Global Biocomposites Market is accounted for $20.14 billion in 2017 and expected to grow at a CAGR of 16.4% to reach $79.29 billion by 2026. The increasing awareness among the customers to opt for the bio-based materials rather than harmful synthetic material and the recyclable property of the material are driving the market growth. However, the fluctuating pricing and less availability of materials hamper the market growth. The market also witness growth opportunities from the packaging and automotive interiors segment.
Biocomposite are a biocompatible and eco-friendly composite material obtained from a matrix (resin) and strengthening of natural fibers. The matrix helps the fibers from preventing degrading by holding them together, thus giving a control over the life of composite. Biocomposites are available in wide forms, such as films, membranes, moldings, coatings, particles, fibers, and foams.
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With respect to geography, Asia Pacific is expected to grow predominantly due to the mounting demand from the region’s transportation and building & construction end-use industries. Government regulations about the use of non-toxic, biodegradable, lightweight materials and rising infrastructure projects in developing nations, such as China, India, South Korea and others are also probable to drive the market in this region.
Some of the key players in the Biocomposites market are UPM, Universal Forest Products, Inc., Trex Company Inc., Tecnaro GmbH, NewTechWood, Jelu-Werk J.Ehrler GmbH & Co. Kg, Greengran BV, Green Bay Decking, FlexForm Technologies, LLC, Advanced Environmental Recycling Technologies, Inc., Fiberon, LLC, ALPAS Srl, Bcomp Ltd. and Meshlin Composites ZRT.
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Fiber Types Covered:
-Non-Wood Fiber Composites
-Wood Fiber Composites
-Building & Construction
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