Biocomposites Market worth US$ 46,851.39 million by 2028 at a CAGR of 16% - Exclusive Report by The Insight Partners

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 formed by a matrix and a reinforcement of natural fibers, including wood, hemp, flax, jute, and sisal. The matrix material present in biocomposites can be biodegradable, nonbiodegradable, or synthetic. Synthetic matrix materials, along with natural fibers, are used to form hybrid biocomposites.

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Companies Profiled in this report includes:

TTS
Lingrove
Bcomp Ltd.
UPM
Flexform Technologies
Tecnaro Gmbh
Green Bay Decking
Fiberon LLC
Arkema
Procotex

Biocomposites have better acoustic and thermal properties than the composites of nonrenewable origin, making them an ideal material to be used for manufacturing interior parts of a vehicle. Various properties of biocomposites make them suitable for the manufacture of nonstructural interior components, including seat fillers, seat backs, headliners, interior panels, and dashboards.

In recent years, there has been a growing demand for lightweight materials from the automotive industry to meet the required performance standards for fuel economy. Biocomposites are increasingly used in the industry as it reduces vehicle weight, which helps in improving vehicle performance and lowering CO2 emissions. According to the European Union (EU) Commission, on a yearly basis, the European automotive industry consumes 80,000 metric ton of plant and wood fibers to reinforce composite products instead of other synthetic fibers. The European Union (EU) has also emphasized using recyclable and biodegradable parts for automotive interior components.

Impact of COVID-19 Pandemic on Biocomposites Market

The COVID-19 pandemic adversely affected the chemicals & materials industry owing to the shutdown of manufacturing facilities, difficulty in procuring raw materials and components, and restrictions on logistic operations. The disruptions in the supply of raw materials to manufacturers hampered biocomposites production. The outbreak distorted operational efficiency and hindered the value chains due to the sudden shutdown of national and international boundaries, creating revenue loss and damage. Various biocomposites manufacturers had to temporarily close their operations or limit their production capacities, which negatively impacted the biocomposites market.

The "Global Biocomposites Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global biocomposites market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The biocomposites market is segmented on the basis of fiber, product, end-use industry, and geography. Based on fiber, the market is bifurcated into wood fiber composites and non-wood fiber composites. In terms of product, the market is segmented into hybrid biocomposites and green biocomposites. Based on the end-use industry, the biocomposites market is segmented into building & construction, automotive, consumer goods, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America.

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