The biocomposites market was estimated at USD 20.97 billion in 2020, is expanding quickly. By the conclusion of the current forecast period in 2030, the worldwide composites market is anticipated to be worth USD 60.61 billion.
Over the current forecast period, the biocomposites market is anticipated to expand at a compound annual growth rate (CAGR) of 14.20%.
The primary growth driver for the worldwide biocomposites market is the surge in demand for durable, eco-friendly manufacturing materials. Biocomposites have become a well-liked alternative. Therefore, the biocomposites market will increase due to stronger environmental regulations and more sustainability consciousness.
Biocomposites are biodegradable, low in weight, and have high tensile strength. Because of this, the aerospace and military sector as well as the automobile industry are experiencing an increase in demand for biocomposites. Another significant aspect that promotes expansion is the broad availability of raw resources. The construction, automotive, aerospace, and military sectors, which are end-user industries, are expanding quickly, creating potential opportunities for the worldwide biocomposites market.
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The worldwide Biocomposites market’s fastest-growing region is Asia-Pacific. The main growth-promoting elements in this region are the expansion of the economy and the infrastructure. Additionally, the demand for Biocomposites is rising due to rising vehicle sales and the growth of the automotive sector in China, India, Japan, and South Korea. An increasing literacy rate together with greater public awareness of the environmental advantages of biocomposites will accelerate the market’s expansion.
The worldwide market for biocomposites’ second-largest market share belongs to the North American region. The three industries that generate the most demand are aircraft, construction, and automobiles. In this region, biocomposites are in high order due to the rapidly expanding aircraft manufacturing and electric vehicle industries.
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by method: Resin transfer molding method, extrusion molding method
Process types for compression molding, injection molding, and others
Due to its superior advantages, the extrusion molding technique has the biggest market share. The extrusion machine is very simple to use and can run continuously for significant output rates. It controls around 37% of the global market share for the production of biocomposites.
Market segmentation for biocomposites worldwide is done according to the kind of fiber used: wood, non-wood, jute, flax, kenaf, hemp, and others.
The market sector with the most market share is wood fiber. The motivating reason is improved wood fiber qualities like resistance to moisture and mildew. These fibers are used extensively in the construction and automotive sectors since they are more durable and need less maintenance.
Market segmentation for biocomposites worldwide by end-users: consumer products, automotive, construction, and others
The major source of demand for the global biocomposites market is the automobile industry. Due to their superior qualities, such as lightweight and high tensile strength, biocomposites are becoming more and more popular among vehicle makers.
MCG BioComposites, LLC from the United States, Anhui Guofeng Wood Plastic Composite Co., Ltd. from China, A.B.COMPOSITES PVT.LTD. from India, Green Dot Holding LLC from the United States, Yixing Hualong New Material Lumber Co., Ltd. from China, Advanced Environmental Recycling Technologies, Inc. from the United States, Bcomp Ltd. from Switzerland, Nanjing Xuha Sundi New Building Materials Co., Ltd (U.S.)
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