A recent report published by Infinium Global Research on the biocomposites market provides an in-depth analysis of segments and sub-segments in the global as well as regional biocomposites market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biocomposites market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global biocomposites market. According to the report, the global biocomposites market is projected to grow at a CAGR of 12.3% over the forecast period of 2019-2025.
The demand for supplies of biocomposites is growing in the world from year to year. Composite materials derived from natural, renewable sources have received significant interest in recent years, due to the increased awareness and drive towards more environmentally sustainable technologies. In several cases, bio-based materials offer weight reduction, added functionality, and occupational health benefits. A significant market driver for high volume applications is the potential to disassociate material costs from the fluctuating price of oil and energy.
Rising public concern about the environment, climate change and limited fossil fuel resources are the major driving factors for the growth of the biocomposites market. They are suitable environment-friendly alternatives to crude based products. In addition, growing commercial applications of natural fiber-synthetic polymer composites include wood-plastic composites for decking and outdoor furniture and automotive parts such as door liners and trim panels are also favoring the growth of the biocomposites market. Furthermore, the demand from designers, manufacturers, and consumers for environmentally friendly products will inevitably drive the rapid development of other biocomposites materials and products. Several new players are entering the biocomposites market as it reduces the total cost of ownership as compared to the plastic industry. However, low awareness about the biocomposites is likely to hamper the growth of the market. Moreover, growing initiatives from the government to lessen the dependence on crude-based products and reduce environmental pollution is also anticipated to support the growth of the biocomposites market.
Among the regions, Asia Pacific dominates the global biocomposites market and is expected to remain dominant over the forecast period. The rapidly expanding automotive and construction industry boosts the growth of the biocomposites market. Europe holds the second-largest share in the market owing to the increasing adoption of bioplastics for food packaging that in turn increases the demand for biocomposites in the European region. Additionally, North and South America are also anticipated to grow at a significant pace over the forecast period.
The report on the global biocomposites market covers segments such as material type, fiber type, and applications. On the basis of material type, the sub-markets include wood, flax, hemp, coir, polyethylene, polyvinyl chloride, and polypropylene. On the basis of fiber type, the sub-markets include wood-plastic composites, and natural fiber composites. On the basis of applications, the sub-markets include construction, automotive, aerospace, electronics, packaging, and medical.
The report provides profiles of the companies in the market such as UPM-Kymmene Oyj, Stora Enso Oyj, Meshlin Composites Zrt., FlexForm Technologies LLC, TECNARO GmbH, MCG BioComposites LLC, Universal Forest Products, Inc., Nanjing Jufeng Advanced Materials Co., Ltd., JELU-WERK Josef Ehrler GmbH & Co KG., Fiberon LLC, and Other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the biocomposites market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.