Biocomposites Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends Statistics, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3548
Global Biocomposites Market size is mainly driven by increasing demand from automotive industry, where the product is employed to reduce the weight of vehicles without compromising on performance, quality and safety. Biocomposites can also be used in combination with standard materials, such as carbon and glass fibers, which results in a higher tensile strength and stiffness. This improves the product performance and minimizes the environmental impacts. In addition, rising awareness among consumers regarding eco-friendly materials and government resolutions to substitute plastics with environmentally favorable materials are major trends responsible for biocomposites market growth.
A biocomposite is a material composed of a biopolymer matrix and natural fiber reinforcements. The matrix phase constitutes of polymers that are derived from bio-based resources and it protects the fibers from mechanical damage and environmental degradation. Furthermore, one of the principal components of this product is biofiber, that is derived from flax, cotton, corn, wastepaper, hemp, recycled wood, etc. Biocomposites are widely acceptable in a number of industrial applications such as aerospace, automobiles, construction, railway coach, military & defense, electronics and packaging owing to superior properties such as recyclability, renewability and biodegradability.
In order to tackle plastic handling issues, several governments have banned the usage of plastic products and started prompting sustainable use of natural fibers in consumer goods industry. This in turn, will create lucrative opportunities for the biocomposites market in near future.
However, presence of mature substitute products such as thermoset resin based composites, high cost of the bio-based products, and variation in the quality of raw materials might restrain the market growth rate. These materials are composed of kenaf, flax, jute, hemp, rice, wheat, corn straws which are comparatively more expensive, and a substantial technical knowhow is required for sustainable extraction.
Biocomposites market segment by fiber type covers wood fiber composites and non-wood fiber composites. Non-wood or natural fibers are more popular in the industry due to their superior physical and mechanical properties. These are fairly long fibers, and possess high cellulose content, which delivers a significant degree of cellulose crystallinity and enhanced tensile strength. On the other hand, wood fiber composites have more than 60% of its mass as wood elements, and are moisture and mildew resistant. This enhances its shelf life and facilitates its application in the building & construction sector.
Based on product, biocomposites are classified into green composites and hybrid composites. Green composites possess sustainable and degradable properties and they can be easily disposed without harming the environment. Demand for these materials is high in developed regions such as North America and Europe. On the other hand, hybrid composites are composed of different types of fibers into a single matrix and the durability of the product depends on the individual fiber strength.
The end-use areas of biocomposites include transportation, building & construction, consumer goods, electrical and electronics, and other sectors such as aerospace, marine etc. Biocomposite products are employed in automobiles for fabricating nonstructural components such as interior panels. Biocomposites also have extended applicability in outdoor constructions such as decking and railings which will boost the product demand in near future.
North America region will witness significant growth rate owing to growing demand for technologically advanced consumer electronics and automobile production in the U.S. The regional government have undertaken several initiatives related to infrastructural projects across residential, non-residential and commercial sectors, which is expected to propel the demand for biocomposites in near future. Europe is another substantial market in the global biocomposite market. The European Union’s ban on non-recyclable plastics is expected to drive the market in the region, whereas technological advancements and availability of raw material in the region is projected to benefit this market.
Global biocomposite market is moderately competitive owing to the presence of various industry players at global as well as local levels. There is a high initial fixed cost to setup manufacturing facility, and companies are vying to achieve economy of scale. Several key players in this industry are FlexForm Technologies, Fiberon, Tecnaro, UPM, Meshlin Composites, Trex Company, Universal Forest Products, MCG BioComposites, Jelu-Werk J. Ehrler GmbH, Alpas SRL etc.
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