber composites (NFC) and wood-plastic composites (WPC). The NFC category is predicted to grow at a faster CAGR of 12.9% during the forecast period, in terms of value. This is ascribed to the fact that these fibers are better, in terms of cost, tensile strength, biodegradability, density, toughness, and recyclability, than other reinforcing fibers which are used commonly, such as glass fibers. The WCP category is projected to account for the major share of the market during the forecast period.

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One of the major driving factors of the biocomposites market is the rising requirement for biocomposites from the construction industry. In the construction industry, biocomposites are utilized in flooring, decorative paneling, doors, framing of wallboard and walls, building, decks, roofing, and windows. Moreover, the construction activities in developing countries are increasing rapidly, which is further expected to drive the demand for biocomposites, as they have various properties, including high strength and durability and lightweight product properties, which make them suitable for usage in the construction industry.

Another factor contributing to the growth of the biocomposites market is the surging demand for green composites from the automotive industry. The automotive sector is registering a surging requirement for light weight materials in order to develop fuel-efficient vehicles which comply with government standards. Apart form being light in weight, biocomposites also reduce dependence on non-renewable resources. Due to these advantages, NFCs are utilized for the production of interior parts of automobiles and WPCs are used for parts such as trims for trunks and spare wheels, headliners, seat bases, and rear shelves.
A key trend in the biocomposites market is the changing consumer preference from plastic composites to eco-friendly biocomposites. While conventionally, plastic composites were extensively utilized in several end-use industries, now the preference has shifted to composites and biocomposites derived from natural sources. This is because of the negative impacts of plastic composites on the environment, such as air pollution, greenhouse gas emissions, and landfill issues. Biocomposites offer various advantages over synthetic composites including ease of disposability, lower cost, and higher fiber content which results in reduced pollution.
Hence, the market is growing due to the increasing requirement for biocomposites from the construction and automotive industry.

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This release was published on openPR.