Biocomposite Market Propelled by Growing Construction Activities during the Forecast Period of 2017-2023

Biocomposite Market

Market Overview:

Biocomposites are the natural fiber composites made of local and renewable resources. This offers a significant sustainability, industrial ecology, and eco-efficiency. The advancements in green chemistry is guiding the development of such next generation materials and products. In recent times, considerable growth has been seen in the use of biocomposites in innumerable sectors. It includes, the domestic sector, building materials, aerospace industry, circuit boards, and automotive applications. However, there are a number of industries where the product is trying to find application. Nevertheless, technological advancements in the field of manufacturing composites has the potential to produce biocomposites which can enter new markets and stimulate an increase in demand. The global automotive industry is steadily heading north with an increasing demand of vehicle from huge middle class strata of society around the world. In addition to this, the global composite market is estimated to grow at CAGR of ~8.5% on account of increasing demand from major end use industry. Collectively, these trends are anticipated to fuel demand of the bicomposites in the market.

Competitive Analysis

Key players in the global hydrogenated block copolymer are MCG BioComposites, LLC (U.S.), Anhui Guofeng Wood Plastic Composite Co., Ltd. (China), A.B.COMPOSITES PVT.LTD. (India), Green Dot Holding LLC (U.S.),  Yixing Hualong New Material Lumber Co., Ltd. (China), Advanced Environmental Recycling Technologies, Inc.(U.S.), Bcomp Ltd.(Switzerland),  Nanjing Xuha Sundi New Building Materials Co.,Ltd. (China), TTS.(Canada), and Lingrove, LLC (U.S.), among others.

The study was conducted using objective combination of primary and secondary information including inputs from key participants in the industry. The report contains comprehensive market and vendor landscape in addition to SWOT analysis of key vendors.

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Market Segmentation:

Global biocomposite market is segmented on the basis of fiber type, process, end use industries, and region. On the basis of fiber type, the market is divide into hemp, kenaf, flax, jute, and others. Among them, hemp fiber based bicomposites are majorly used in the market owing to its growing application as a reinforcement in composites. Hemp can be easily blended with number of blending materials range from thermoplastics such as polypropylene and polyethylene to thermoset fiber such as polyester, which form a matrix phase in biocomposites. The most common application of this blended hemp, which is compression molded includes, automotive substrates, furniture and other consumer products. The flax fiber is an important natural fiber used in formation of biocomposites. This type of materials work well for applications, seeking a lighter weight alternative to other materials. Major applications of flax based biocomposites can be found in automotive interior components and sports equipment. The jute based natural composite products are witnessing surge in demand due to its lower cost and wood like appearance. Jute based bicomposites are majorly used in automotive as door panels, dash boards, and trunk liners.

Based on process, the global biocomposite market is segmented into compression molding, injection molding, and others. Among these, the compression molding segment is growing at highest CAGR. This is attributed to the lowest cost of production offered by this process, compared with other methods such as transfer molding and injection molding. Moreover it wastes comparatively little material, adding to it’s an advantage when working with expensive compounds. Injection molding a manufacturing process for producing parts by injecting a material into a mold. The process is used to create many things such as packaging, automotive parts and components, some musical instruments (one-piece chairs and small tables, mechanical parts, and most other plastic products available today. Injection molding is the most common modern method of manufacturing plastics and other composite materials. In addition to this, this process is ideal for producing high volumes of the same object.

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On the basis of end use industries, the market is divided into building & construction, automotive, consumer goods, and others. Building & construction industry is projected to consume a major share of the overall demand of biocomposite. More than a quarter share of total demand of biocomposite is accounted by building & construction industry. The developing countries in Asia Pacific, Africa, and Latin America are rapidly undertaking the infrastructural projects, which is posing as a major demand driver in the global biocomposite market. Moreover, the initiative of reconstruction activities that are undertaken by developed countries is to further improve the existing physical infrastructures on the lines of sustainable development, would add into the growing demand of biocomposite. Furthermore, the huge automobile industry spread all over the world is steadily driving the demand of biocomposite forward.  The durability, flexibility, and recyclability of biocomposite has made it the most preferred material in making consumer goods such as cupboards, decks, chairs, and table, among others. Moreover, growing sentiments in favor of environmental concerns due to persistent polluting materials such as plastic, may help push growth in demand of bicomposites in a number of end use industries.

Regional Analysis:

Geographically the global biocomposite is divided into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. The major regions in the market are Asia Pacific, North America and Europe. Among them, Asia Pacific is holding the major share of the market in terms of market size. It accounts for more than 50% share of the global biocomposite market. China and India are the leaders in the regional market. Increasing construction activities in these countries is projected to fuel the demand of biocomposite in this region. North America is a significant region in the global biocomposite market following Asia Pacific. Reconstruction projects undertaken by countries namely the U.S. and Canada would boost the growth of the regional biocomposite market. Apart from that, demand of light weight material made out of biocomposite is fueled by aircraft industry in the U.S.

Europe is another substantial region in the global biocomposite market. Growing demand of biocomposite in automobile industry is propelling the growth of regional biocomposite market. The countries namely Germany, U.K. Italy, and France are the major contributors due to the established automobile industry. Other regions in the global biocomposite market are Middle East & Africa and Latin America, wherein Latin America is comparatively growing at higher CAGR. The emergence of major end use industry and availability of raw material is estimated to push the growth of the market in this region. The Middle East & Africa is expected to join the hand with the leading regions in coming years.

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Akash Anand,

Market Research Future

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