Biocomposite Market | Research Insights, Business Outlook, Company Profiles, Trends and Forecast 2018-2023

Biocomposite Market
Global Biocomposite Market by Fiber Type (Hemp, Kenaf, Flax, Jute, and Others) by Process (Compression Molding, Injection Molding, and Others), by End Use Industry (Building & Construction, Automotive, Consumer Goods, and Others), and by region till 2023

Biocomposite is a composite material made out of a matrix or resin. It is a reinforcement of natural or plant fibers. In this kind of materials, the structure of the living materials is involved in the process of manufacturing composites, keeping the strengthening properties of the matrix intact by providing biocompatibility. The matrix phase is the most important phase which protect the fibers from environmental degradation and mechanical damage. It also hold the fibers together and helps to transfer the loads on it. This is because the matrix is a polymer derived either from renewable or nonrenewable source. In addition to the matrix, the natural fibers or biofibers are the primary components of Biocomposites, which are derived from biological origins, such as fibers from crops including cotton, flax or hemp, recycled wood, waste paper, crop processing byproducts or regenerated cellulose fiber like rayon. They exhibit a number of beneficial properties such as end products with reasonable cost, lower density, higher tensile strength and stiffness than glass fibers. The Biocomposites could be a viable ecological alternative to carbon, glass, and man-made fiber composites. Globally, Biocomposites are rapidly growing in terms of industrial and household applications such as automobiles, railway coaches, aerospace, defense, building & construction, and packaging, among others. Apart from these commercial applications, Biocomposites are also used in fundamental research, due to its greater renewability, affordability, recyclability, and most important its biodegradability.

Key Players:

Key players in the Global Biocomposite 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.

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Segmentation:

The Global Biocomposite Market is segmented on the basis of fiber type, process, end use industry, and region. Based on fiber type, the market is segmented into hemp, kenaf, flax, jute, and others. On the basis of process, the Global Bicomposite Market is divide into compression molding, injection molding, and others. Based on end use industry, the market is segmented into building & construction, automotive, consumer goods, and others. Geographically, the Global Biocomposite Market is segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Among them Asia Pacific is estimated to grow at highest CAGR. 

Regional Analysis:

The major regions in terms of markets size in the Global Biocomposite Market are Asia Pacific, North America, and Europe. Other regions include Middle East & Africa, and Latin America. Asia Pacific is the largest market for synthetic rubber holding over 50% of share of the Global Biocomposite Market. The region has undertaken expansion of its infrastructural projects which is anticipated to propel the demand of Biocomposite in this region. In addition to construction, automobile industries in this region is fethching the maximum demand in diverse application. Following Asia Pacific, North America is the second most significant region in the Global Biocomposite Market. The growth of the market in this region is attributed to reconstruction activities and demand from transportation sector, along with the sports and aerospace industry. Major demand of Biocomposite in the transportation sector in this region is pulled by aircraft industry .Europe is another substantial market in the Global Biocomposite Market. Demand of the product in this region is majorly driven by automotive industry and building & construction. Other regions in the Global Biocomposite Market are Latin America and Middle East & Africa. Latin America, among them, is estimated to grow at considerable CAGR owing to availability of raw material and emerging end use industry. The Middle East & Africa has an advantage of greater investment potential and growth opportunities, which is expected help the region to attain significant growth rate in coming years.

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