Biocomposites Market

SKU: DMCH3933 | Last Updated On: Jul 19 2022 | Available Formats

Biocomposites Market Expected to reach a high CAGR of 16.2% By 2029: DataM Intelligence

Biocomposites Market is segmented By Fiber (Wood-Plastic Composites, Natural Fiber Composites), By Process (Compression Molding, Injection Molding, Resin Transfer Molding, Others), By Biomass Material (Wood, Flax, Hemp, Coir, Kenaf, Polyethylene, Polyvinyl Chloride, Others), By Application (Sound Absorbing Wooden Construction Materials, Interior of Bathrooms, Wood Decks, Window Frames, Decorative Trim, Automotive Panels, Others), By End-User (Construction, Automotive, Electronics & Electrical, Aerospace, Packaging, Medical, Consumer Goods, Others), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Biocomposites Market Size Share Growth Aspects Analysis 2022-2029

Biocomposites Market size is estimated to record significant growth by reaching up to USD million by 2029, growing at a CAGR of 16.2% within the forecast period 2022-2029. Bio-Composites from natural fibers can achieve the desired sustainability while delivering competitive performance. The fibers widely used in the industry are jute, flax, hemp, kenaf, sisal coir, and others. Bio-Composites can be utilized alone or complement standard materials like carbon fiber. The bio-composite industry continues to grow, stable in established markets like automotive and construction and strong in the more recently entered consumer goods and packaging markets, with new players offering opportunities in innovative applications.

The biggest growth is expected for traded bio-composite granulates for toys, furniture, and consumer goods Rising demand for environmentally-friendly materials and a growing need for weight reduction in various engineering applications are key drivers of the global biocomposites market.

The high costs and variation in the quality of raw materials are key challenges to the growth of the global biocomposites market. Diversifying raw material sources and adopting uniform minimum standards present new opportunities for the global biocomposites market. The global market for biocomposites experienced a strong decline in 2020, owing to COVID-19's impact. Despite the short-term challenges, the pandemic is expected to have a moderately positive effect on the long-term outlook of the global biocomposites market. The demand for bio-composites engines remains strong and the market will experience substantial growth in the coming years, primarily in 3D printing and injection molding.

North American biocomposites market holds the second largest market in the global. The fast-emerging industries such as manufacturing and EV car, are producing prominent demand for the biocomposites market in the North America region. In North America, construction, aerospace, and automobiles are significant industries in demand generation.

Asia Pacific Biocomposites market is the fastest developing regional market share in the global. Furthermore, growing sales of automobiles and enhancement of the automotive sector in China, India, South Korea, and Japan are increasing the demand for biocomposites. Spreading awareness about the environmental usefulness of biocomposites with an increasing literacy rate will additional factors boost the growth of the market in the Asia Pacific.

The Middle East and Africa, and Latin America is thriving industry for biocomposites due to the demand for expensive high-end substances.

Market Growth Drivers:

Rising demand for environment-friendly materials in various industries. Growing demand for weight reduction in engineering applications

Rising demand for environment-friendly materials in various industries drives the biocomposites market

Rising environmental pollution from using and producing petroleum-based materials and new environmental regulations have driven the need for sustainable materials. Renewable resources such as bio-composites have been suggested as potential substitutes for fossil-based materials. Natural fiber is considered an alternative renewable to synthetic fiber with identical properties.

Bio-Composites have fewer environmental footprints; hence, they are safer for humans and other living habitats. Furthermore, bio-composites are recyclable and reusable. The most significant advantage of bio-composites has an end-of-life disposal potential. Developed countries, including U.S., Germany, and Japan, are focusing on expanding the usage of environmentally-friendly products, shifting from petroleum-based products.

Natural fiber composites producer INCA Renewable Technologies has reported that its product, INCA BioPanels, can reduce waste production by 89%, carbon emissions by 76%, and water consumption by 82% corresponded to the lauan rainforest plywood used by recreational vehicles, furniture, and motion picture sectors.

In 2021, Lanxess launched a full bio-composite material in the Tepex range of fiber-reinforced thermoplastic composites to remove the overreliance on fossil fuels from its production processes. The material blends natural flax fibers with bio-based polylactic acid, which serves as the matrix and can be created on a large scale. In addition to sports equipment, the bio-composite can be used in cars, such as manufacturing interior parts or electronics to make housing components. The material can be 100% recycled. The production waste can be granulated, injection molded, extruded, mixed, or alone with unreinforced or short fiber-reinforced materials.

