The biocomposites market size is expected to advance at a CAGR of 17.2% during 2022–2030, to reach $103.6 billion by 2030.
A move away from non-biodegradable and non-renewable resources has been brought on by the rapidly growing global population and the increasing demand for inventive consumer goods. Moreover, governments worldwide are focusing on sustainable economic development, while achieving a long-term reduction in the environmental effect of GHG emissions.
Public- and private-sector businesses are making large investments to create composites reinforced with natural fibers. The consumer interest has dramatically shifted toward environment-friendly bio-based plastic materials and biocomposites due to the non-biodegradability of traditional plastic trash.
Moreover, the U.S. is the larger market in North America, powered by the growing demand for lightweight materials. In this regard, the government initiatives to promote the usage of weight-reducing materials in aircraft and automobiles are expected to accelerate the market growth in the country.
Well-known automakers, such as BMW and Mercedes-Benz, are working with market players and rapidly incorporating these materials into their models. The popularity of biocomposite materials is primarily due to their lightweight nature and strong thermal and corrosion resistance.
For instance, Porsche launched the new 718 Cayman GT4 Clubsport on July 11, 2019, which has body components made of natural fiber composites. These materials were created in collaboration with the Institute for Bioplastics and Biocomposites (IfBB) of the Hannover University of Applied Sciences and Arts, at the Fraunhofer Institute for Wood Research's Application Centre for Wood Fiber Research (HOFZET).
Moreover, the electrical and electronics industry has increased its consumption of these materials due to the rising consumer demand for cutting-edge electronic devices, such as circuit boards and those powered by IoT.
Nanomaterials made from wood fibers have outstanding mechanical and electrical qualities, and they are increasingly being used as substrates for 3D-printed electronics. The varied characteristics of wood-based fibers are also being studied by researchers and significant electrical and electronics corporations, to use these materials in the production of modern consumer goods.
The use of biocomposites in the aerospace industry will rise with over 10% CAGR during the forecast period.
Traditionally, the demand for biocomposites in military aviation was limited to the replacement of the metal parts in aircraft. However, owing to the continuous modifications in the mechanical, thermal, and chemical strength of these materials, their adoption in the majority of the airframe structures of military aircraft has risen. WPCs are the majorly used materials in military aircraft.
In order to ensure national security and address the geo-political tension, the majority of the nations are raising their military spending. According to Stockholm International Peace Research Institute, global military spending stood at $2.1 trillion in 2021. The rising military spending will encourage the development and acquisition of aircraft, such as fighter, attack, bomber, and multi-role aircraft, with a high tensile and mechanical strength. This is predicted to provide lucrative growth opportunities to the market.
The most-significant biocomposites market players are Meshlin Composites Zrt., AL.P.A.S. s.r.l., MCG BioComposites LLC, JELU-WERK J. Ehrler GmbH & Co. KG, FlexForm Technologies, Deck Store SC, UFP Industries Inc., Trex Company Inc., Tecnaro GmbH, and Fiberon LLC.