June 18, 2022 04:00 ET | Source: GreyViews GreyViews
Pune, INDIA
Pune India, June 18, 2022 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the Biocomposites market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Biocomposites market is present across various countries in the above-mentioned regions.
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The report provides detailed understanding of the market segments which have been formed by combining different prospects such as the fiber type, polymer type, product, end-use industries, and others. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global Biocomposites market are UPM, Trex Company, Fiberon LLC, FlexForm Technologies, Universal Forest Products, Inc., Nanjing Jufeng Advanced Materials Co., Ltd., Meshlin Composites ZRT, Tecnaro GmbH, SAPPI, and GREEN BAY DECKING LLC among others. To achieve a substantial market share in the worldwide Biocomposites market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures. Among these, Trex Company is one of the most significant manufacturers and distributors present in the global Biocomposites market.
Biocomposites are biodegradable, natural, and renewable composites with least impact on the environment along with considerably lower carbon emissions. They are formed by a matrix and a reinforcement of natural fibers. Such materials have attained huge traction across different end-use industries due to their attractive features such as biodegradable nature, lightweight, low cost, and better thermal stability.
Continuous demand for lightweight materials in extensive range of applications across the industries such as construction, aerospace, and automotive has led to the development of biocomposites. The different industry players have constantly been innovating bio based composites to meet the requirement for lightweight materials. For instance, in July 2019, Porsche, the automaker leveraged benefits of organic materials in automotive manufacturing applications. The company has introduced new 718 Cayman GT4 Clubsport that features body parts made of natural-fiber composite materials to reduce weight of the vehicle.
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Scope of Biocomposites Market Report
Segmentation Analysis
Non-wood fiber composites segment is expected to be the fastest growing segment in 2021.
The fiber type offering segment includes wood fiber composites and non-wood fiber composites. Non-wood fiber composites is expected to witness highest growth rate during the forecast period. In past few years, non-wood fiber have observed considerably high attention, especially for composite material applications, due to their low cost, high specific strength, low density, good mechanical properties, eco-friendliness, biodegradability, and nonabrasiveness. This factor has primarily driven growth of the non-wood fiber composites segment.
Natural Polymer Composites segment is expected to be the fastest growing segment in 2021.
The polymer type segment includes Natural Polymer Composites and Synthetic Polymer Composites. Natural Polymer Composites is expected to witness highest growth rate during the forecast period. Significant rise in demand for biodegradable products by consumers has primarily driven growth of this segment. The various natural polymers such as wool, rubber, cellulose, silk, and proteins are rapidly seeing applications in automotive and consumer products.
Green biocomposites segment is expected to be the fastest growing segment in 2021.
The product segment includes hybrid biocomposites and green biocomposites. Green biocomposites segment is expected to witness highest growth rate during the forecast period. This type of biocomposites are 100% biodegradable and have no harmful effects on the environment. Hence, demand for environmentally friendly composites in developed regions such as North America and Europe fuels growth of this segment.
Transportation segment is expected to be the fastest growing segment in 2021.
The end-use Industries segment includes building & construction, transportation, consumer goods, and others. Transportation segment is expected to witness highest growth rate during the forecast period. Rising usage of biocomposites in automobiles such as trucks and cars has driven growth of this segment. In addition, the biocomposites are being used in cars for nonstructural components such as interior panels to help automotive manufactures achieve weight reduction and cost reduction in vehicles.
Regional Analysis
The regional analysis provides a detailed perception about the key regions and the countries. Some of the key countries analyzed for the Biocomposites include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
Asia-Pacific region witnessed a major share. Rising disposable income and increased population in Asia-Pacific has driven demand for automotive and affordable houses, which is, fueling growth of the biocomposites market. However, Europe is expected to witness considerable growth rate during the forecast period. The increased adoption of biocomposites in building and construction industry along with favorable government initiatives in the region has driven growth of the biocomposites market.
Country Analysis
Germany
Germany Biocomposites market size was valued at USD 2.63 billion in 2021 and is expected to reach USD 8.65 billion by 2029, at a CAGR of 16.4% from 2022 to 2029.
Germany is one of the leading nations in the mechanical engineering, manufacturing, automotive, and electrical industries. Growth of the market in this country is mainly driven by increasing environmental awareness coupled with European Union initiatives that supports usage of biocomposites. In addition, the flourishing automotive sector in this country has driven demand for biocomposites.
China
China Biocomposites market size was valued at USD 4.30 billion in 2021 and is expected to reach USD 13.95 billion by 2029, at a CAGR of 16.2% from 2022 to 2029. China is the largest consuming as well as exporting country. In addition, rapid expansion of global composites industry players in the country has created lucrative growth opportunities for the market. For instance, in February 2022, Teijin Automotive Technologies and the core company of Teijin Group’s automotive composites business began commercial operation of a new 39,000-square-meter composites manufacturing facility in the Wujin National Hi-Tech Industrial Zone, China.
India
India Biocomposites market size was valued at USD 1.91 billion in 2021 and is expected to reach USD 6.54 billion by 2029, at a CAGR of 17.0% from 2022 to 2029. India is one of the strongest growing economies in Asia. Significant demand for biocomposites from mass transportation, electrical & electronics, building and construction, and renewable sector has primarily driven growth of the market in this country.
Further, MIDHANI, a metals and metal alloys manufacturing company in India signed a Memorandum of Understanding (MoU) Hindustan Aeronautics Ltd. for development and production of composite raw materials. Such developments in India are opportunistic for growth of the India biocomposites market.
Covid-19 Impact
Covid-19 had a major impact on almost all of the industries such as construction, maritime, transport, manufacturing, oil and gas, automobile, etc. The demand for Biocomposites systems has decreased during the period owing to the regulations on social distancing and supply chain disruptions. In most of the regions, the manufacturing facilities of Biocomposites systems were closed in the second and third quarters of fiscal year 2020. The major end-users were also temporarily closed during this period and thus the demand for Biocomposites significantly decreased.
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