Biocomposites Market Size, Share and Industry Analysis Report, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3548
Global biocomposites market size is expected to witness exponential growth over 2021-2027. This is driven by the increasing research and development efforts for composite materials and their usage benefits such as recyclability, lightweight, and cost-effectiveness. In addition, shifting preference from synthetic to eco-friendly materials due to hazardous nature, recycling issues, and toxic byproducts will further proliferate the industry expansion over the estimated timeline.
Biocomposites refer to materials fabricated through the combination of natural fibers in a matrix material. They are degradable, non-abrasive, renewable, and non-toxic, and are used in varied applications. Biocomposite constituents including bio-based polymers are obtained from renewable natural sources and serve as a potential substitute for oil-based non-renewable plastics.
Rising consumption of natural fibers as a biodegradable reinforcing material and substitute for carbon fibers, glass fibers and inorganic fillers is a key trend boosting the global biocomposites market share. Significant properties such as non-corrosive nature, high specific strength, and low costs, among others will further escalate the adoption of natural fiber-based biocomposites in automotive, aerospace, and other industrial applications. However, product limitations including restricted processing temperature, poor fire resistance, high hydrophilicity, and low thermal resistance may hinder the market growth over the forthcoming years.
Considering the fiber type, the global biocomposites market share from the wood fiber composites segment is projected to amass considerable profits by 2027. Growth from this segment is attributable to mounting adoption of these composites as an alternative to plastics, metal or glass components, due to their excellent thermal and mechanical properties. Furthermore, their low costs and sustainable attributes are likely to increase their usage in building and construction, automotive, and decking, among other applications.
From a regional perspective, the Asia Pacific will account for a substantial share of the global biocomposites industry by 2027. This is a result of rapid urbanization, the growing demand for commercial and residential buildings, and the significant FDI in the construction sector across major economies over the past years. Moreover, the implementation of stringent regulations to reduce plastic wastes in emerging countries like China will also add further impetus to the regional market outlook in the years ahead.
Prominent players functioning in the biocomposites market include Alpas SRL, Jelu-Werk Josef Ehrler GmbH, MCG BioComposites, UFP Industries (formerly Universal Forest Products), Trex Company, Meshlin Composites, UPM, Tecnaro, Fiberon (Fortune Brands Home), and FlexForm Technologies, among others. Innovative product launches, collaborations, and acquisitions are some of the key initiatives being undertaken by these companies to strengthen their position in the global market.
For instance, in March 2020, UPM announced the development of UPM Formi EcoAce, a novel wood-based biocomposite material. The product was designed with certified wood and cellulose fibers, and renewable PP polymers from TRUCIRCLE solutions of SABIC with an aim to meet the sustainability requirements.
COVID-19 Crisis May Impact Biocomposites Market Trends:
The novel coronavirus outbreak has posed devastating impacts across various industries, including in the construction sector. As construction is highly sensitive to economic cycles, several construction workers and enterprises are particularly vulnerable to the considerable decline in economic activities resulting from the outbreak. Furthermore, the rising health risks have exacerbated work deficits in the sector, which could create negative impacts on the use of biocomposites in construction activities.
However, biocomposites may play a role in addressing the growing need for intensive care facilities that is being observed worldwide as a part of global COVID-19 relief efforts. In 2020, for instance, Italy-based research organization CETMA unveiled the SOS Smart Operating Shelter project, aimed at speedy construction of mobile intensive care units for COVID-19 patients, using eco-friendly materials like natural fiber/biopolymer sandwich panels. This, coupled with the commendable growth of the biomedical sector amid the crisis may aid biocomposites industry recovery in the near future.
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