The report "Biocomposites Market by Fiber Type (Wood Fiber and Non-wood Fiber), Polymer Type (Synthetic and Natural), Product (Hybrid and Green), End-use Industries (Building & Construction, Transportation, and Consumer Goods) and Region - Global Forecast to 2026" The global biocomposites market size is projected to reach USD 51.2 billion by 2026, registering a CAGR of 16.0% from 2021 to 2026. The global biocomposites market size is expected to grow from USD 24.4 billion in 2021 to USD 51.2 billion by 2026, at a CAGR of 16.0% during the forecast period. The biocomposites industry is growing due to the increase in the demand for environment-friendly materials from various end-use industries such as transportation, building & construction, consumer goods, and others.
The Asia Pacific is the largest market for biocomposites. The major international players are exploring opportunities in the region owing to cheap labor, raw materials, and high demand from various end-use industries, such as transportation, building & construction, and consumer goods. However, COVID-19 affected the entire world disastrously, and Asia Pacific is one of the most affected regions, globally. The deadly virus has affected various major markets in Asia Pacific including China and India. It forced the government to lock down the that resulted in slow down across various sectors, building & construction and transportation in 2020.
The key players in the market include UPM (Finland), Trex Company (US), Fiberon LLC (US), FlexForm Technologies (US), Universal Forest Products, Inc. (US), Nanjing Jufeng Advanced Materials Co., Ltd (China), Meshlin Composites ZRT (Hungary), Tecnaro GmbH (Germany), among many others.
