The global biocomposites market size is expected to reach USD 87.73 billion by 2030, according to a new study by Polaris market Research. The report “Biocomposites Market Share, Size, Trends, Industry Analysis Report, By Fiber Type; By Polymer Type (Synthetic, Natural); By Product (Hybrid, Green); By End-use; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The benefits of biocomposites in various industries promote market growth throughout the projected period because they feature qualities like weight reduction and service facilitation, biocomposites are a prominent material in the automobile sector. They are utilized for non-structural components like the interior panels of automobiles. They aid manufacturers in cutting expenses and lightening the weight of vehicles. Additionally, these substances or alloys reduce the risk of injury to passengers in the case of a collision.
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Additionally, it is anticipated that the worldwide industry will develop even more throughout the projected period due to the rising need for lightweight automobiles and the increasing demand for electric vehicles. For instance, according to the International Energy Agency, 2.1 million electric cars were sold globally in 2019. In 2019, electric cars represented 2.6 percent of worldwide auto sales and around 1 percent of global auto inventory, a 40 percent increase from the previous year. The demand for electric vehicles is developing considerably due to technological advancements in the electrification of buses, tractor-trailers, and two- and three-wheeled vehicles.
Based on the fiber type, the wood fibers segment accounted for the leading share in the market. Due to their unique properties, medical benefits, and renewability, wood fibers are a viable alternative to artificial fibers as an encouragement for polymeric materials in the low-cost, sustainable, and ecologically friendly production composites. The properties of wood fibers are primarily determined by the nature of the plant and other factors.
Market players such as Fiberon LLC, Bast Fibers LLC, FlexForm Technologies, Meshlin Composites ZRT, Huntsman Corporation, Mitsubishi Plastics, Inc., Procotex, Fiberon LLC, Tecnaro GmbH, Nanjing Jufeng Advanced Materials Co., Ltd, Universal Forest Products, Inc are key players operating in the global market. In October 2021, Trex Company confirmed plans to build a new multi-faceted manufacturing facility for biocomposites in Little Rock, Arkansas.
The management believes that constructing a third manufacturing facility in the United States will give customers significantly better access to Trex Residential products whenever and wherever they need them. It will also position the business for future growth as it experiences broad-based economic growth that has been fueled by increasing consumer interest in outdoor living.
Polaris market research has segmented the Biocomposites market report based on fiber type, polymer type, product, end-use industry, and region:
Biocomposites, Fiber Type Outlook (Revenue - USD Billion, 2018 - 2030)
Biocomposites, Polymer Type Outlook (Revenue - USD Billion, 2018 - 2030)
Biocomposites, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Biocomposites, End-Use Industry Outlook (Revenue - USD Billion, 2018 - 2030)
Biocomposites, Regional Outlook (Revenue - USD Billion, 2018 - 2030)