Mar 15, 2022   SOURCE: BusinessWire

The Worldwide Biocomposites Industry is Expected to Reach $51.2 Billion by 2026 - ResearchAndMarkets.com

The "Biocomposites Market by Fiber Type (Wood Fiber and Non-wood Fiber), Polymer Type (Synthetic and Natural), Product (Hybrid and Green), End-use Industries (Building & Construction, Transportation, and Consumer Goods) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global biocomposites market size is projected to grow from USD 24.4 billion in 2021 to USD 51.2 billion by 2026, at a CAGR of 16.0% between 2021 and 2026.

Wood fiber composites are the fastest-growing fiber type of biocomposites market in terms of value.

Wood fiber composites is the fastest-growing fiber type, in terms of both volume and value during forecasted years. These biocomposites are produced in the form of decking, railings, balusters, fences, and others. Wood fiber composites are less expensive than non-wood fiber composites. These are used in applications, such as residential, commercial establishments, pool-side area, observatory deck, and jetties. These are some of the factors driving the demand for wood fiber composites during the forecast period.

Natural-polymer based biocomposites is the fastest-growing polymer type of biocomposites, in terms of value.

Natural polymers are obtained from a variety of sources, including plants and recycled plastics. They are an emerging product, which is expected to decrease the dependency on petroleum polymers. Natural polymers have the potential to increase their penetration in different end-use industries due to their favorable properties. Increasing government focus on increasing the use of environmentally-friendly products instead of petroleum-based products is a major driver for natural polymer based composites.

Hybrid biocomposites is the fastest-growing product type of biocomposites, in terms of value.

The hybrid composites product segment is the fastest-growing product segment in the global biocomposites market in terms of value during the forecasted period, backed by the strong demand for biocomposites across the globe. This high market share is attributed to their good fiber-polymer adhesion that results in low moisture absorption, high strength, and dimensional stability.

Transportation is the fastest-growing end-use industry of biocomposites, in terms of value.

The transportation end-use industry is estimated to account for the largest CAGR of the global biocomposites market. The demand for lightweight, naturally sourced products is resulting in increased fuel efficiency; it is expected to drive the biocomposites market growth. An increase in the penetration of biocomposites is expected during the forecast period as automobile manufacturers have to meet stringent emission norms, such as CAFE, EU Norms, and BS-IV. The global biocomposites market is, therefore, projected to register the highest CAGR in the transportation end-use industry between 2021 and 2026 compared to other end-use industries, such as building & construction and consumer goods. The production of biocomposite parts across various industries was halted due to COVID-19, in 2020

Asia Pacific is the fastest-growing biocomposites market.

Asia Pacific is projected to register the highest CAGR in terms of value in the global biocomposites market during the forecast period. Asia Pacific dominated the biocomposites industry in 2020. The biocomposites manufacturing companies have ample opportunities in the Asia Pacific market in comparison to the European and North American counterparts owing to low-cost labor and raw materials.

Due to COVID-19, composites producers and numerous companies have halted their production sites across various countries that has led to reduced demand for biocomposites, Asia Pacific countries. The recovery in the end-use industries with restoration in the supply chain would drive the biocomposites demand during the forecast period.

Market Dynamics

Drivers

  • Government Regulations Regarding Use of Environmentally- Friendly Products
  • Safer Compared to Glass Fibers
  • Recyclability
  • Government Stimulus Packages to Drive Biocomposites Market

Restraints

  • Relatively Low Strength as Compared to Glass Fibers
  • Fluctuating Cost, Availability, and Quality of Raw Materials
  • Lower Demand, Low-Capacity Utilization, and Liquidity Crunch Due to COVID-19

Opportunities

  • Possibility of Price Reduction with Economies of Scale
  • Increasing Market Penetration in Automotive Interior Segment Driven by Government Regulations
  • Opportunities in Packaging Industry

Challenges

  • Maintaining Consistency in Manufacturing Process and Mechanical Performance
  • Dominance of Glass Fiber and Carbon Fiber in Composites Industry
  • Overcoming Bottlenecks in Supply Chain Due to COVID-19 Pandemic

Companies Mentioned

  • Trex Company, Inc.
  • Upm
  • Universal Forest Products, Inc.
  • Celanese Corporation
  • Daicel Corporation
  • Flexform Technologies
  • Sappi
  • Tecnaro Gmbh
  • Jelu-Werk J. Ehrler GmbH & Co. Kg
  • Green Bay Decking LLC
  • Eastman Chemical Company
  • Fiberon LLC
  • Meshlin Composites Zrt
  • Aztron Technologies
  • Huangshan Huasu New Material Science & Technology Co. Ltd.
  • Newtechwood Ltd.
  • Nanjing Jufeng Advanced Materials Co. Ltd.
  • Advanced Environmental Recycling Technologies, Inc.
  • Mcg Biocomposites LLC
  • A B Composites Pvt. Ltd.
  • Bcomp Ltd.
  • Tts (Tekle Technical Services), Inc.
  • Green Dot Holding LLC
  • Lingrove
  • Polyvlies Franz Beyer GmbH & Co. Kg
  • Weyerhaeuser
  • Tamko Building Products Inc.
  • Winrigo
  • Yixing Hualong New Material Lumber Co. Ltd.
  • Anhui Huiyun Wood Plastic Composite Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/gvacqg