Selbyville, Delaware, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the global Biocomposites Market is projected to cross USD 53 billion by 2030.
The report anticipates the increasing rollouts of several government-backed initiatives toward promoting the utilization of environment-friendly products as a significant factor driving the industry growth during 2022-2030. A dramatic rise in carbon emissions and the accelerating climate change have raised concerns about the future, encouraging governments and policymakers to take necessary measures to ensure sustainability.
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Surging bone implant procedures to push the growth of others segment
Based on the source, the others segment was worth USD 550 million in 2021 and is expected to witness over 9% CAGR between 2022 and 2030. The other biocomposite sources include human tissues and minerals. The growing usage of these materials for several restorative and tissue engineering applications may drive lucrative gains to the industry. Besides, the surge in orthopedic and dental implant procedures may further boost the biocomposites market demand from other sources over the forthcoming years.
Rising environmental consciousness to drive the demand for pure biocomposites
Pure biocomposites segment to account for 29.5% market share by 2030. The growing popularity of environmentally friendly bio-fillers as a potential substitute for inorganic fillers in supplementing biodegradable plastics and thermoplastics may foster product adoption during the forecast timeframe. Also, the increasing number of enterprises seeking eco-friendly materials to reduce costs and environmental impact may further bolster the demand for pure bio-based composites in the coming years.
Browse key industry insights spread across 350 pages with 549 market data tables & 29 figures & charts from the report, “Biocomposites Market Size, By Source (Plant-based, Animal-based), By Product (Hybrid Biocomposites, Pure Biocomposites), By Process (Injection molding, Compression molding, Hand Lay-up, Filament Winding) By Application (Transportation, Construction, Consumer Goods, Sports & Leisure) Industry Analysis Report, Regional Outlook, End-user Development Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/biocomposites-market
Filament winding process to gain traction due to high performance capabilities
Filament winding segment was worth USD 2.5 billion in 2021 and is poised to register 10.5% CAGR from 2022 to 2030. The process is reliable and quick for manufacturing high-performance parts. Being automated in nature, filament winding can produce high-quality, highly repeatable components with reduced labor. Filament winded biocomposites have superior stiffness and strength due to the presence of continuous fibers, which is driving the product's popularity throughout the assessment period.
Increasing smartphone penetration to foster product adoption across consumer goods sector
Biocomposites market size from consumer goods applications held over 11.5% business share in 2021 and is projected to reach USD 6 billion by 2030. A significant rise in disposable income of individuals and a strong economic outlook across both developed and developing regions have fueled the demand for advanced electric appliances and consumer goods. The augmenting sales of smartphones and wearable devices will positively influence the industry landscape.
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Positive outlook of the construction sector to support industry expansion across Europe
Europe biocomposites market is anticipated to exhibit over 12% CAGR during the study period and hold more than 26.5% business share by 2030. The rollout of several government initiatives aimed at boosting the utilization of recyclable and renewable materials will create an optimistic scenario for the regional industry. Besides, the flourishing construction sector and the surging demand for smart electronic devices may propel the usage of biocomposites across Europe.
Escalating sustainability goals to stimulate the strategic landscape
Major companies participating in the biocomposites market include UPM, Stora Enso, Trex Company, Inc., Fiberon LLC, FlexForm Technologies, UFP Industries, Inc., Archello, Tecnaro GmbH, Lingrove Inc., Bcomp Ltd., EP Biocomposites Ltd., BioComposites Group, Green Dot Bioplastics Inc., and others.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