High cost and variation in the quality of raw material hurdles the market growth for the biocomposites market

Bio-Composites are materials that are formed by reinforcing natural fibers in a resin. It is an emerging field with enormous potential in various industries. Bio-Composites are sourced from natural fibers such as wood, crop straws, hemp, cotton, and jute. Since the raw materials are sourced from natural sources, the quality can vary widely depending upon the source.

Various factors such as climatic and soil conditions can affect the quality of the raw materials. Sometimes, drought conditions and abnormal weather events can destroy crops, reducing the supply of raw materials. Furthermore, the natural fibers are dried and processed manually. Since the entire process is manual, producing fibers remains low, keeping prices high.

The high variation in the quality of raw materials complicates the bio-composite manufacturing operations. Fibers may not be strong enough to be formed into composites; more and more raw material is required to produce composites, thereby increasing production costs and driving up prices for bio-composites. The high costs involved in the production and the wide difference in the quality of raw materials are key challenges to the growth of the global bio-composite market.

Biocomposites Market Scope

Metrics

Details

Market CAGR

16.2%

Segments Covered

By Fiber, By Process, By Biomass Material, By Applications, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Impact of COVID-19 on the Global Biocomposites Industry:

The global biocomposites market experienced a decline in 2020, owing to COVID-19's impact. Governments globally imposed strict lockdowns and movement restrictions of varying durations starting from March 2020 to curb the spread of the emerging COVID-19 pandemic.  The lockdowns and other movement restrictions completely halted construction and manufacturing activities, barring essential services. Bio-Composites are used extensively for insulation, door and window panels, wall plastering, and scaffolding—similarly, many components in the aerospace, electrical, electronic, and automotive industries. Many manufacturing industries temporarily suspend operations or cut production, thereby depressing bio-composite demand.

The global bio-composites industry has suffered due to a near-complete collapse in demand. One of the industrial sectors that remained relatively unaffected by the pandemic was healthcare. Bio-composite materials are used for making skin grafts, drug delivery patches, and surgical gauzes. Demand from the healthcare sector remained stable and increased somewhat with the progression of the pandemic.

Bio-Composites is an emerging industry that relies heavily on research and developmental activities to create new types of innovative products to generate value and drive the market's growth. Research and developmental activities were severely affected by the pandemic. The pandemic delayed the testing and commercial deployment of new composite materials. Due to its enormous potential, many startups are active within the bio-composite sector. The revenues of many startups were affected by the pandemic. Some startups had to close operations due to the uncertain situation. Despite the short-term challenges, the pandemic is expected to positively impact the global biocomposites market's long-term outlook. The pent-up demand from the pandemic period and rapid international trade and innovations in various industries are expected to increase the demand for bio-composites.

The global biocomposites market is expected to grow significantly in the coming year

Detailed Segmentation Insights:

The global biocomposites market can be segmented on fiber, process, biomass material, application, end-user, and region.

Rising demand for high-performance, low-maintenance, and low-cost building goods that are eco-friendly and maintenance-free is predicted to stimulate the global market for wood-plastic composites

Based on fiber, the global biocomposites market is segmented into wood-plastic composites and natural fiber composites. The largest product segment in 2021—with XX% of the market share—was wood-plastic composites. Wood-Plastic Composites (WPC) is a material made from a unique combination of natural wood fibers and plastic fibers. In order to make WPC, sawdust, pulp, bamboo, peanut hulls and discarded woodworking materials like bark from various projects are mixed with plastic powder.

The wood plastic composite market growth is that it can be made totally out of recycled materials from C&D operations, wood product manufacturing facilities and other sources. Furthermore, to top it off, spent WPC can be recycled to make new WPC, making it the ideal recyclable material.

In addition, In the forecast period, rising demand for high-performance, low-maintenance and low-cost building goods that are eco-friendly and maintenance-free is predicted to stimulate the global market for wood-plastic composites. Furthermore, the rising need for recyclable and biodegradable materials for manufacturing components and the higher mechanical strength, weight reduction and fuel efficiency properties of wood-plastic composites are projected to boost demand for these composites over the forecast period. Therefore, various companies are investing in the business.

