Biocomposites Market to Hit US$ 46,851.39 million by 2028

The biocomposites market is expected to grow from US$ 19,268.62 million in 2022 to US$ 46,851.39 million by 2028; it is estimated to grow at a CAGR of 16% from 2022 to 2028.

Biocomposite is a material made from natural fibers or natural resins instead of synthesized fibers. They are composed of two or more distinct constituent materials, which are combined to yield a new material with improved performance over individual constituent materials.

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Adoption of biocomposites in the building and construction sector and supportive government measures are anticipated to increase biocomposites sales during the forecast period. Many organisations, including the European Union, are urging businesses to use recyclable and biodegradable composites in their products. Compared to glass and carbon fiber composites, biocomposites take much less energy to manufacture. However, the price of biocomposites is greater than that of glass fiber composites. There is a chance that prices will decrease because of economies of scale and growing demand. These biocomposites may be made inexpensively in developing nations like India and China using readily available raw materials, including flax, jute, kenaf, and hemp. This will assist in lowering the total cost of biocomposites made from natural fibers. Furthermore, as technology develops and production reaches economies of scale, it is anticipated that these biocomposites will become less expensive over time.

Some of the primary key players operating in the global bioplastics market include TTS, Lingrove, Bcomp Ltd., UPM, Flexform Technologies, Tecnaro GMBH, Green Bay Decking, Fiberon LLC, Arkema, and Procotex. The major players in the biocomposites market are focusing on strategies such as research and development and new product development to increase the global geographical presence and consumer base.

Impact of COVID-19 Pandemic on Biocomposites Market

In 2020, the COVID-19 pandemic adversely affected the biocomposites market due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain hampered the supply of biocomposites. However, businesses are growing as governments of various countries have eased imposed restrictions. Moreover, vaccination drives have led to a rise in business activities across the globe. The start of operations in the biocomposites manufacturing units is positively impacting the biocomposites market. Owing to the relaxation of lockdown restrictions, the manufacturing units restarted to operate with full capacity, which has increased automotive production across the world. Along with this, the resumption of the building and construction projects, which were on hold during the initial period of the COVID-19 pandemic, is also driving the biocomposites market growth.

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