Biocomposites Market Size & Share 2022 to 2030
Market Size by Source (Plant-based, Animal-based), by Product (Hybrid Biocomposites, Pure Biocomposites), by Process (Injection molding, Compression molding, Hand Lay-up, Filament Winding), Application & Forecast.
Report ID: GMI3548
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Published Date: September 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Hiralkumar Patel
Biocomposites Market Size
Biocomposites Market size exceeded USD 19 billion in 2021 and is set to register over 12% CAGR from 2022 to 2030. Rising environmental concerns may foster product adoption through 2030.
The growing emphasis on limiting carbon emissions and promoting the use of eco-friendly and sustainable products may back the industry growth. The ongoing green transition across the automotive sector has popularized and subsequent fueled the demand of electric vehicles. Based on the Global Electric Vehicle Outlook by the International Energy Agency, almost 2 million electric cars were sold globally during the first quarter of 2022, despite supply chain constraints. The surging demand for biocomposites for the manufacturing of several EV components may propel market revenues in the forthcoming years.
Availability of cost-effective alternatives to emerge as a restraining factor
Natural fibers have several performance limitations compared to synthetic fibers that may hamper the biocomposites market progress in the foreseeable future. The presence of hydroxyl groups in natural fibers makes them hydrophilic in nature, which elevates their moisture sensitivity and leads to poor interfacial adhesion between fiber and matrix. Besides, the availability of low-cost high-performing substitutes may further limit the industry growth over the assessment period.
Biocomposites Market Analysis
With regards to source, the plant-based segment accounted for more than USD 13 billion in 2021 and is likely to depict over 12% CAGR between 2022 and 2030. Plant-based fibers possess high fracture toughness, non-corrosive nature, high strength-to-weight ratio, sustainability, and renewability, offering them unique advantages over other materials. The increasing application of biomaterials across several end-use verticals, including automotive, marine, aerospace, construction, healthcare, and packaging, may augment the biocomposites market share over the coming years.
In terms of products, the hybrid biocomposites segment held over 73% market share in 2021 and is expected to surpass USD 37 billion by 2030. These materials are used for designing different structures across industrial, marine, commercial, biomedical, and aerospace sectors due to their ability to offer superior protection against corrosion and excellent fatigue and impact resistance. The increasing utilization of hybrid biocomposites in a range of household furnishings and sports equipment may boost the segment share over the analysis timeframe.
Based on the process, the hand lay-up segment exceeded USD 7 billion in 2021 and is anticipated to hold more than 38% market share by 2030. The process is referred to as the simplest composites molding technique, offering simple processing, low-cost tooling, and a broad range of part sizes. It involves minimum investment in equipment and ensures consistent quality and high production rate with skilled labor, driving its demand throughout the projection period.
The biocomposites market from transportation applications accounted for over USD 8 billion in 2021 and is poised to surpass USD 23 billion by 2030. The increasing demand for electric fleet due to rising ecological concerns and escalating efforts toward mitigating global climate change may foster production across the transportation sector. The ongoing advancements in vehicle technologies and the rising emphasis on the use of more sustainable and environmentally friendly vehicle scomponents may drive the demand for bio-based composites in the foreseeable future.
With respect to the regional landscape, the Asia Pacific segment held over 36.5% of the market share in 2021 and is likely to record a valuation worth more than USD 20 billion by 2030. The massive population growth, in tandem with rapid industrial development and urbanization, has propelled the demand for adequate housing and commercial infrastructure. The surge in construction activities across the region, coupled with the supportive regulatory framework, and inflowing foreign direct investments in the construction sector may fuel the growth of the regional industry.
Biocomposites Market Share
Prominent players in the biocomposites market include:
These companies are undertaking R&D practices and focusing on developing novel products to support the emerging sustainability trend and foster the growth of green economy. For instance, in March 2020, UPM announced the development of a novel wood-based biocomposite material, UPM Formi EcoAce. The product is made with renewable PP polymers from SABIC's TRUCIRCLE solutions and authorized cellulose and wood fibers to fulfill sustainability requirements.
COVID-19 Impact
The COVID-19 pandemic caused major disruptions across the biocomposites industry, especially in the first half of 2020. Halted production lines across the automotive sector and the postponed construction activities due to industry closures, labor migration, and supply chain turmoil, led by stringent lockdown restrictions, severely downsized industry revenues. However, the eased regulatory measures across several economies leading to resumption of industrial operations, coupled with the proliferating demand for electric vehicles may enable the market to gain significant momentum over the coming years.
By Source
By Product
By Process
By Application
By Region
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →