The global biocomposites market size reached USD 24.40 Billion in 2021 and is expected to register a revenue CAGR of 15.7% during the forecast period, according to latest analysis by Emergen Research. Global shift toward bio-based circular economy is a key factor driving market revenue growth.
Rising demand for biocomposites from the healthcare industry is another major contributor to market revenue growth. Increasing demand is primarily due to the diversity of polymers and the use of biocomposites in bone tissue engineering. Biocomposites are versatile and have various material properties. The materials are usually formed by combination of two or more distinct constituent materials and result in a new material with improved performance. Biocomposites are designed to mimic the hybrid architecture of native bone while also facilitating mechanically compatible and osteoinductive scaffolds for bone tissue engineering applications. Increasing application in bone tissue engineering is mainly due to major players in the industry entering into long-term agreements and collaborating with medical device companies to develop systems that reduce the time required to prepare biocomposite materials and improve their performance in bone healing. For example, on 4 April 2022, Biocomposites, which is a leading manufacturer of medical products based in the U.K., signed an agreement with Zimmer Biomet, which is a leading manufacturer of medical technologies based in the U.S., to maximize mobility and improve patient health. As part of the agreement, biocomposites will supply the musculoskeletal community in the U.S. with an upgraded Genex Bone Graft, in which a closed-mixing system is added to shorten preparation time and increase working time. Moreover, the company included a more comprehensive set of delivery options, allowing surgeons to inject, mold, or prepare Genex beads.
Increasing ongoing research on biocomposites plays a major role in driving market growth. On 9 May 2022 for instance, Eindhoven University of Technology in the Netherlands announced the successful completion of the Smart Circular Bridge project. The project demonstrates the potential of natural fiber by constructing three city bridges out of a biocomposite material made of flax and a bioresin for its light and highly stable properties. Moreover, a large number of optical glass fiber sensors were used every day to measure the impression of loads and provide data on material behavior. However, researchers are currently recognizing how important innovations like these are for climate protection and boosting the circular economy. This also demonstrates how the construction industry is undergoing transformation.
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Key Companies Profiled in the Report are:
UPM, Trex Company, Fiberon, FlexForm Technologies, Nanjing Jufeng Advanced Materials Co., Ltd., Meshlin Composites Zrt, Tecnaro GmbH, HempFlax Group B.V., Trifilon, Fasal Wood GmbH, Addiplast Group, and Transmare Compounding.
Biocomposites Market Key Highlights
Roselle Fiber segment accounted for moderate revenue share in 2021. Increasing demand from the automotive industry and significant investments by major market players in expanding existing manufacturing capabilities are major factors driving this segment’s growth. In addition, increasing demand can also be attributed to their highly specific material properties. For instance, roselle fiber exhibits excellent thermo-mechanical properties and has a high strength-to-weight ratio. Its corrosion inhibiting properties play a major role in automotive and aerospace applications. Moreover, due to high compressive strength and hardness value, the materials are ideal for structural applications.
Polypropylene (PP) segment accounted for a significantly robust revenue share in 2021. Increasing demand from the packaging industry is a major factor driving revenue growth of the segment. PP is a lightweight material with a variety of superior properties. For instance, PP is resistant to a variety of chemical solvents and acids. This polymer material also has high tensile strength and low moisture resistance. As a result, major packaging companies are making significant investments in these materials and the materials are being incorporated in food and beverage packaging. Moreover, PP reduces the possibility of food deterioration and enhances shelf life.
Automotive segment accounted for a significantly large revenue share in 2021. Increasing focus on reducing greenhouse gas emissions and scarcity of petroleum are key factors driving demand for lightweight raw materials and products and is supporting revenue growth of the automotive segment. Biocomposites materials with properties such as high strength and low weight make these ideal for a variety of applications in the automotive industry. In addition, it enables automotive manufacturers to effectively address the aforementioned challenges. Biocomposite materials are primarily used in the production of non-structural interior components in vehicles such as wood trim, seat fillers, seat backs, headliners, interior panels, dashboards, and thermoacoustic insulation. Biocomposites used in automotive industry mainly constitute natural fibers extracted from flax, hemp, jute, and sisal. This is due to antimicrobial properties and extended durability.
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Biocomposites Market Segmentation:-
Emergen Research has segmented global biocomposites market on the basis of fiber type, polymer type, end-use, and region:
Fiber Type Outlook (Revenue, USD Billion; 2019-2030)
Roselle Fiber
Kenaf Fiber
Flax Fiber
Ramie Fiber
Others
Polymer Type Outlook (Revenue, USD Billion; 2019-2030)
PP
PE
PA
PLA
Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Building & Construction
Automotive
Medical
Consumer Goods
Others
Key Regional Markets Analyzed in the Report:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
In conclusion, the report provides a qualitative and quantitative analysis of the Global Biocomposites market, including the global and regional analysis of the market. The study covers critical information and factual data about the Biocomposites industry, along with an in-depth statistical analysis of the market drivers, limitations, growth prospects, opportunities, and threats. On the basis of the current market scope, the report provides an extensive analysis of how the Biocomposites market is expected to fare in the forecast timeline. The report utilizes advanced analytical tools to offer an estimation of the outlook of the global state of the Biocomposites industry.
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