For instance, In February 2021, Teknor Apex Co., a plastics compounding manufacturer, introduced novel, highly weatherable compounds for dark-color wood plastic composite (WPC) decking outer layers. WPC decking is created from a combination of wood flour and polyolefin plastics and it's becoming more popular as a replacement for traditional treated wood. The new compounds can significantly benefit WPC by giving a better aesthetic, lower care requirements, and a longer lifespan than wood.

Geographical Analysis

According to the study, the global market is divided into major regions into countries, such as North America into USA, and Canada. Europe into Germany, UK, Spain, Italy, France, and Russia. The Middle East and Africa into UAE, KSA, and South Africa. Asia Pacific into China, India, Japan, Singapore, South Korea, and Australia. Latin America into Mexico, Brazil, and Argentina.

Rising demand for bio-composites in Asia-Pacific has resulted from the expanding construction, automotive, and manufacturing sectors

Rising demand for bio-composites in the region has resulted from the expanding construction, automotive, and manufacturing sectors. Asia-Pacific is becoming a major hub for bio-composite manufacturers and is expected to register a high demand for bio-composites in the coming years. Natural fiber reinforced polypropylene composites have become popular and commercially used in the automotive sector. The advantages of natural fibers over glass fiber include low density, reduced cost, less energy consumption, distinct mechanical properties, etc.

The region's residential and commercial construction sector is flourishing and bio-composite is preferred in the industry due to increasing environmental concerns, social responsibility and stringent government regulations. Many companies and researchers offering bio-composites are trying to expand their product portfolio to satisfy customer requirements and explore untapped markets.

For instance, in 2021, Malaysian researchers developed a method to convert the fiber found in discarded pineapple leaves into a strong material that can be used to build drone frames. Malaysia's Putra University project has been working to find sustainable uses for pineapple waste produced by farmers in Hulu Langat, an area about 65 km. The drones made from the bio-composite material had an enhanced strength-to-weight ratio than those made from synthetic fibers and were also lighter, cheaper, and easier to dispose.

Competitive Landscape and Major Companies Leading the Global Market:

The biocomposites market is highly competitive with the presence of local and global companies. Some prime companies contributing to the market's growth are Green Bay Decking, FlexForm Technologies, JELU-WERK J. Ehrler GmbH & Co. KG, TECNARO GMBH, Lingrove Inc, UFP INDUSTRIES, INC., NewTechWood, Fiberon, Meshlin Composites Zrt., TTS and others.  The major companies are adopting several growth strategies such as acquisitions, product launches and collaborations, contributing to the global bio-composites global market growth.

Key Developments in the Industry:

  • On May 10, 2021, as per the article, DuxxBak Composite Decking is the new name for Green Bay Decking, LLC. Several decking lines produced by the now-DuxxBak Composite Decking have also been rebranded to bring a more streamlined and quality-focused theme to their brand names.
  • For instance, on February 14, 2022, Tecnaro achieved ISCC Plus certification and introduced the new Arbofill Z family of materials for all common plastics processing technologies.

TECNARO GmbH

Overview: The Fraunhofer Gesellschaft founded Tecnaro GmbH as a spin-off. Tecnaro GmbH is a company that develops and manufactures its bioplastics and bio-composites from renewable raw materials and sells them worldwide, among other places, through Albis Plastics GmbH's sales network.

With its thermoplastic biomaterials ARBOFORM, ARBOBLEND and ARBOFILL, TECNARO is one of the leading technology companies. Materials from Tecnaro are used in the automotive, solar, construction, packaging, stationery, furniture, toys, household items, musical instruments, fashion industries and many more.

Product Portfolio:

 ARBOBLEND: ARBOBLEND is a material blend that combines various material types and property profiles. The materials available are up to 100 percent biodegradable. Biopolymers such as polyhydroxyalkanoates (PHA), polycaprolactone (PCL), polyester (e.g., bio-PET), starch, polylactic acid (PLA), bio-polyolefins (bio-PE), bio-polyamides (bio-PA), lignin, natural resins, natural waxes, natural oils, natural fatty acids, cellulose organic additives and natural reinforcing fibers are included in ARBO.

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