Global Biocomposites market analysis 2024, Forecast To 2033
25 Jan, 2024
The biocomposites market has experienced rapid growth, increasing from $28.91 billion in 2023 to $34.12 billion in 2024 at a CAGR of 18.0%. The growth in the historic period is attributed to environmental concerns, regulatory initiatives, reduced carbon footprint, consumer preferences, and waste reduction. Looking towards 2028, the market is expected to reach $64.1 billion at a CAGR of 17.1%. The forecasted growth is driven by sustainable supply chains, government incentives, eco-friendly packaging, emerging market applications, and biodegradable biocomposites. Major trends in the forecast period include technological advancements, sustainable raw materials, advanced manufacturing techniques, high-performance biocomposites, and green building materials.
Global Biocomposites Market Key Driver
Growing environmental concerns are anticipated to fuel the growth of the biocomposites market. A global survey in 2021 showed that 83% of adults are taking personal action on environmental and sustainability issues, highlighting an increased focus on environmental consciousness. Biocomposites, being recyclable and having fewer environmental footprints, align with these concerns. The biocomposites market is poised to benefit from this heightened environmental awareness in 2023, 2024, and beyond.
Get A Free Sample Of The Global Biocomposites Market ReportGlobal Biocomposites Market Segments
The global biocomposites market covered in this report is segmented –
1) By Product: Hybrid Biocomposites, Green Biocomposites
2) By Polymer: Natural Polymer Composites, Synthetic Polymer Composites
3) By Fiber Type: Wood Fiber Composites, Non-Wood Fiber Composites
4) By End-Use Industries: Building And Construction, Transportation, Consumer Goods, Others End-Use Industries
Major Biocomposites Industry Players
UPM, Trex Company Inc, Fiberon LLC, FlexForm Technologies, Universal Forest Products Inc, JELU-WERK J. Ehrler GmbH & Co. KG, Tecnaro GmbH, Newtechwood, Meshlin Composites ZRT, Green Bay Decking LLC, AlPAS Srl, Nanjing Jufeng Advanced Materials Co, Arakawa Chemical Industries, Zeller+Gmelin Corporation, Hydrite Chemical Co., Rahn AG, Aal Chem, SICPA Holding SA, Fuzion Technologies Inc., Rütgers Organics GmbH, Eternal Materials Co. Ltd., Imerys, Technovinyl Polymers India Ltd., Aapico Hitech Public Company Limited, Amorim, BioLogic, Advanced Compounding, Stora Enso, Sappi Ltd., GreenCore Composites
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Biocomposites Market Overview
A biocomposite refers to a reinforced compound made from mixing a natural resin and a reinforcing compound. They are environmentally friendly and can be recycled easily. Biocomposites are used as an alternative to non-biodegradable polymers in various industries such as automotive, packaging, food and beverages.
Biocomposites Global Market Report 2023 provides data on the global biocomposites market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biocomposites market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.