On the basis of fiber type, the biocomposites market is categorized into wood-plastic composites (WPC) and natural fiber composites (NFC). WPC was the larger type in the market, accounting for more than 50.0% volume sales in 2017. The large-scale consumption of wood composites in furniture and consumer goods applications, is fuelling the market growth.
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Traditionally, the demand for bio-based composites in military aviation was limited to the replacement of the metal parts of aircraft. However, due to their high mechanical, thermal, and chemical strength, composites materials now constitute a majority of airframe structure of a military aircraft. WPC are the majorly used materials in military aircraft.
In order to ensure national security and address geo-political tensions, majority of nations across the world are broadening their military spending. According to Stockholm International Peace Research Institute, the global military spending stood at 1.69 trillion in 2016. The rising military spending will encourage the development and acquisition of aircraft. Hence, the development of new and advanced military aircraft is anticipated to provide lucrative growth opportunities to the biocomposites market.
In terms of application, the biocomposites market is categorized into construction, automotive, consumer goods, aerospace, packaging, medical, and others. Others include marine and transportation. In terms of volume, biocomposites is expected to witness fastest growth in aerospace application area, advancing at a CAGR of 13.6% during the forecast period. The production of aircraft is increasing owing to the increase in air travel and tourism across the world. This is driving the use of bio-based composites for aerospace application.
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Some of the major players operating in the global biocomposites market are Meshlin Composites ZRT, Alpas SRL, MCG Bio Composites LLC, Trex Company Inc., Flexform Technologies, Jelu-Werk J. Ehrler GmbH & Co. Kg, Green Bay Decking LLC, Universal Forest Products Inc., Fiberon LLC, and Tecnaro GmbH.