Industry Overview:
Global Biocomposite Market is anticipated to expand at an 8.5% CAGR from 2016 to 2023 (forecast period), according to a new report by Market Research Future (MRFR). Biocomposites consist of resins which can bind together different materials derived from organic sources. Economical production cost, high tensile strength, and low density are features which make Biocomposites preferable to synthetic composites. The recyclable nature of Biocomposites and its subsequent application in various sectors are expected to drive its market growth over the forecast period.
Drivers and Restraints:
Awareness of biodegradable materials among consumers is the primary factor driving the Biocomposite Market. Concerted efforts by various nations to replace plastics with alternative sources are anticipated to augur market growth. Stringent regulations related to use of plastics can act as a plus for the market during the forecast period. High cost of Biocomposites and lack of a skilled labor force are factors which can pose a challenge to market growth.
Industry News:
The strange union of art and technology have brought water-based programmable Biocomposites to the forefront. Developed by researchers at Massachusetts Institute of Technology (MIT), U.S., these composites are derived from insect exoskeletons and components from trees. These materials are primarily derived from chitosan, pectin, and cellulose.
Stora Enso Oyj, a Finnish firm, has decided to forego the use of plastic by producing wood composites. It has invested in a production facility which has the capacity to produce 15,000 tons which can cater to applications ranging from industrial to consumer durables.
Competition:
Notable market players include Nanjing Xuha Sundi New Building Materials Co.,Ltd.; MCG BioComposites, LLC; Green Dot Holding LLC; A.B.COMPOSITES PVT.LTD.; and Bcomp Ltd. These players are investing in research and development (R&D) to develop eco-friendly materials. For instance, scientists at Technische Universität Wien, Austria, have developed eco-friendly composites which can undergo curing underwater with the help of light. It can be used in repairing cracks or pipes.
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Segmentation Analysis:
The Biocomposite Market is segmented by Fiber Type, Process, End-User and Region.
By Fiber Type, the market is segmented into jute, flax, kenaf, hemp, and others.
Injection molding, compression molding, and others are various processes used in biocomposite production.
Key End-Users include consumer goods, building & construction, automotive, and others. The automotive segment is anticipated to perform well during the forecast period due to rising demand to reduce vehicular weight and emphasis on passenger safety.
The building & construction segment may be the dominating segment among end-users owing to demand for docking fences and railings derived from wood fiber. Increase in government spending in developing residential sectors and commercial buildings is expected to spur segment growth in the coming years.
Regional Analysis:
Region-wise, the market report covers information on North America, Latin America (LATAM), Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
The APAC market is expected a tremendous growth rate during the forecast period due to rise of infrastructural projects. Development of smart cities coupled with rapid urbanization and industrialization is anticipated to create a demand for Biocomposites. The expanding automotive sector is also projected to contribute to regional market revenue.
The North America market is the second-largest after APAC. It is anticipated to perform spectacularly due to high demand from sports, aerospace, and transportation sectors. Government incentives to encourage production of biomaterials is projected to bolster market growth in the coming years.
The Europe Biocomposite Market is anticipated to expand due to the burgeoning building & construction and automotive sectors. Ban on non-recyclable plastic by nations in the European Union (EU) can benefit the market. Companies are forming divisions to focus solely on sustainability. For instance, Composites UK is expected to invest in niche segments and incorporate biocomposites in fiber reinforced polymers.
COVID-19 Study in Detail:
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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