Biocomposites Market size is anticipated to surpass USD 53 billion by 2030, as per a new research report announced by Global Market Insights Inc.
Surging green constructions across the globe as one of the leading factors propelling the demand for bio-based composites. Green buildings have gained significant popularity over the years, driven by the increasing number of people demanding sustainable residences and workplaces, driving the market expansion. The prominent enterprises and administrative authorities across the globe have been encouraging sustainable practices to improve worker health & productivity while ensuring ecofriendly structures.
Shift toward biodegradable materials to fuel the demand for animal-based biocomposites
Animal-based biocomposites segment is likely to witness over 11.5% CAGR over the study period and record a valuation worth more than USD 13 billion by 2030. Animal-based biocomposites are the balanced blend of technology, ecology, and economy, created at a lower cost with mechanical properties comparable to synthetic fibers. The ongoing transition from non-biodegradable composites toward natural fibers due to their sustainability benefits may help the segment grow substantially throughout the projection period.
Rising ecological concerns to foster the adoption of pure biocomposites
Pure biocomposites segment accounted for over 26.5% industry share in 2021 and is likely to be worth more than USD 15.5 billion by 2030. These products are derived from 100% recyclable and bio-based materials. The increasing efforts toward minimizing the overall environmental impact and decelerating the ongoing climate change will aid the segment growth. Besides, the growing adoption of eco-friendly products with lower carbon footprints may help the biocomposites industry gain significant impetus over the coming years.
Increasing utilization across the industrial sector to bolster the demand for injection molded biocomposites
Injection molding segment is anticipated to register over 13% CAGR during the assessment period and hold more than 15% market share by 2030. Injection molded biocomposites possess exceptional properties such as biodegradability, non-abrasiveness, low cost, and lower density, making them ideal for a range of industrial applications. The increasing reliance on eco-friendly bio-based materials and the subsequent decline in dependency on synthetic fibers will increase segmental revenues in the times to come.
Browse key industry insights spread across 350 pages with 549 market data tables & 29 figures & charts from the report, “Biocomposites 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) By Application (Transportation, Construction, Consumer Goods, Sports & Leisure) Industry Analysis Report, Regional Outlook, End-user Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
Increasing go-green initiatives to drive product demand across the construction sector
Biocomposites market from construction applications is anticipated to be worth over USD 12 billion by 2030, exhibiting a CAGR of more than 11% during the forecast timeframe. Biocomposites are used in a broad spectrum of applications across the construction sector, including panels, doors, window frames, partitions, fencings, railings, etc. Inflowing investments in green building projects and flourishing sustainability trends may bolster the industry outlook over the coming years.
Significant infrastructural investments to aid the industry growth across North America
North America biocomposites market held over 28% revenue share in 2021 and is likely to depict over 11% CAGR during the assessment timeframe. The increasing popularity of electric vehicles and the rapid surge in automobile production will aid the expansion of the regional industry. Also, the positive outlook of the regional construction industry and the rollout of several infrastructure development projects may fuel the demand for bio-based composites across North America.
Partnerships to strengthen the competitive landscape
Notable shareholders in the biocomposites market include UPM, Stora Enso, Trex Company, Inc., Fiberon LLC, FlexForm Technologies, UFP Industries, Inc., Archello, Tecnaro GmbH, Lingrove Inc., Bcomp Ltd., EP Biocomposites Ltd., BioComposites Group, Green Dot Bioplastics Inc., and others.
These companies are adopting significant growth measures, including M&A, partnerships, collaborations, etc., to strengthen their market position and lay the foundation for future opportunities. For instance, in September 2022, Nippon Paper Industries Co., Ltd., a Japanese paper manufacturing company, announced its partnership with Mitsui Chemicals, Inc., a Japanese chemical company, to bring a new biocomposite with a high level of industrial stability based on quality and quantity into the market. With the move, both companies plan to expand into a broad range of fields, comprising containers, building materials, auto parts, household appliances, and daily necessities.