Biocomposites Market
The Global Biocomposites Market wasvalued at USD 22.43 million in 2019 and is forecast to reach USD 51.32 billionin terms of annual remunerations at a growth rate of 10.8% through 2027. Themarket growth is driven by increasing consumer awareness regardingenvironmental concerns and favourable government initiatives encouraging theuse of environmentally friendly products.
Biodegradable composites are the next generationof sustainable building materials formed by a matrix and a reinforcement ofnatural fibers. They are offering a great prospect as a replacement for plasticcomposites due to their eco-friendly features. The product is experiencing highdemand from various end-use sectors such as consumer goods, electrical andelectronics, building and construction, automotive, and others. A paradigmshift towards sustainable and environmentally friendly products may fuel thedemand for biocomposites during the forecast period. Moreover, theimplementation of strict laws restricting plastic-based composite usage willfurther foster biocomposites market share through 2027.
In terms of end-use, theconstruction sector is estimated to gain major traction through 2027 on accountof for increasing product usage as a wood replacement for exteriorconstructions such as decking and fencing.
Access to Report Sample by clicking here @ https://www.reportsanddata.com/sample-enquiry-form/3263
The transportation sectoris one of the fastest-growing segments for the biocomposites market due togrowing product usage in automobiles such as passenger vehicles, trucks, cars,and others. Biocomposites are witnessing massive adoption for the manufacturingof non-structural elements like interior panels of vehicles. With biocompositeutilization, manufacturers are able to reduce vehicle weight as well as costseffectively. Moreover, utilization of this material in place of metals oralloys reduces any potential injury in case of an accident, which is furtherfuelling product demand. Similarly, the product demand will be spurred by otherend-use segments like consumer goods and electrical and electronics sector.
In the regional landscape,North America is dominating the global biocomposites market and is forecast towitness a notable growth rate of 14.9% through 2027. The surging demand foradvanced consumer electronics and vehicles in the region will boost industrygrowth in the coming years. The Asia Pacific region is expected to contributesignificantly to the biocomposites market revenue share at a CAGR of 13.1% overthe forecast period. The regional growth can be attributed to the rapidexpansion of the automobile industry along with the surging needs for lightweighting of vehicles parts to reduce fuel consumption and pollutant emissions.Europe is estimated to be a major revenue pocket for the biocompositesindustry, growing at a CAGR of 8.8% over the analysis period. The favourableinitiatives undertaken by the European countries to ban non-recyclable plasticswill propel regional industry growth.
Companies profiled in the GlobalBiocomposites Market include:
· HuntsmanCorporation
· FiberonLLC
· MitsubishiPlastics, Inc.
· TecnaroGmbH
· FlexFormTechnologies, LLC
· UniversalForest Products Inc.
· Stemergy
· Procotex
· Bioworks,Inc.
· NewTechWood
· GreenBay Decking
· ALPASSrl
· Procotex,
· BastFibers LLC
· Arkema
Grab this report at an amazing discounthere @ https://www.reportsanddata.com/discount-enquiry-form/3263
GlobalBiocomposites Market: Segmentation
For this report, Reports and Data hassegmented into the Global Biocomposites Market on the basis of fiber type,polymer type, product type, manufacturing process, and region:
Fiber Type Outlook (Revenue: USDBillion;; 2017-2027)
· Straw
· Bast
· Hemp
· Flax
· Jute
· Kenaf
· Soft& Hardwood
· Others
Polymer Type Outlook (Revenue: USDBillion; 2017-2027)
· Natural
· Synthetic
Product Type Outlook (Revenue: USDBillion; 2017-2027)
· Green
· Hybrid
Manufacturing Process Outlook (Revenue:USD Billion; 2017-2027)
· CompressionMolding
· InjectionMolding
· RTM
· Others
Application Outlook (Revenue: USDBillion; 2017-2027)
· Construction
· Transportation
· ConsumerGoods
· Electronics& Electrical
· Others
Regional Outlook (Revenue: USD Billion;2017-2027)
· NorthAmerica
o U.S
o Canada
· Europe
o Germany
o U.K
o France
o BENELUX
o Restof Europe
· AsiaPacific
o China
o India
o Japan
o Restof APAC
· MEA
o SaudiArabia
o UAE
o Restof MEA
· LatinAmerica
o Brazil
o Restof LATAM
Toread the full report now, with industry-wide coverage, visit @ https://www.reportsanddata.com/report-detail/biocomposites-market
Thank you for reading this Report. You can also getchapter-wise sections or region-wise report coverage for North America, Europe,Asia Pacific, Latin America, and Middle East & Africa.
