Global Biocomposites Market
Biocomposites Market Size Was Valued at USD 35.66 Billion in 2023 and is Projected to Reach USD 115.78 Billion by 2032, Growing at a CAGR of 13.98% From 2024-2032.
Introduction to Biocomposites:
Biocomposites are advanced materials that combine natural fibers with a polymer matrix, resulting in a wide range of applications across industries such as automotive, construction, aerospace, and healthcare. These materials harness the inherent strength and sustainability of natural fibers, like hemp, flax, jute, and bamboo, and combine them with biodegradable or recyclable polymers, such as PLA (polylactic acid) or PHA The resulting composites offer several advantages. Biocomposites are environmentally friendly, as they reduce the reliance on non-renewable resources and can often be recycled or composted at the end of their life cycle. They also have a lower carbon footprint compared to traditional materials like fiberglass or carbon fiber composites. Biocomposites are lightweight yet strong, making them suitable for applications where weight reduction is critical, such as in automotive components and aircraft interiors. Their high strength-to-weight ratio can improve fuel efficiency and reduce emissions. Additionally, biocomposites exhibit good insulation properties, making them ideal for construction materials that enhance energy efficiency in buildings. They can also be molded into various shapes, offering design flexibility.
Major Key Players:
- A B Composites Pvt. Ltd. (India)
- Advanced Environmental Recycling Technologies Inc. (the US)
- Alpas Srl (Italy)
- Alstone (India)
- Solar Impulse Foundation (Switzerland)
- Anhui Huiyun Wood Plastic Composite Co. Ltd. (China)
- Bcomp Ltd. (Switzerland)
- Fiberon (US)
- FlexForm Technologies (US)
- Green Bay Decking LLC (US)
- Huangshan Huasu New Material Science & Technology Co.Ltd. (China)
- Jelu-Werk Josef Ehrler GmbH & Co. KG (Germany)
- Lingrove LLC. (US)
- MCG BioComposites LLC. (US)
- Meshlin Composites Zrt (Hungary)
- Nanjing Jufeng Advanced Materials Co.Ltd. (China)
- Nanjing Xuhua Sundi New Building Materials Co.Ltd (China)
- NewTechWood America Inc. (the US)
- Polyvlies- Franz Beyer – GmbH (Germany)
- Saige Longlife Decking Ltd. (UK)
- Trifilon AB (Sweden)
Market Dynamics and Factors Influencing Growth:
Drivers:
Biocomposites have a wide range of applications in several industry verticals such as biomedical, agriculture, packaging, and other related engineering fields. Biocomposites are environmentally friendly and are cheaper to manufacture than synthetic composites. Biocomposites can also be utilized as a substitute for carbon fiber. As conventional plastics cannot be degraded naturally, the concept of using biobased plastics (biodegradable polymers or biopolymers) as reinforced matrices for biocomposites is gaining more and more popularity day by day.
Restraints:
Incompatibility with the hydrophobic polymer matrix or incompatibility, thermal sensitivity, and exacerbation are the factors, limiting the usage of natural polymers and fibers. Natural fibers have poor interface adhesion between fiber and matrix and have high moisture absorption ability which can lead to distortion of the composite due to swelling.
Opportunities:
Hybrid composites are manufactured by combining several types of reinforcing agents to tailor the properties of the obtained composite according to engineering requirements. A synergistic effect between the different kinds of reinforcements enhances the overall performance of the composite. Bio nanocomposites are an emerging class of nanostructured biohybrid material that exhibit a singular combination of structural and functional properties together with biocompatibility and biodegradability that was not found in nature.
Biocomposites Market Segmentation:
Market Segmentation:
By Type
- Wood Fiber
- Non-Wood Fiber
By Process Type
- Compression Molding
- Injection Molding
- Resin Transfer Molding
By Polymer
- Synthetic Polymer
- Natural Polymer
By End Use
- Construction
- Automotive
- Consumer Goods
Type: Non-wood segment is projected to have the maximum share of the biocomposites market over the projected period. Non-wood materials are derived from grass or other plants that can grow rapidly and can be utilized as an alternative for wood materials.
Process Type: The injection molding segment is set to dominate the biocomposites market over the projected period. Injection molding has several benefits over its counterparts such as high efficiency which results in faster production of molds and short-period cycles increase revenue and profit margins.
Polymer: Natural polymers are biodegradable whereas synthetic polymers can end up in the landfills and ocean thus, polluting the environment. Natural polymers can also be utilized in the production of biomedical appliances, for packaging solutions, and they have a lower carbon footprint thus, are gaining popularity among end-users.
End Use: The automotive segment is expected to register the highest share of the biocomposites market. In the automotive industry, biocomposites are deployed to manufacture lightweight vehicles which increases the efficiency of the engine and reduced fuel consumption. The usage of biocomposites can reduce the strain on non-renewable materials utilized in the manufacturing of vehicles.
Key Industry Developments in the Biocomposites Market:
In April 2023, in a groundbreaking collaboration, BASF and SWISS KRONO Group are revolutionizing the wood-based panel industry. BASF introduces Kaurit® ZERO and Kauramin® BALANCE, pioneering biomass-balanced amino resins. SWISS KRONO Group becomes the inaugural wood-based material manufacturer to utilize Kauramin® BALANCE in their innovative biocomposite product. BASF empowers its wood-based panel industry customers with the ability to compute their products' CO2 footprint, marking a significant stride towards sustainability and eco-friendly production practices.
In September 2022, Nippon Paper Industries Co., Ltd. (Tokyo: 3863; President: NOZAWA Toru) and Mitsui Chemicals, Inc. are set to partner in the development of a new biocomposite with a high content of cellulose powder, a woody biomass material.
For this report, Introspective Market Research has segmented the Biocomposites Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2024-2032)
The North American region is anticipated to lead the biocomposites market during the projected period. The presence of prominent companies and the access to state-of-the-art technologies to manufacture advanced biocomposites are the essential factors stimulating the expansion of the market in this region.
The biocomposites market in the Asia-Pacific region is anticipated to develop with the highest CAGR owing to the rise in the usage of biocomposites. The surging demand for biocomposites in the electrical and consumer durables sector is the essential factor driving the expansion of the market in this region.
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
