DALLAS, Oct. 25, 2018 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the bio-composites market looks promising with opportunities in building and construction, automotive, industrial & consumer goods industries. The global bio-composites market is expected to reach an estimated $7.6 billion by 2023 and is forecast to grow at a CAGR of 7.9% from 2018 to 2023. The major growth drivers for this market are increasing demand for Wood Plastic Composites (WPC) in the construction industry due to its wood finish like appearance and durability, and growing use of Natural Fiber Composites (NFC) in automotive interiors due to its aesthetics and growing concern for passenger safety.
Browse 128 market data tables and 138 figures spread through 212 pages and in-depth TOC on “Global Bio-Composites Market" at https://www.lucintel.com/global-bio-composites-market-2018.aspx
Lucintel forecasts that the largest end use industry will be building and construction, and it is also expected to witness the highest growth during the forecast period. Increasing demand for moisture resistance, low maintenance, non-toxic, and durable products are the major requirements driving growth for this segment over the forecast period.
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North America is expected to remain the largest market by value and volume. Asia-Pacific is expected to witness the highest growth over the forecast period because of increasing demand for WPC decking, fencing, and railing in the building and construction industries of China, India, and Japan.
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Emerging trends, which have a direct impact on the dynamics of the bio-composites industry, include the emergence of new applications, and government support to innovate and commercialize the use of bio-based composites. Trex, Azek Building Products, Fiberon LLC, AERT, UFP, Tamko Building Products, FlexForm Technologies, Technaro GmbH, Procotex Corporation, GreenGran BV, and FiberGran GmbH and others are among the major suppliers of bio-composites.
Lucintel has analyzed and forecast growth opportunities for global bio-composites market by end use industry, process, resin, fiber, and region and has compiled a comprehensive research report entitled “Growth Opportunities in the Global Bio-Composites Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com.