Biocomposites Market Size

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.