Wilmington, Delaware , Aug. 22, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Biocomposites Market by Fiber Type (Wood Fibers and Non-Wood Fibers), Polymer Matrix (Synthetic Polymer and Bio-based Polymer), Processing Method (Filament Winding, Extrusion, Injection Molding, Compression Molding, Machine Press and Others), and End-Use Industry (Transportation, Electrical and Electronics, Building and Construction, Packaging, Medical and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the biocomposites market was valued at $25.9 billion in 2023, and is estimated to reach $93.7 billion by 2033, growing at a CAGR of 13.8% from 2024 to 2033.
Prime determinants of growth
The global biocomposites market is experiencing growth due to increase in environmental concerns and the focus towards sustainable alternatives across various industries. In addition, surge in awareness among consumers about the need for greener products is boosting the market growth. However, concerns regarding the durability and performance of biocomposites hinder the market growth to some extent. Moreover, the rise in investment in sustainable initiatives and the surge in interest from key industries such as automotive, construction, and packaging present additional opportunities for the biocomposites market.
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Report coverage and details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $25.9 billion |
| Market Size in 2033 | $93.7 billion |
| CAGR | 13.8% |
| No. of Pages in Report | 300 |
| Segments Covered | Fiber Type, Polymer Matrix, Processing Method, End-Use Industry, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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Wood fibers segment projected to maintain its dominance by 2033
By fiber type, the wood fibers segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increase in demand for wood fibers in the biocomposites market is driven by several factors. The shift toward sustainable and eco-friendly materials boosts their appeal. In addition, wood fibers are cost-effective and provide good mechanical properties such as strength and durability. Technological advancements have enhanced their compatibility with various polymers, expanding their application range. Consumer preference for natural aesthetics and regulatory pressures to reduce plastic usage also contribute significantly. Finally, the growth of construction and automotive industries, which seek lightweight and high-performance materials, further fuels demand.
Bio-based polymer segment is expected to maintain its dominance by 2033
By polymer matrix, the bio-based polymer segment held the highest market share in 2023 and is estimated to dominate the market during the forecast period. The increase in demand for bio-based polymers in the biocomposites market is driven by several factors. Environmental concerns and regulatory pressures are pushing industries towards sustainable materials. Advances in biotechnology have improved the performance and cost-competitiveness of bio-based polymers. Consumer preference for eco-friendly products is experiencing growth, encouraging manufacturers to adopt green alternatives. In addition, government incentives and support for bio-based industries further stimulate the market growth. The versatile applications of biocomposites in automotive, packaging, and construction sectors enhance their appeal, solidifying their market presence and boosting the demand.
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Extrusion segment is expected to maintain its dominance by 2033
By processing method, the extrusion segment held the highest market share in 2023 and is estimated to dominate the market during the forecast period. The increase in demand for the extrusion process in the biocomposites market is driven by several factors. These include the growing emphasis on sustainable and eco-friendly materials, advancements in extrusion technology enhancing product quality, and the versatility of extrusion in processing various biocomposites. In addition, regulatory support for biodegradable materials, increased consumer awareness of environmental issues, and the cost-effectiveness of extrusion compared to other processing methods contribute significantly toward the market growth. Industries such as automotive, construction, and packaging are particularly leveraging these benefits to meet their sustainability goals and reduce their environmental footprint.
Building and construction segment is expected to maintain its dominance by 2033
By end-use industry, the building, and construction segment held the highest market share in 2023 and is estimated to dominate during the forecast period. The rise in demand for biocomposites in the building and construction sector is driven by several factors. Increase in environmental concerns and stringent regulations are increasing the demand for sustainable and eco-friendly materials. The superior properties of biocomposites, such as high strength-to-weight ratio, durability, and biodegradability, make them attractive alternatives to traditional materials. Advances in technology and production processes are enhancing their performance and cost-effectiveness. In addition, surge in consumer awareness and preference for green buildings and sustainable construction practices are significantly contributing toward the market expansion.
Asia-Pacific is expected to experience the fastest growth throughout the forecast period
Based on region, Asia-Pacific was the fastest-growing region in terms of revenue in 2023. The demand for biocomposites in the Asia-Pacific region is driven by increasing environmental awareness and stringent regulations promoting sustainable materials. Rapid industrialization and urbanization fuel the need for eco-friendly construction materials, while the automotive industry's shift toward lightweight, sustainable components boosts the market growth. In addition, government incentives and policies supporting green initiatives and bio-based products play a crucial role. Growing consumer preference for sustainable products further propels the market demand, along with the availability of abundant natural fibers and agricultural residues in the region, which serve as raw materials for biocomposites.
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Leading Market Players: -
- A B Composites Pvt Ltd.
- Bast Fibers LLC
- BioComposites Group
- COLAN AUSTRALIA
- Green Dot Corporation
- LANXESS AG
- Stora Enso
- Procotex Corporation
- Meshlin Composites Zrt
- FlexForm Technologies LLC
The report provides a detailed analysis of these key players in the global biocomposites market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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