Biocomposites Market worth $51.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 25, 2022 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, the global Biocomposites Market size is projected to reach USD 51.2 billion by 2026, registering a CAGR of 16.0% from 2021 to 2026. The global biocomposites market size is expected to grow from USD 24.4 billion in 2021 to USD 51.2 billion by 2026, at a CAGR of 16.0% during the forecast period. The biocomposites industry is growing due to the increase in the demand for environment friendly materials from various end-use industries such as transportation, building & construction, consumer goods, and others.
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Wood fiber composites comprise a major share of the biocomposites market in terms of value and volume.
Wood fiber composites dominated the market, in terms of volume and value. 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.
Synthetic polymer-based biocomposites accounted for the largest market share in the global biocomposites market during the forecast period in terms of value and volume.
Synthetic polymer biocomposites dominated the biocomposites market, in 2020. Polymers, such as PE, PP, ABS, PET, epoxy, and PC are used in the production of biocomposites. These polymers impart various characteristics to the biocomposites, making them useful in different end-use industries. For example, PP polymer offers low density, dimensional stability, and impact resistance. PP polymer combined with natural fibers (wood fibers, cellulose, coir, and others) are, therefore, used in transportation, building & construction, marine, and other end-use industries.
Owing to the COVID-19 pandemic, the demand for synthetic polymer biocomposites had reduced in 2020. However, with the stabilization of global end-use industries by the last quarter of 2020, the demand for synthetic polymer biocomposites has surged.
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Hybrid composites product type dominates the global biocomposites market in terms of value and volume
The hybrid composites product segment accounted for the larger market share in the global biocomposites market in terms of value and volume, 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.
In the manufacturing of hybrid biocomposites, polymers such as PP, PE, epoxy, and PC are combined with natural fibers, such as flax, cellulose, balsa, and rice hulls for the production of hybrid biocomposites. Hybrid biocomposites offer better fiber-polymer adhesion that results in low moisture absorption, high strength, and dimensional stability. These properties of hybrid biocomposites make them useful in end-use industries, such as transportation, building & construction, and marine.
The building & construction end-use industry accounted for the largest market share in the global composites market during the forecast period in terms of value.
The building & construction industry accounts for the largest market in the biocomposites market. Biocomposites are produced from wood fibers and natural fibers and are used in different forms in this industry. Decking, railing, balusters, fences, windows, doors, frames, and other components are produced from biocomposites. Wood fiber composites are mainly used for the production of decking, railing, balusters, and fences. The main application of natural fiber composites is non-load bearing indoor components in civil engineering because of their susceptibility to extreme environmental conditions, such as moisture, freeze-thaw cycles, and ultraviolet radiations. They are used to make windows, doors, frames, wall panels, durable roofing elements, exterior constructions, and composites panels. Various prominent biocomposite manufacturers offer a variety of biocomposites having applications in the building & construction industry.
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The Asia Pacific is expected to account for the largest market share in the biocomposites market during the forecast period.
The Asia Pacific is the largest market for biocomposites. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as transportation, building & construction, and consumer goods. However, COVID-19 affected the entire world disastrously, and Asia Pacific is one of the most affected regions, globally. The deadly virus has affected various major markets in Asia Pacific including China and India. It forced the government to lock down the that resulted in slow down across various sectors, building & construction and transportation in 2020.
The key players in the market include UPM (Finland), Trex Company (US), Fiberon LLC (US), FlexForm Technologies (US), Universal Forest Products, Inc. (US), Nanjing Jufeng Advanced Materials Co., Ltd (China), Meshlin Composites ZRT (Hungary), Tecnaro GmbH (Germany), among many others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the biocomposites market. These players have taken different organic and inorganic developmental strategies over the past five years.
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