Biocomposites Market To Hit USD 68.07 Billion By The Year 2028 Says Introspective Market Research

Market Overview:

The Global Biocomposites Market was valued at USD 27.54 Billion in 2021 and is expected to reach USD 68.07 Billion by the year 2028, at a CAGR of 13.8%.

Biocomposites is the material composed of matrices and a reinforcement of natural fibers. The properties of the biocomposites contain high tensile strength, less weight as compared to other materials, and are biodegradable in nature. Biocomposites have several applications in the biomedical, agriculture, packaging, and engineering field. These are eco-friendly and cheaper to manufacture than other synthetic composites. Due to the environmental crisis and sustainability issue, there has been a significant increase in interest in utilizing natural fibers as reinforcing materials. It is rapidly degraded by the living organism in the environment. Due to its wide range of benefits, their demand is increased by various industries which boosts the market of biocomposites.

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Market Dynamics:

Driver:
In recent years the demand for durable and eco-friendly materials from the manufacturing industries is increased. Glass fiber has many health-related issues, thus instead of glass fiber most companies prefer biocomposites. Owing to its less weight it growing demand in the defense and aerospace industries. It is also highly demanded in the construction and automotive industry. Growing awareness about the ill effects of plastic polymers, biocomposites are widely used in the food industries for packaging purposes. Thus, the growing use in several industries which propels the growth of the biocomposites market.

Opportunities:
The lightweight and cost-effective nature of the biocomposites is provide a lucrative opportunity for the biocomposites market. This material offers the high-performance with cost-effectiveness. Owing to their growing demand in multiple industries, the rising funding from private organizations as well as the public organization and increasing acquisition or collaboration with research institutes to development of biocomposites. Also, the government has strict regulations for the use of plastic. These all factors offer a huge opportunity for the biocomposites market during the forecast period.

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Segmentation Analysis of Biocomposites Market:

Depending on Fiber Type:
The non-wood segment is projected to have the maximum share of the biocomposites market over the projected period. Non-wood materials are derived from grass or other plants that can grow rapidly and can be utilized as an alternative for wood materials.

Depending on the Process Type:
The injection molding segment is set to dominate the biocomposites market over the projected period. Injection molding has several benefits over its counterparts such as high efficiency which results in faster production of molds and short-period cycles increase revenue and profit margins.

Depending on the Polymer:
The natural polymer segment is anticipated to have the largest share of the biocomposites market in the analyzed period. Natural polymers are non-toxic and safe for human usage and they don't harm the environment while synthetic polymers are pure chemicals, and are not as safe as natural polymers.

Depending on end-users:
The automotive segment is expected to register the highest share of the biocomposites market. In the automotive industry, biocomposites are deployed to manufacture lightweight vehicles which increases the efficiency of the engine and reduced fuel consumption.

By Type:
• Wood Fiber
• Non-Wood Fiber

By Process Type:
• Compression Molding
• Injection Molding
• Resin Transfer Molding
• Others

By Polymer:
• Synthetic Polymer
• Natural Polymer

By End Use:
• Construction
• Automotive
• Consumer Goods
• Others

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Regional Analysis of Biocomposites Market:
The North American region is anticipated to lead the biocomposites market during the projected period. The presence of prominent companies and the access to state-of-the-art technologies to manufacture advanced biocomposites are the essential factors stimulating the expansion of the market in this region.

By Region:
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of SA)

Top Key Players Covered in Biocomposites Market are:
• A B Composites Pvt. Ltd. (India)
• Advanced Environmental Recycling Technologies Inc. (the US)
• Alpas Srl (Italy)
• Alstone (India)
• Solar Impulse Foundation (Switzerland)
• Anhui Huiyun Wood Plastic Composite Co. Ltd. (China)
• Bcomp Ltd. (Switzerland)
• Fiberon (US)
• FlexForm Technologies (US)
• Green Bay Decking LLC (US)
• Huangshan Huasu New Material Science & Technology Co.Ltd. (China)
• Jelu-Werk Josef Ehrler GmbH & Co. KG (Germany)
• Lingrove LLC. (US)
• MCG BioComposites LLC. (US)
• Meshlin Composites Zrt (Hungary)
• Nanjing Jufeng Advanced Materials Co.Ltd. (China)
• Nanjing Xuhua Sundi New Building Materials Co.Ltd (China)
• NewTechWood America Inc. (the US)
• Polyvlies- Franz Beyer - GmbH (Germany)
• Saige Longlife Decking Ltd. (UK)
• Trifilon AB (Sweden) and others major players.

Key Industry Developments In Biocomposites Market:
• In January 2021, CAKE, a Swedish company launched the newest version of their award-winning bike- the Kalk AP. This new bike is solar-powered and is designed for wildlife activists in Southern Africa to prevent poaching in this region. Kalk AP is a lightweight vehicle that has been manufactured by utilizing biocomposites parts provided by Trifilon AB.
• In October 2021, Lanxess, a German company, has introduced a new entirely biocomposites material in its Tepex line of continuous fiber-reinforced thermoplastic composites, to reduce its dependency on fossil fuels in its manufacturing processes. The material constitutes natural flax fibers and bio-based polylactic acid, which works as a matrix and can be mass-produced.

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The Analysis Objectives of the report:
• To identify the main subsegments of the Biocomposites market to comprehend its structure.
• Identifies describes, and analyses the sales volume, value, market share, competitive market landscape, opportunities and threats, and strategic initiatives for the main worldwide Biocomposites manufacturers for the next few years.
• To examine the Biocomposites in terms of specific expected growth, career outlook, and market share contribution.
• Analyze commercial developments in the market, such as market expansions, partnerships, new product development, and mergers.
• To develop a strategic analysis of the main players and a thorough analysis of their strategic planning.

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