Biocomposites Market is expected to record a CAGR of 12.5% From 2014 to 2025
The global biocomposites market size is projected to reach
USD 46.3 billion by 2025, according to a report by Grand View Research, Inc.,
exhibiting a 12.5% CAGR during the forecast period. Increasing use of
biocomposites in end-use sectors such as automotive, building and construction,
electrical and electronics, and consumer goods is the main driver triggering
the biocomposites market. Additionally, changing consumer preference from
plastic composites to ecofriendly biocomposites is expected to spur market
growth over the forecast period.
Biocomposites are composite materials made from
natural fiber such as wood or non-wood fiber, along with polymer resin. Their
use in various sectors is increasing due to their eco-friendly characteristics.
They are effectively being used as a substitute for plastic composites. Strict
environment laws are also favoring their usage.
Use of biocomposites made from wood fiber is growing
as an increasing number of forests are under systematic and sustainable
utilization. Wood plastic composites are manufactured from wood fibers. Use of
natural polymer is also increasing as a result of push for 100% biodegradable
products. There is a significant demand for 100% biodegradable products in
developed markets of North America and Europe.
The handling of plastic waste globally is a serious
issue as plastic products do not decompose easily. In order to tackle this
problem, a number of governments have banned plastic products and are promoting
the use of biocomposites as a substitute for plastic composites. Furthermore,
they are used as a substitute for metal and alloys in automotive nonstructural
parts such as parcel shelves and interior panels. Use of biocomposites in the
automotive sector is likely to help in decreasing the overall weight of a
vehicle and also reduce instances of injuries to passengers in cases of
accidents. Similarly, surging demand in electrical and consumer durables
sectors is expected to drive the market.
Rising disposable income in developing countries
such as China and India and growing awareness about biocomposites and their
advantages are key factors expected to drive the market in the region. Ban on
non-reusable plastics in Europe is driving demand in the region.
A number of key players in the industry are
investing in research and development of eco-friendly and high strength
products. Some players have also integrated their operations throughout the
value chain in an attempt to increase profitability and serve customers better.
Full
Research Report On Global Biocomposites Market By Grand View Research:
www.grandviewresearch.com/industry-analysis/biocomposites-market
www.grandviewresearch.com/industry-analysis/biocomposites-market
Further
key findings from the report suggest:
- By type of fiber, wood fiber composites are
expected to grow at the fastest throughout the forecast period
- Transportation emerged as the largest end-use
segment in the market, followed by building and construction
- Asia Pacific is expected to be the largest
regional market for biocomposites. It is also likely to be the
fastest-growing regional market over the forecast period.
Browse
More Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the global biocomposites market on the
basis of fiber type, polymer type, product type, end use, and region:
Biocomposites
Fiber Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
- Wood
Fiber Composites
- Non-wood
Fiber Composites
Biocomposites Polymer
Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
- Natural
Polymer
- Synthetic
Polymer
Biocomposites Product
Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
- Green
Biocomposites
- Hybrid
Biocomposites
Biocomposites End-use
Outlook (Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
- Transportation
- Building
& Construction
- Consumer
Goods
- Electrical
& Electronics
- Others
Biocomposites Regional
Outlook (Volume, Kilotons; Revenue, USD Billion, 2014 - 2025)
- North
America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Sweden
- Russia
- Asia
Pacific
- China
- Japan
- India
- South
Korea
- Australia
- Central
& South America
- Brazil
- Argentina
- Middle
East & Africa
- Saudi
Arabia
- UAE
- South
Africa
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-biocomposites-market
www.grandviewresearch.com/press-release/global-biocomposites-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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