Bio-Composite Materials Market Global Analysis 2023-2032 - Rising Trend of Sustainable Construction Practices Worldwide Presents Growth Opportunities

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Dec 18, 2023, 11:45 ET

DUBLIN , Dec. 18, 2023 /PRNewswire/ -- The "Bio-Composite Materials Market - A Global and Regional Analysis: Focus on Application, Product Type, Material Type, Processing Technique, and Region - Analysis and Forecast, 2023-2032" report has been added to ResearchAndMarkets.com's offering.

The global bio-composite materials market was valued at $11.90 billion in 2022, and it is expected to grow at a CAGR of 17.03% and reach $55.93 billion by 2032. The growth in the global bio-composite materials market is expected to be driven by a combination of factors, primarily led by the rising awareness and adoption of eco-friendly and biodegradable materials in various industries, including automotive, construction, packaging, and consumer goods, among others.

The global bio-composite materials market is in a growth phase, wherein the number of companies offering bio-composite materials is increasing rapidly. Latest technological advancements in bio-composite materials, such as natural fibers and wood fibers, and the growing number of construction projects, the automotive industry, renewable energy demand, as well as electronics and consumer goods sectors, are boosting the adoption of the bio-composite materials market across the globe. Furthermore, numerous industry stakeholders are eagerly anticipating the future of the bio-composite materials market due to the escalating demand for environment-friendly and sustainable materials.

The surge in global investments in eco-friendly materials is primarily driven by their low environmental impact and cost-effectiveness. Moreover, the potential of bio-composite materials to surpass traditional alternatives in terms of sustainability and performance stands as a significant advantage in the evolution of eco-friendly materials. Additionally, with significant demand for bio-composite materials during the forecast period (2023-2032), primarily from transportation, energy storage, and electronics, among other sectors, the market competition is expected to grow considerably among established and emerging bio-composite materials suppliers in the bio-composite materials market.

Industrial Impact

The global bio-composite materials market is experiencing significant growth due to several key factors. This growth is driven by increased research and development efforts aimed at improving sustainable materials, rising demand for environment-friendly alternatives, and growing focus on achieving carbon neutrality objectives. The popularity of bio-composite materials is on the rise because they offer numerous benefits, including enhanced durability, reduced environmental impact, and compatibility with a wide range of applications. Furthermore, the synergistic compatibility of bio-composite components with various structural elements can result in the creation of high-performance and environmentally responsible materials with a reduced ecological footprint. These materials provide long-term sustainable solutions that align with environmentally conscious practices, contributing to a greener future. Additionally, the increased energy efficiency of bio-composite materials can lead to the production of lightweight and eco-friendly products, which is particularly important in industries such as automotive manufacturing, where efficiency and sustainability are paramount.

Additionally, companies are increasingly focusing on delivering cutting-edge and eco-friendly solutions, expanding their customer base globally, and investing in research and development. The growth of the global bio-composite materials market depends on its ability to gain traction across major industries and effectively address sustainability concerns. In the current market landscape, there are challenges, such as scaling up the production of high-quality bio-composite materials and addressing specific application limitations. However, it is expected that the market conditions will become more favorable in the projected period from 2023 to 2032, paving the way for further expansion in the bio-composite materials market.

Market Segmentation

Segmentation By Application

Automotive
Construction
Aerospace
Consumer Goods
Packaging
Electronics
Renewable Energy
Others

Automotive Segment to Dominate the Global Bio-Composite Materials Market (by Application)

The automotive sector is anticipated to claim the largest market share by 2032. This projection is underpinned by the increasing utilization of bio-composites in the production of a wide array of trucks and cars. Furthermore, the use of bio-composites in crafting interior panels is also projected to witness substantial growth. These materials are expected to gain prominence due to their ability to reduce vehicle weight and enhance overall efficiency. Notably, the adoption of bio-composites is likely to yield significant cost savings in vehicle manufacturing processes. According to the International Energy Agency (IEA), more than 10 million electric vehicles have been sold by 2022. The growing popularity of electric vehicles is driving up demand for bio-composite materials.

Segmentation By Material Type

Natural Fibers
Wood Fibers
Bio-Polymers
Next-Generation Materials
Recycled Materials
Synthetic Polymers
Others

Wood Fibers to Dominate the Global Bio-Composite Materials Market (by Material Type)

Wood fiber composites led the bio-composite materials market in 2022. These bio-composites are manufactured in various forms, including decking, railings, balusters, fences, and more. Wood fiber composites are generally more cost-effective when compared to non-wood fiber composites. They find applications in various settings, such as residential properties, commercial establishments, pool-side areas, observatory decks, and jetties. These factors contribute to the increasing demand for wood fiber composites during the forecast period.

Segmentation by Product Type

Green Composites
Hybrid Composites

Hybrid Composites to Dominate the Global Bio-Composite Materials Market (by Product Type)

In the global bio-composite materials market, the hybrid composites segment claimed a leading market share in 2022. This strong market presence can be attributed to the widespread global demand for bio-composites. The popularity of hybrid composites is due to their excellent fiber-polymer adhesion, which leads to low moisture absorption, high strength, and exceptional dimensional stability.

Segmentation by Processing Technique

Compression Molding
Injection Molding
Resin Transfer Molding
Extrusion
Others

Extrusion to Dominate the Global Bio-Composite Materials Market (by Processing Technique)

The extrusion segment was the major processing technique in the bio-composite materials market in 2022 and is expected to be the fastest-growing segment from 2023 to 2032. This growth is driven by the increasing demand for vehicles, which is expected to stimulate the need for extrusion. On the other hand, injection molding is projected to be the fastest-growing category throughout the forecast period. This growth can be attributed to the increasing demand for mass production of thousands of identical components at lower costs, along with the advantages of design flexibility and precision, which are particularly beneficial for various end-user industries such as packaging, medical, and electronics, contributing positively to market expansion

Key Market Dynamics

Trends: Current and Future

Growing Utilization of Bio-Composite in the Packaging Industry
Utilization of Lignocellulosic Biomass in Biofuel Production

Business Drivers

Increasing Government Regulations Pertaining to the Utilization of Eco-Friendly Products
Growing Demand for lightweight Materials across Various End-Use Industries
Advancements in Manufacturing Processes and Rising Initiatives by Key Market Players

Business Restraints

Thermal Instability and Comparatively Low Strength as Compared to Conventional Composite Materials
Elevated Production Costs Associated with Bio-Composites
Availability of Low-Cost and High-Performing Alternatives

Business Opportunities

Potential for Price Reduction through Economies of Scale
Increasing Demand for Lightweight and Environment-Friendly Materials in the Automotive Sector in China
Rising Trend of Sustainable Construction Practices Worldwide

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Among the top players profiled in the report, the private companies operating in the global bio-composite materials market accounted for around 80% of the market share in 2022, while the public companies operating in the market captured around 20% of the market share.

Some of the prominent names in this market are:

Anhui Guofeng Wood-Plastic Composite
Bcomp
BioComposites Group
Fiberon
FlexForm Technologies
INCA Renewtech
Lingrove
Meshlin Composites
Nanjing Xuhua Sundi New Building Materials
Trex Company
Tecnaro
Celanese
Eastman Chemical Company
UFP Industries
UPM

For more information about this report visit https://www.researchandmarkets.com/r/xes7yo

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