Global Biocomposites Market Size to Reach USD 90.89 Billion in 2030 | Emergen Research

Vancouver, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The worldwide market for biocomposites achieved a value of USD 24.40 billion in 2021 and is projected to exhibit a Compound Annual Growth Rate (CAGR) of 15.7% in terms of revenue throughout the anticipated period. This analysis, conducted by Emergen Research, highlights that the market's expansion is notably spurred by the global transition towards a circular economy centered on bio-based resources.

The escalating demand for biocomposites within the healthcare sector stands as a significant catalyst for the growth of market revenue. This heightened demand primarily stems from the broad spectrum of polymers accessible and the application of biocomposites in the realm of bone tissue engineering. The adaptable nature of biocomposites, boasting diverse material attributes, is notable. These materials typically emerge from the fusion of two or more distinct constituent materials, culminating in a novel material endowed with enhanced performance characteristics. The design of biocomposites seeks to emulate the hybrid structure of natural bone, thereby furnishing mechanically harmonious and osteoinductive frameworks tailored for bone tissue engineering pursuits.

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The upsurge in their use for bone tissue engineering finds its roots in the strategic engagements of major industry players. These collaborations involve partnering with medical device firms to fashion systems that curtail the preparation timeframe for biocomposite materials while augmenting their efficacy in bone healing endeavors. A case in point is the collaboration between Biocomposites, a prominent U.K.-based medical product manufacturer, and Zimmer Biomet, a leading U.S.-based medical technology entity. Their agreement, enacted on April 4, 2022, is focused on enhancing mobility and patient well-being. Biocomposites is set to provide the U.S. musculoskeletal community with an enhanced Genex Bone Graft, featuring an integrated closed-mixing system that reduces preparation time and extends operational duration. Moreover, this initiative encompasses a more comprehensive array of delivery alternatives, permitting surgeons to inject, mold, or prepare Genex beads as required.

The ongoing surge in research endeavors centered around biocomposites serves as a pivotal force propelling market expansion. A prominent illustration is the Smart Circular Bridge project's successful culmination, as announced by Eindhoven University of Technology in the Netherlands on May 9, 2022. This project underscored the potential of natural fiber by erecting three urban bridges from a biocomposite material composed of flax and bioresin, esteemed for its lightweight and remarkably stable attributes. The deployment of numerous optical glass fiber sensors facilitated continuous monitoring of load impacts and provision of data regarding material behavior. Notably, such innovations are gaining recognition for their contributions to environmental preservation and the advancement of circular economic paradigms. This serves as a poignant representation of the ongoing transformation within the construction industry.

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Scope of Research

Major Companies and Competitive Landscape

The global biocomposites market is fairly fragmented, with many large and medium-sized players accounting for majority market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective biocomposite solutions. Some major companies included in the global biocomposites market report are:

• UPM
• Trex Company
• Fiberon
• FlexForm Technologies
• Nanjing Jufeng Advanced Materials Co., Ltd.
• Meshlin Composites Zrt
• Tecnaro GmbH
• HempFlax Group B.V.
• Trifilon
• Fasal Wood GmbH
• Addiplast Group
• Transmare Compounding

Strategic Development

• On 21 April 2022, INCA Renewtech, which is a leading manufacturer of innovative bio-composite materials for a wide range of industrial applications and is headquartered in Canada, announced plans to construct a 200,000 square-foot fiber processing and composites manufacturing facility in Vegreville, Alberta. When fully operational, INCA will be procuring 54,000 tons of biomass per year from farmers growing hemp for plant-based protein and processing it into a highly refined fiber. The short fibers produced will be converted into a direct substitute for balsa wood, which is used as an essential core material in the construction of boats and wind turbine blades. The long fibers will be used to produce panels for recreational vehicles as well as bioplastics for the automotive industry. In addition, companies such as Toyota, and Winnebago will be commercializing these products.

• On April 1, 2022, Labat Africa Group, which is a South Africa-based, fully integrated cannabis company focused on healthcare, wellness, and industrial hemp, announced the signing of a Memorandum of Understanding (MoU) with the Council for Scientific and Industrial Research (CSIR), which is a leading scientific and technology research organization focused on developing transformative technologies to accelerate South Africa's socio-economic prosperity. The agreement calls for the renovation, and expansion of CSIR’s Coega hemp processing facility. In addition, it accelerates the application of hemp biomass in KwaZulu-Natal. Moreover, it strengthens collaboration and cooperation between CSIR and Labat by addressing challenges associated with the value chain of cannabis and hemp production for industries ranging from pharmaceuticals to textiles to energy.

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Some Key Highlights From the Report

• Roselle Fiber segment accounted for moderate revenue share in 2021. Increasing demand from the automotive industry and significant investments by major market players in expanding existing manufacturing capabilities are major factors driving this segment’s growth. In addition, increasing demand can also be attributed to their highly specific material properties. For instance, roselle fiber exhibits excellent thermo-mechanical properties and has a high strength-to-weight ratio. Its corrosion inhibiting properties play a major role in automotive and aerospace applications. Moreover, due to high compressive strength and hardness value, the materials are ideal for structural applications.
• Polypropylene (PP) segment accounted for a significantly robust revenue share in 2021. Increasing demand from the packaging industry is a major factor driving revenue growth of the segment. PP is a lightweight material with a variety of superior properties. For instance, PP is resistant to a variety of chemical solvents and acids. This polymer material also has high tensile strength and low moisture resistance. As a result, major packaging companies are making significant investments in these materials and the materials are being incorporated in food and beverage packaging. Moreover, PP reduces the possibility of food deterioration and enhances shelf life.
• Automotive segment accounted for a significantly large revenue share in 2021. Increasing focus on reducing greenhouse gas emissions and scarcity of petroleum are key factors driving demand for lightweight raw materials and products and is supporting revenue growth of the automotive segment. Biocomposites materials with properties such as high strength and low weight make these ideal for a variety of applications in the automotive industry. In addition, it enables automotive manufacturers to effectively address the aforementioned challenges. Biocomposite materials are primarily used in the production of non-structural interior components in vehicles such as wood trim, seat fillers, seat backs, headliners, interior panels, dashboards, and thermoacoustic insulation. Biocomposites used in automotive industry mainly constitute natural fibers extracted from flax, hemp, jute, and sisal. This is due to antimicrobial properties and extended durability.
• Market in Europe accounted for moderate revenue share in 2021. Presence of major companies such as Tecnaro GmbH, Hexpol AB, and others is a key factor driving market revenue growth in the region. In addition, rapid advancements in injection molding and 3D printing technologies, as well as increasing demand for consumer goods are contributing to market growth. Biocomposites are widely used in the manufacturing of consumer goods. This is primarily due to increased consumer awareness of the numerous health and environmental benefits of utilizing plant-based products. In addition, governments in various countries in the region have implemented stringent regulations and policies to facilitate the recycling of end-of-life products. Biocomposite materials are reusable and recyclable and therefore, demand in end-use industries is increasing rapidly.

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Emergen Research has segmented global biocomposites market on the basis of fiber type, polymer type, end-use, and region:

• Fiber Type Outlook (Revenue, USD Billion; 2019-2030)
  • Roselle Fiber
  • Kenaf Fiber
  • Flax Fiber
  • Ramie Fiber
  • Others
• Polymer Type Outlook (Revenue, USD Billion; 2019-2030)
  • PP
  • PE
  • PA
  • PLA
  • Others
• End-Use Outlook (Revenue, USD Billion; 2019-2030)
  • Building & Construction
  • Automotive
  • Medical
  • Consumer Goods
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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