The size of the global biocomposites market, which was over US$ 25 billion in 2021, is projected to grow at an astounding CAGR of 16% between 2022 and 2032, reaching roughly US$ 128 billion by the end of that year.
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Global demand for eco-friendly materials is on the rise, and end-use industries like the automotive and building & construction are expanding quickly. These factors are both contributing to market growth.
As per the biocomposites market report, Germany, the United States, and Japan are among the developed countries working on boosting the usage of ecologically friendly items rather than petroleum-based products.
The European Union (EU) has favored such items over the United States and Japanese governments. It requires the use of bio-based materials, encourages the recyclability of vehicle components, and holds automakers accountable for disposal at the end of the vehicle’s service life.
These laws are likely to boost demand for biocomposites in various end-use industries, including transportation, construction, and electrical and electronics. The power necessary to make biocomposites is far lower than that critical to making glass fiber composites or carbon fiber composites.
On the other hand, Biocomposites are more expensive than glass fiber composites. However, price reductions are prospects due to economies of scale and common biocomposites applications.
These biocomposites may be made inexpensively in developing countries like India and China using abundant raw materials, including flax, jute, Kenaf, and hemp. Therefore, the overall cost of natural fiber-based biocomposites will be reduced.
In addition, the biocomposites market future trends indicate that as the technology matures and production reaches economies of scale, these biocomposites are likely to become less expensive in the long run.
The building industry has been hit the worst. This has had a negative biocomposites market outlook. Advancing at a CAGR of 16%, the biocomposites market size is expected to reach US$ 51 Bn by 2026.
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Key Takeaways
- The hybrid composites product section captured the largest market size in the global biocomposites market, owing to increased biocomposites applications around the world. Its substantial market share is credited with the optimum fiber adhesion that leads to decreased moisture content, high strength, and structural capacity.
- As per the biocomposites adoption trends, they are predicted to be the dominant market in the Asia Pacific. Over the projected period, it is also anticipated to be the fastest regional market.
- The requirement for synthetic polymer biocomposites had decreased in 2020 because of the COVID-19 pandemic. As global end-use industries found a stable footing by the fourth quarter of 2020, demand for biocomposites also showed signs of recovery.
- The market for biocomposites is dominated by the building and construction industry.
- Wood fiber composites have the biggest market share in volume in the global biocomposites industry.
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The continuous search for innovative lightweight materials for a wide range of applications across construction, aerospace, and automotive industries has paved the way for development of biocomposites.
Biocomposites are unique composite materials formed by combining natural fibers in a matrix material. These materials have started gaining immense traction across various end-use industries on account of their various attractive features such as biodegradable nature, better thermal stability, lightweight, low cost etc.
Rising environmental concerns supported by increasing need for lowering emission levels is expected to provide a strong thrust to the growth of biocomposites market during the forecast period.
Consequently, factors such as rising penetration of wood plastic composites across developing regions, expansion of soft magnetic composites market, and implementation of stringent regulations on the use of petroleum based products will drive growth in the biocomposites market in future.
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Competitive Landscape
To gain a foothold in the biocomposites market opportunities, the key companies in the industry are pursuing a variety of inorganic and organic techniques.
Biocomposites, an international medical device company that produces and manufactures leading products for bone and soft tissue infection management, announced today that its STMULAN products are, vancomycin, gentamycin, and tobramycin, have received new Canadian approval for the mixing of antibiotics with them.
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