The global biocomposite market is poised for substantial growth, adhering to a remarkable CAGR of 15.5% through 2034. This dynamic expansion is set to create lucrative opportunities for both established players and emerging firms in the industry. By 2024, the market is projected to reach a value of USD 31.76 billion, and this upward trajectory is expected to continue, with the market anticipated to achieve an impressive valuation of USD 133.84 billion by 2034. This growth underscores the increasing demand for sustainable and eco-friendly materials, driven by advancements in technology and growing environmental awareness, making the biocomposite market a significant player in the global economy.
The emerging trend of green buildings is likely to govern the construction sector, thereby bolstering the demand for biocomposites. Eco-friendliness of materials and the biodegradability of compounds upsurge sales of biocomposites in the industry.
With government regulations becoming stringent, various players in the market are inclined toward the use of biocomposites. The ability of such materials to curb carbon footprints is enabling these composites to gain momentum in the field.
The growing use of biocomposites in the aerospace and defense industries is anticipated to upscale sales of biocomposites. This factor is likely to create several prospects for leading organizations in the field.
The growing inclination toward designing lightweight applications is projected to uphold the popularity of biocomposites. The rising prominence of such applications in a wide range of end-use industries is likely to propel the growth of the market.
Consumer trends have been drifting toward eco-friendly and sustainable choices of materials. This trend is upholding the demand for sustainable and green solutions, providing more traction to the biocomposite market.
Biocomposites are unique composite materials formed by combining natural fibers in a matrix material. These materials have started gaining immense traction across various end-use industries on account of their various attractive features such as biodegradable nature, better thermal stability, lightweight, low cost, etc.
Rising environmental concerns supported by the increasing need for lowering emission levels are expected to provide a strong thrust to the growth of the biocomposites market during the forecast period.
Consequently, factors such as the rising penetration of wood plastic composites across developing regions, expansion of the soft magnetic composites market, and implementation of stringent regulations on the use of petroleum-based products will drive growth in the biocomposites market in the future
Key Takeaways from the Market Study:
- Compared to the historical CAGR of 2%, the forecast advancement is set to adhere to a CAGR of 15.5%.
- India is likely to propel the demand for biocomposites at the most prominent CAGR of 9% through the forecast period.
- Owing to the growing expenditure on construction projects in Mexico, the country is set to adhere to a staggering CAGR of 4% through 2034.
- Synthetic polymer composite is set to gain traction, securing 3% of the market share in 2034.
- In terms of the end-use industry, the building and construction segment is likely to hold a share of 1% in 2034.
“Rising concerns of environmental sustainability are projected to accelerate the demand for biocomposites due to their eco-friendly nature,” Says an Analyst at Future Market Insights (FMI).
Key Players in the Biocomposite Market:
- Stora Enso
- UPM
- Universal Forest Products, Inc.
- Trex Company
- Fiberon LLC
- FlexForm Technologies
- Tecnaro GmbH
- Meshlin Composites ZRT
- Nanjing Jufeng Advanced Materials Co., Ltd.
- Bcomp Ltd.
Key Segments of Market Report:
By Fiber Type:
- Wood fiber composites
- Non-wood fiber composites
By Polymer Type:
- Natural polymer composites
- Synthetic polymer composites
By Product:
- Hybrid bio-composites
- Green bio-composites
By End-use Industry:
- Building and Construction
- Transportation
- Consumer Goods
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia
- the Middle East
- Africa
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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