Biocomposite Trends and Forecast
The future of the global biocomposite market looks promising with opportunities in the building & construction, transportation, and consumer good markets. The global biocomposite market is expected to reach an estimated $80.2 billion by 2030 with a CAGR of 15.4% from 2024 to 2030. The major drivers for this market are rising usage of bio-based products and growing environmental awareness.
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Lucintel forecasts that hybrid will remain the larger segment over the forecast period due to its excellent fiber-polymer adhesion leading to high strength, dimensional stability, and minimal moisture absorption.
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Within this market, building & construction will remain the largest segment over the forecast period.
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APAC is expected to witness highest growth over the forecast period due to increasing demand for lightweight automobile parts and presence of key players in the region
APAC is expected to witness highest growth in the Biocomposite Market
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United States: With growing environmental concerns, US companies like Trex and TimberTech are investing heavily in research and development of biocomposite materials, aiming to replace traditional wood products. Government initiatives such as tax incentives for eco-friendly construction further bolster the market.
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Germany: German companies like BASF and Covestro are leading the charge in biocomposite innovation, with plans to expand production capacities and introduce bio-based alternatives for automotive and construction sectors. The government's Renewable Resources Act encourages bio-based material adoption.
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China: China's biocomposite market is rapidly expanding, driven by government mandates to reduce pollution and promote sustainable development. Companies like Jilin Province Jixin New Material and Kingfa Sci. & Tech. are ramping up production of biodegradable plastics and composite materials.
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Brazil: With abundant natural resources, Brazilian companies such as Braskem are investing in biocomposite research to capitalize on the country's agricultural waste. Government support through the National Program for Biodiesel Production and Use encourages bio-based material adoption.
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Japan: Japanese companies like Mitsubishi Chemical Corporation and Toray Industries are investing in biocomposite technology, aiming to reduce dependence on fossil fuels and mitigate environmental impact. The government's Biomass Japan 2023 initiative aims to increase the use of biomass-derived materials in various industries.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Biocomposite by Segment
The study includes a forecast for the global biocomposite by fiber type, polymer type, product type, end use industry, and region.
Biocomposite Market by Fiber Type [Shipment Analysis by Value from 2018 to 2030]:
• Wood Fiber Composites
• Non-Wood Fiber Composites
Biocomposite Market by Polymer Type [Shipment Analysis by Value from 2018 to 2030]:
• Natural Polymer Composites
• Synthetic Polymer Composites
Biocomposite Market by Product Type [Shipment Analysis by Value from 2018 to 2030]:
• Hybrid Biocomposites
• Green Biocomposites
Biocomposite Market by End Use Industry [Shipment Analysis by Value from 2018 to 2030]:
• Building & Construction
• Transportation
• Consumer Goods
• Others
Biocomposite Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Biocomposite Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies biocomposite companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the biocomposite companies profiled in this report include-
• TTS
• Lingrove
• CG BioComposites
• Bcomp
• UPM
• FlexForm Technologies
• Tecnaro
• Green Bay Decking
• Universal Forest Fiber
• Trex
Recent Developments in Biocomposite Market
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Expansion of Biocomposite Applications in Automotive Industry: Recent developments in the biocomposites market include an expansion of applications in the automotive industry. Companies like Ford and Toyota are incorporating biocomposite materials, such as natural fibers and bio-based resins, in vehicle interiors, exteriors, and structural components to reduce weight, improve fuel efficiency, and enhance sustainability.
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Introduction of Bio-based Packaging Materials: The market for biocomposite packaging materials is growing, driven by consumer demand for sustainable and eco-friendly packaging solutions. Companies like Tetra Pak and NatureWorks are developing bio-based packaging films, trays, and containers made from renewable materials such as bioplastics and natural fibers, offering alternatives to traditional petroleum-based packaging.
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Advancements in Biocomposite Building Materials: Advancements in biocomposite building materials are revolutionizing the construction industry. Companies like Accsys Technologies and GreenCore Composites are introducing biocomposite panels, boards, and structural elements made from wood fibers, bamboo, and agricultural residues, offering sustainable and durable alternatives to traditional building materials.
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Collaborations for Biocomposite Research and Development: Collaboration between industry and academia is driving innovation in biocomposite research and development. Consortia such as the BioComposites Centre and the Biocomposites Innovation Centre are partnering with companies and research institutions to develop new biocomposite materials, processing technologies, and applications for industries ranging from aerospace to consumer goods.
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Focus on Circular Economy and Waste Reduction: The biocomposites market is increasingly focused on circular economy principles and waste reduction strategies. Companies like BioMASON and Ecovative Design are utilizing agricultural residues, industrial by-products, and waste streams as feedstocks for biocomposite manufacturing, minimizing environmental impact and promoting resource efficiency.
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Regulatory Support for Bio-based Materials: Regulatory support for bio-based materials is driving market growth and adoption of biocomposites. Initiatives such as the European Union's Bioeconomy Strategy and the USDA BioPreferred Program provide incentives and certification schemes for bio-based products, encouraging industries to invest in sustainable alternatives and reduce reliance on fossil fuels.
Features of the Global Biocomposite Market
Market Size Estimates: Biocomposite market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Biocomposite market size by various segments, such as by fiber type, polymer type, product type, end use industry, and region in terms of value ($B).
Regional Analysis: Biocomposite market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different fiber types, polymer types, product types, end use industries, and regions for the biocomposite market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the biocomposite market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the biocomposite market size?
Answer: The global biocomposite market is expected to reach an estimated $80.2 billion by 2030.
Q2. What is the growth forecast for biocomposite market?
Answer: The global biocomposite market is expected to grow with a CAGR of 15.4% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the biocomposite market?
Answer: The major drivers for this market are rising usage of bio-based products and growing environmental awareness.
Q4. What are the major segments for biocomposite market?
Answer: The future of the biocomposite market looks promising with opportunities in the building & construction, transportation, and consumer good markets.
Q5. Who are the key biocomposite market companies?
Answer: Some of the key biocomposite companies are as follows:
• TTS
• Lingrove
• CG BioComposites
• Bcomp
• UPM
• FlexForm Technologies
• Tecnaro
• Green Bay Decking
• Universal Forest Fiber
• Trex
Q6. Which biocomposite market segment will be the largest in future?
Answer: Lucintel forecasts that hybrid will remain the larger segment over the forecast period due to its excellent fiber-polymer adhesion leading to high strength, dimensional stability, and minimal moisture absorption.
Q7. In biocomposite market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period due to increasing demand for lightweight automobile parts and presence of key players in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the biocomposite market by fiber type (wood fiber composites and non-wood fiber composites), polymer type (natural polymer composites and synthetic polymer composites), product type (hybrid biocomposites and green biocomposites), end use industry (building & construction, transportation, consumer goods, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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