The global biocomposites market size reached over US$ 25 Bn in 2021 and is expected to grow at an incredible CAGR of 16% during the forecast period between 2022 and 2032, reaching around US$ 128 Bn by the end of 2032. Growth in the market is attributed to rising demand for eco-friendly materials worldwide and rapid expansion of end-use industries, such as automotive and building & construction.
The development of biocomposites has been made possible by the ongoing search for novel lightweight materials for a variety of applications in the construction, aerospace, and automotive industries.
Natural fibers are combined with a matrix material to create biocomposites, which are distinctive composite materials. Due to their numerous appealing qualities, including their biodegradable nature, improved thermal stability, lightweight, low cost, etc., these materials have begun to gain tremendous traction across a variety of end-use industries.
During the forecast period, the market for biocomposites is anticipated to grow strongly as a result of growing environmental concerns and the need to reduce emission levels.
The demand for biocomposites is anticipated to grow significantly at a CAGR of 16% between 2022 and 2032, according to Future Market Insights.
Some of the key factors boosting the demand for biocomposites include the booming growth of end-use industries like the automotive and construction sectors, rising environmental concerns, ongoing product introductions, growing end-user awareness of the advantages of biocomposites, and the swift growth of the world market for natural fiber composites.
FMI’s latest biocomposites market forecast predicts the U.S. to emerge as a highly lucrative market for biocomposites during the forecast period, owing to the rapid expansion of automotive and building & construction industries, growing inclination towards using eco-friendly products, and the heavy presence of leading biocomposites manufacturers.
China forms a significant share of the Asia Pacific biocomposites market and is expected to grow at a stupendous pace during the forecast period between 2022 and 2032. Growth in the market is driven by the rapid expansion of end-use industries, increasing environmental concerns, favorable government support, and the availability of raw materials at lower costs.
Leading Chinese automakers are constantly working to lighten the load on their vehicles to increase their efficiency and environmental friendliness. They are therefore utilizing components like biocomposites in their vehicles.
Fiberon LLC (US), FlexForm Technologies (US), Trex Company (US), Universal Forest Products, Inc. (US), Mechlin Composites ZRT (Hungary), and Tecnaro GmbH of Germany, Nanjing Jufeng Advanced Materials Co., Ltd. (China)
By Fiber Type:
- Wood Fiber Composites
- Non-wood Fiber Composites
By Polymer Type:
- Natural Polymer Composites
- Synthetic Polymer Composites
- Hybrid Biocomposites
- Green Biocomposites
By End-Use Industry:
- Building & Construction
- Consumer Goods
- North America
- Latin America
- the Asia Pacific
- the Middle East and Africa (MEA)