Biocomposites Market Size, Share, Growth with Recent Trends, Development, Revenue, Demand and Forecast to 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.

Biocomposites are composite materials made from natural fibers, including wood fiber, flax, jute, and help, and are reinforced in a polymeric resin matrix. The matrix helps in providing the shape of the composite and protects the fibers from mechanical damage and environmental degradation.

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Analysis of the Top Market Players:

1. TTS
2. Lingrove
3. Bcomp Ltd
4. UPM
5. Flexform Technologies
6. Tecnaro GMBH
7. Green Bay Decking
8. Fiberon LLC
9. Arkema
10. Procotex

In this report, the market has been segmented on the basis of:

Fiber (Wood Fiber Composite and Non-Wood Fiber Composite)
Product (Hybrid Composite and Green Composite)

Based on the end-use industry, the global biocomposites market is segmented into building and construction, automotive, consumer goods, and others. In 2021, the building & construction segment led the market. The market for the automotive segment is expected to grow at the fastest pace during the forecast period. Biocomposites are used in the interior and nonstructural components of vehicles. Also, they are generally lightweight materials, so they help in reducing vehicle consumption of fuel and greenhouse gas emissions. Compared to the composites of nonrenewable origin, biocomposites have excellent acoustic and thermal properties, which makes them ideal for vehicle interior parts.

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The biocomposites market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). In 2021, Asia Pacific dominated the global market. The economic growth and infrastructure development in the region are among the major factors driving the growth of the market across the region. Moreover, increasing automobile production and expanding the automotive industry in China, India, Japan, and South Korea are propelling the demand for biocomposites. According to the National Bureau of Statistics of China, the construction output value in the country grew from US$ 1.51 trillion in 2010 to US$ 4.18 trillion in 2020. Thus, the growing construction industry across the region is fueling the growth of the biocomposites market.

Many industries, including the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties due to COVID-19 safety protocols adversely affected the biocomposites market. The lockdown severely impacted the supply and production of biocomposites, restraining the market growth. However, vaccination drives have led to a rise in business activities across the world. The economies are reviving their operations. Thus, the demand for biocomposites is expected to rise globally in the coming years. Key manufacturers have resumed their operations, thereby restoring the production capacity of biocomposites.

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