The use of biocomposites has become crucial in the building & construction and transportation end-use industries as they are light in weight, resistant to moisture, and biodegradable. The biocomposites market size is projected to grow from USD 24.4 billion in 2021 to USD 51.2 billion by 2026, at a CAGR of 16.0%.
Agreements and new product launches accounted for the major share of the developmental strategies adopted by the key players of the biocomposites market between 2011 and 2017. These strategies were adopted by the leading companies to enhance their product portfolios and to strengthen their presence in developed as well as emerging countries. Between 2011 and 2017, agreements and new product launches accounted for 42% and 49%, respectively, of the overall strategies adopted. Market players concentrated mainly on consolidations through these approaches, with the intention of increasing their market shares and enhancing their sustainability.
The major players profiled in this report include FlexForm Technologies (US), Tecnaro GmbH (Germany), Trex Company, Inc. (US), Fiberon LLC (US), Meshlin Composites ZRT (Hungary), UPM (Finland), Jelu-Werk J. Ehrler GmbH & Co. KG (Germany), Green Bay Decking (US), and Universal Forest Products, Inc. (US). These companies adopted various organic and inorganic growth strategies, such as agreements, acquisitions, and expansions, to increase their global presence and to enhance their position in the biocomposites market.
Trex Company, Inc. (US), Fiberon LLC (US), and Green Dot Holding (US) are the major companies that have adopted the maximum number of growth strategies between 2011 and 2017 in the biocomposites market. Trex Company is one of the major manufacturers of biocomposites for end-use industries, including building & construction. The company accounted for the largest share of all the developmental activities undertaken in the global biocomposites market between 2011 and 2017. The company follows dynamic growth strategies, especially agreements and new product launches, to strengthen its product portfolio and geographical presence. For instance, in May 2013, the company entered into a distribution agreement with Replas (Australia). The agreement helped Trex Company expand its market share in eastern Australia.
