In terms of revenue, the Global Bio-Composites Market is expected to reach USD 57.2 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 15.30% from 2022 to 2028.
Growing public awareness of environmentally friendly materials and government initiatives to replace plastics with biodegradable and environmentally friendly alternatives are two key trends driving market expansion. Additionally, the increased need in the automotive industry to improve passenger safety and lighten vehicles is anticipated to drive market demand. The main benefits of Bio-Composites are that they are lightweight and biodegradable, which are also essential factors in the popularity of these materials among manufacturers and consumers. Furthermore, most of the world is currently dealing with an alarming issue with plastic trash. Plastic is a material that cannot dissolve and will not do so for many centuries. Therefore, governments worldwide are limiting plastics and promoting eco-friendly alternatives to address this issue. For the projection year, the market will undoubtedly gain significantly from this.
Key Highlights from Report
- Among Fiber Types, the non-wood fiber composites segment will likely dominate the Bio-Composites Market with the maximum market share during the forecast period. The rising use of this fiber in outdoor construction projects has raised the demand for it.
- By Polymer Types, the natural polymer composites segment accounted for the highest CAGR in the forecast period. As biodegradable products have increased, more customers in numerous industries demand natural polymers.
- Geographically, Asia Pacific held the largest market share in 2021 and is likely to be the most profitable market in the forecast period. The region's rapid industrialization is one of the leading causes of the Asia Pacific Market's overall expansion.
The market for Bio-Composites has been dramatically boosted by the growing emphasis on using bio-based goods. Vehicle components have been selected for recycling to reduce the massive amount of radioactive materials and garbage created globally. To stop the massive production of waste materials and scrap worldwide, auto manufacturers have been told to handle the disposal process at their end. The manufacturers themselves are now responsible for the vehicles' lifespan and upkeep.
The market for Bio-Composites has skyrocketed due to industrialized nations like Japan, the United States, and Germany having a higher demand for a variety of environmentally friendly products. However, the European Union has chosen bio-composite materials compared to the other choices. As a result, the European Union has a more increased need for Bio-Composites than Japan and the US.
However, the market's expansion may be constrained by the high availability of Bio-Composite competitors, such as carbon fiber and glass fibers. Furthermore, compared to carbon fiber and glass fiber composites, Bio-Composites are less durable. Therefore, this is the biggest obstacle preventing the worldwide Bio-Composites Market from expanding.
Asia Pacific Bio-Composites Market is anticipated to observe significant market growth with the highest CAGR in the coming years. The market for biocomposite materials is anticipated to increase in the Asia Pacific area, along with the expected rise in per capita disposable income. Most of the population in developing nations like China and India is middle class, and there is a high demand for affordable housing and automobiles. During the projected period, the need for inexpensive housing and automobiles in nations like China and India would contribute to the growth of the Bio-Composites Market.
The Global Bio-Composites Market is Segmented as follows
- Fiber Types
- Wood Fiber Composites
- Non-wood Fiber Composites
- Polymer Types
- Natural Polymer Composites
- Synthetic Polymer Composites
- Hybrid Bio Composites
- Green Bio Composites
- End Use Industries
- Building & Construction
- Consumer & Goods
- Other Industries
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Bio-Composites Market is
UPM (Finland), Trex Company (US), Universal Forest Products Inc. (US), Fiberon LLC (US), FlexForm Technologies (US)
The Global Bio-Composites Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis