Biocomposites Global Market Report 2024

Biocomposites refer to reinforced compounds created by combining natural resin and a reinforcing compound. These environmentally friendly materials can be easily recycled, serving as a sustainable alternative to non-biodegradable polymers. Biocomposites find applications across various industries, including automotive, packaging, and food and beverages.

The primary types of biocomposite products in the market are hybrid biocomposites and green biocomposites. Hybrid biocomposites are utilized in diverse sectors such as construction, medicine, electronics, packaging, and automotive. These composites are formed by combining more than one type of reinforcement matrix, with polymers ranging from natural to synthetic. Fiber types include wood fiber composites and non-wood fiber composites. End-use industries for biocomposites encompass building and construction, transportation, consumer goods, and others.

The biocomposites market research report is one of a series of new reports that provides biocomposites market statistics, including biocomposites industry global market size, regional shares, competitors with biocomposites market share, detailed biocomposites market segments, market trends and opportunities, and any further data you may need to thrive in the biocomposites industry. This biocomposites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The biocomposites market size has grown rapidly in recent years. It will grow from $28.91 billion in 2023 to $34.12 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to increasing environmental concerns, regulatory initiatives promoting sustainability, a focus on reducing carbon footprint, changing consumer preferences towards eco-friendly products, and efforts to minimize waste.

The biocomposites market size is expected to see rapid growth in the next few years. It will grow to $64.1 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to the promotion of sustainable supply chains, government incentives supporting eco-friendly practices, the adoption of environmentally conscious packaging, emerging market applications for biocomposites, and the development of biodegradable biocomposites. Major trends in the forecast period include ongoing technological advancements, the use of sustainable raw materials, advancements in manufacturing techniques, the production of high-performance biocomposites, and the incorporation of biocomposites in green building materials.

The biocomposites market is anticipated to experience substantial growth due to increasing environmental concerns. Environmental issues are gaining significant attention globally, leading to a heightened focus on sustainable and eco-friendly solutions. Biocomposites, characterized by their reduced environmental impact and safety for both humans and ecosystems, present a favorable alternative. Many biocomposites are recyclable and reusable, aligning with the growing trend of environmental consciousness. A survey conducted by Mastercard in 2021, involving 25,519 adults across 24 countries, revealed that 83% of respondents are personally taking action on environmental and sustainability issues. Notably, 58% of adults have become more aware of their environmental impact. The shift towards sustainable practices is expected to drive the growth of the biocomposites market.

The biocomposite market is poised for growth driven by increasing urbanization trends. Urbanization, the concentration of populations in specific geographic areas, often leads to the adoption of modern architectural styles favoring open and flexible living spaces. Automotive manufacturers, seeking ways to enhance fuel efficiency and reduce emissions, are turning to biocomposite materials. These materials, known for their lightweight and high-strength properties, serve as alternatives to traditional materials like fiberglass and plastics. The World Bank reported in 2022 that over 50% of the global population resides in urban areas, a figure expected to increase by 1.5 times to 6 billion by 2045. With urban land consumption growing up to 50% faster than population growth, the demand for lightweight and sustainable materials like biocomposites is set to rise, driving market growth.

In the agricultural textiles market, technological innovations are emerging as a prominent trend. Major companies in the sector are introducing advanced technologies, such as the fully biocomposite material Tepex, manufactured using continuous fiber-reinforced thermoplastic composites. In October 2021, Lanxess, a German specialty chemicals company, launched a new fully biocomposite material within its Tepex range. This material, acting as the matrix, is 100% recyclable and offers mechanical performance comparable to Tepex while being lighter than glass fibers. The material's flexibility and lower density make it suitable for various applications, including interior parts for cars or electronics. The introduction of such innovative technologies is contributing to the growth and evolution of the agricultural textiles market.

Major players in the biocomposites market are actively engaged in developing innovative products, particularly bio-based composite materials, to cater to a broader customer base, boost sales, and enhance overall revenue. Bio-based composite materials are advanced substances crafted by combining natural or renewable resources like plant-based fibers or biopolymers with synthetic or biodegradable resins. An illustration of this trend is seen in the actions of Lanxess, a prominent German chemical company. In June 2022, Lanxess introduced a fully bio-based composite material derived from flax and polylactic acid (PLA). The company is in the final stages of developing a matrix plastic, mainly based on polyamide 6 (PA6), for Tepex dynalite. Comprising over 80% renewable raw materials, this innovative material falls within Lanxess' Scopeblue range requirements. When combined with continuous fiber fabrics, the resulting semi-finished products exhibit optimized properties comparable to their fossil-based counterparts. These semi-finished products find applications in structural lightweight design, making them suitable for various uses such as front-end carriers, seat shells, and battery consoles within the Tepex Dynalite portfolio.

In a strategic move, CBD Global Sciences Inc., a Canadian specialty pharmaceutical company, announced the acquisition of Pure BioPlastics Inc. in March 2022, although the specific financial details remain undisclosed. This acquisition positions CBD Global Sciences Inc. to establish a dedicated bio-based technologies division, allowing the company to provide advanced solutions to global environmental challenges associated with plastics. Pure BioPlastics Inc., based in the United States, is recognized as a renewable plastics company, aligning with the growing emphasis on sustainable and environmentally friendly practices in the industry.

Major companies operating in the biocomposites market include UPM, Trex Company Inc., Fiberon LLC, FlexForm Technologies, Universal Forest Products Inc., JELU-WERK J. Ehrler GmbH & Co. KG, Tecnaro GmbH, Newtechwood, Meshlin Composites ZRT, Green Bay Decking LLC, AlPAS Srl, Nanjing Jufeng Advanced Materials Co, Arakawa Chemical Industries, Zeller+Gmelin Corporation, Hydrite Chemical Co., Rahn AG, Aal Chem, SICPA Holding SA, Fuzion Technologies Inc., Rütgers Organics GmbH, Eternal Materials Co. Ltd., Imerys, Technovinyl Polymers India Ltd., Aapico Hitech Public Company Limited, Amorim, BioLogic, Advanced Compounding, Stora Enso, Sappi Ltd., GreenCore Composites

Asia-Pacific was the largest region in the biocomposites market in 2023. North America was the second-largest region in the biocomposites market share. The regions covered in the biocomposites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the biocomposites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The biocomposites market consists of sales of natural fiber-reinforced biocomposites, basic biocomposites and nanoparticle-reinforced biocomposites. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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