Biocomposites Market Size is projected to reach USD 85.07 billion by 2031, growing at a CAGR of 14.34%: Straits Research

The key global biocomposites market players are Bcomp Limited, Flex Form Technologies, Fortune Brands Home, Mitsubishi (Japan), Meshling Composites, Nanjing Jufeng New Materials Limited, Tecnaro GmbH, Trex Company, SAPPI, UFP Industries, UPM, and others.

New York, United States, April 23, 2024 (GLOBE NEWSWIRE) — Biocomposites are materials of many phases, where at least one phase is made from biological or renewable resources. Usually, these materials consist of a matrix or binder phase and reinforcing fibers or particles derived from natural sources. The matrix phase is typically derived from sustainable sources, such as plant polymers, including starch, cellulose, or soy-based resins. The reinforcing process may include the integration of natural fibers, like flax, hemp, jute, or kenaf, as well as particles derived from resources like wood, bamboo, or other agricultural waste.

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Rising Demand for Eco-Friendly Materials Market Drives the Global Market

Over the past few years, there has been a significant increase in public awareness of environmental issues and a corresponding sense of urgency to reduce greenhouse gas emissions. Statista reports that worldwide greenhouse gas (GHG) emissions increased by 1.7 percent in 2022, reaching an unprecedented level of 53.8 billion metric tons of carbon dioxide equivalent (GtCO₂e). Since 1990, there has been a 60 percent increase in global greenhouse gas (GHG) emissions. Carbon dioxide (CO₂) accounts for over 75% of greenhouse gas emissions and is the major driver of climate change. Consequently, there is an anticipation of a rise in the market for biocomposites made up of renewable and biodegradable materials.

Increasing Research and Development Activities Creates Tremendous Opportunities

The biocomposites market has witnessed a substantial surge in research and development initiatives due to the potential to improve their properties and functionality. For instance, in 2022, Zaheeruddin Mohammed, a Department of Materials Science & Engineering graduate at Tuskegee University in Alabama, United States, teamed with colleagues to showcase progress in sustainable methods for improving biocomposite reinforcement. The research clearly describes a method for creating biochar, a top-notch carbon material derived from organic sources, that enhances the durability of polymers in 3D printing applications.

Furthermore, in December 2022, SeaBioComp, a collaborative effort, successfully developed and produced cutting-edge bio-based composite materials as substitutes for conventional oil-based products in the maritime sector. The flax-based thermoplastic biocomposites were exhibited using several production methods, creating multiple demonstration items tailored for use in the marine environment. Such improvements in research and development will provide opportunities for market expansion.

Regional Analysis

Asia-Pacific is the most significant global biocomposites market shareholder and is expected to expand substantially during the forecast period. The region has seen swift industrialization and urbanization, resulting in a substantial demand for biocomposites across several industries. As a result, it has emerged as the most rapidly expanding market for biocomposites. This rapid urbanization and industrialization are responsible for the rise in detrimental greenhouse gas emissions. For instance, in 2021, China’s carbon dioxide (CO2) emissions surpassed 11.9 billion tons, accounting for 33% of global emissions, as reported by the IEA. As a result, there has been a substantial rise in the need for renewable resources, specifically biocomposites, in this region.

Moreover, the region’s ample natural fibers and cost-effective workforce give it a competitive edge in the biocomposites market. China, India, and Japan are the predominant nations in the region owing to their sizable populations and rapidly growing economies, which greatly contribute to the need for biocomposites.

Key Highlights

  • The global biocomposites market size was valued at USD 25.47 billion in 2022. It is estimated to reach USD 85.07 billion by 2031, growing at a CAGR of 14.34% during the forecast period (2023–2031).
  • Based on fiber type, the global biocomposites market is divided into wood fiber and non-wood fiber composites. The wood fiber composites segment is the most significant contributor to the market.
  • Based on polymer type, the global biocomposites market is bifurcated into synthetic and natural polymers. The natural polymer segment owns the market share.
  • Based on product type, the global biocomposites market is bifurcated into hybrid and green biocomposites. The green biocomposites segment dominates the global market.
  • Based on the end-user industry, the global biocomposites market is divided into transportation, building and construction, consumer goods, electrical and electronics, and others.
  • Asia-Pacific is the most significant global biocomposites market shareholder and is expected to expand substantially during the forecast period.

Market News

  • In October 2023, FrostPharma, in partnership with Mälarplast and Stora Enso, successfully created a collection of hazardous waste containers using a sustainable material known as biocomposites. These containers comprise Nordic wood fibers and bio-based polypropylene (PP).
  • In January 2024, Biocomposites, a global medical devices company specializing in the development, production, and promotion of cutting-edge products for bone regeneration and infection management in bone and soft tissue, announced that its investee company, Renovos Biologics (Renovos), received Breakthrough Device Designation from the US Food and Drug Administration (FDA) for its flagship product, RENOVITE® BMP-2 (Bone Morphogenic Protein 2).

Global Biocomposites Market: Segmentation

By Fiber Type

  • Wood Fiber Composites
  • Non-Wood Fiber Composites

By Polymer Type

  • Natural Polymer
  • Synthetic Polymer

By Product Type

  • Green Biocomposites
  • Hybrid Biocomposites

By End-User Industry

  • Transportation
  • Building and Construction
  • Consumer Goods
  • Electrical and Electronics
  • Others

By Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

Get Detailed Market Segmentation @ https://straitsresearch.com/report/biocomposites-market/segmentation

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