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Biocomposites Market Report 2024-2033 | Size, Trends, Share And Insights
Biocomposites Market
The biocomposites market size is expected to see rapid growth in the next few years. It will grow to $64.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to sustainable supply chains, government incentives, eco-friendly packaging, emerging market applications, biodegradable biocomposites. Major trends in the forecast period include technological advancements, sustainable raw materials, advanced manufacturing techniques, high-performance biocomposites, green building materials.
Market Overview -
A biocomposite refers to a reinforced compound made from mixing a natural resin and a reinforcing compound. They are environmentally friendly and can be recycled easily. Biocomposites are used as an alternative to non-biodegradable polymers in various industries such as automotive, packaging, food and beverages.
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Rising Environmental Consciousness Driving Biocomposites Market
Growing environmental concerns are expected to propel the growth of the biocomposites market going forward. Environmental concerns refer to environmental issues that affect human activity in the biophysical environment, which causes harmful environmental degradation. Biocomposites have fewer environmental footprints, and they are safer for humans and other living habitats. Also, most biocomposites are recyclable and reusable. For instance, according to Mastercard, a US-based financial services company, in 2021, a survey was conducted in 24 countries with a sample size of 25,519 adults to know the consumer's passion for the environment. In this survey, 83% of adults stated that they are taking personal action on environmental and sustainability issues. Also, in generation Z, 36% are two times more aware of environmental and sustainable issues. 58% of the adult respondents were more conscious of their impact on the environment. As a result, growing environmental concerns are driving the the biocomposites market growth.
Competitive Landscape -
Major companies operating in the biocomposites market include UPM, Trex Company Inc, Fiberon LLC, FlexForm Technologies, Universal Forest Products Inc, JELU-WERK J. Ehrler GmbH & Co. KG, Tecnaro GmbH, Newtechwood, Meshlin Composites ZRT, Green Bay Decking LLC, AlPAS Srl, Nanjing Jufeng Advanced Materials Co, Arakawa Chemical Industries, Zeller+Gmelin Corporation, Hydrite Chemical Co., Rahn AG, Aal Chem, SICPA Holding SA, Fuzion Technologies Inc., Rütgers Organics GmbH, Eternal Materials Co. Ltd., Imerys, Technovinyl Polymers India Ltd., Aapico Hitech Public Company Limited, Amorim, BioLogic, Advanced Compounding, Stora Enso, Sappi Ltd., GreenCore Composites
Technological Innovations Driving Biocomposites Market
Technological innovations are the key trend gaining popularity in the agricultural textiles market. Major companies operating in the market are in traducing new technologies such as fully biocomposite material Tepex which is manufactured by using continuous fiber-reinforced thermoplastic composites. For instance, in October 2021, Lanxess, a German specialty chemicals company, introduced a new fully biocomposite material in its Tapex range. That acts as the matrix, for a material that is 100% recyclable. By using continuous fiber-reinforced thermoplastic composites. That helps to give lighter weight than glass fibers and make it flexible with lower density and it also offers mechanical performances to Tepex. This material can also be used in the manufacture of interior parts for cars or electronics to produce housing components.
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Key Segments -
The biocomposites market covered in this report is segmented -
1) By Product: Hybrid Biocomposites, Green Biocomposites
2) By Polymer: Natural Polymer Composites, Synthetic Polymer Composites
3) By Fiber Type: Wood Fiber Composites, Non-Wood Fiber Composites
4) By End-Use Industries: Building And Construction, Transportation, Consumer Goods, Others End-Use Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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