Global biocomposites market is projected to reach $8,473.4 million by 2023, according to P&S Intelligence.
The market growth is driven by growing demand for bio-based composites from construction and furniture industries.
Insights of market segments
Based on type, the biocomposites market is categorized into structural and non-structural . Structural was the larger category in the market, contributing more than 50.0% revenue share in 2017. The larger share of the type is ascribed to wide range of application of structural bio-based composites in housing industry owing to their exceptional load bearing property.
On the basis of fiber type, the biocomposites market is categorized into wood-plastic composites (WPC) and natural fiber composites (NFC). WPC was the larger type in the market, accounting for more than 50.0% volume sales in 2017. The large-scale consumption of wood composites in furniture and consumer goods applications, is fuelling the market growth.
Browse report overview with detailed TOC on "Biocomposites Market by Type (Structural, Non-Structural), by Fiber Type (Wood-Plastic Composites, Natural Fiber Composites), by Application (Construction, Automotive, Consumer Goods, Aerospace, Packaging, Medical), by Geography (U.S., Canada, Germany, U.K., Russia, France, China, India, Japan, Philippines, Brazil, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/biocomposites-market
In terms of application, the biocomposites market is categorized into construction, automotive, consumer goods, aerospace, packaging, medical, and others. Others include marine and transportation. In terms of volume, biocomposites is expected to witness fastest growth in aerospace application area, advancing at a CAGR of 13.6% during the forecast period. The production of aircraft is increasing owing to the increase in air travel and tourism across the world. This is driving the use of bio-based composites for aerospace application.
APAC is expected to emerge as the fastest growing region in the market
The biocomposites market in Asia-Pacific (APAC) is expected to register a CAGR of 13.7% during the forecast period, in terms of value. Rapid industrialization is the key factors attributable to the overall expansion of the APAC market.
Other key factors that are expected to fuel the overall growth of the biocomposites market in the region are the increasing demand for bio-based composites from the region's automotive, construction, and consumer goods end-use industries. Additionally, increasing demand for biodegradable, non-toxic, and moisture as well as thermal resistant materials in the building and construction is anticipated to drive the market in this region.
India’s construction biocomposites consumption in wind power has surpassed that of China’s. Furthermore, composites are increasingly being employed in the market for applications ranging from fabricating cooling tower units to resisting corrosion due to moisture. Hence, APAC is predicted to witness fastest growth in the biocomposite market during the forecast period.
Growing application of composites in military aviation is expected to serve as a lucrative opportunity
Traditionally, the demand for bio-based composites in military aviation was limited to the replacement of the metal parts of aircraft. However, due to their high mechanical, thermal, and chemical strength, composites materials now constitute a majority of airframe structure of a military aircraft. WPC are the majorly used materials in military aircraft.
In order to ensure national security and address geo-political tensions, majority of nations across the world are broadening their military spending. According to Stockholm International Peace Research Institute, the global military spending stood at 1.69 trillion in 2016. The rising military spending will encourage the development and acquisition of aircraft. Hence, the development of new and advanced military aircraft is anticipated to provide lucrative growth opportunities to the biocomposites market.
Biocomposites Market Competitive Landscape
Some of the major players operating in the global biocomposites market are Meshlin Composites ZRT, Alpas SRL, MCG Bio Composites LLC, Trex Company Inc., Flexform Technologies, Jelu-Werk J. Ehrler GmbH & Co. Kg, Green Bay Decking LLC, Universal Forest Products Inc., Fiberon LLC, and Tecnaro GmbH.
GLOBAL BIOCOMPOSITES MARKET SEGMENTATION
By Fiber Type