Biocomposites Market Segmentation, Growth, Business Opportunities, Industry Overview and Forecast by 2028
the market is expected to grow from US$ 19,268.62 million in 2022 to US$ 46,851.39 million by 2028; it is estimated to grow at a CAGR of 16% from 2022 to 2028.
Growing Demand for Biocomposites from Automotive Industry
to Escalate Biocomposites Market Growth During 2022–2028
According to our latest market study on "Biocomposites
Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fiber
(Wood Fiber Composite and Non-Wood Fiber Composite), Product (Hybrid Composite
and Green Composite), and End-Use Industry (Building & Construction,
Automotive, Consumer Goods, and Others),” the market is expected to grow from
US$ 19,268.62 million in 2022 to US$ 46,851.39 million by 2028; it is estimated
to grow at a CAGR of 16% from 2022 to 2028. The report highlights key factors
driving the market growth and prominent players with their progress in the
Biocomposite is a material formed by a matrix and a
reinforcement of natural fibers, including wood, hemp, flax, jute, and sisal.
The matrix material present in biocomposites can be biodegradable,
nonbiodegradable, or synthetic. Synthetic matrix materials, along with natural
fibers, are used to form hybrid biocomposites.
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In recent years, there has been a growing demand for
lightweight materials from the automotive industry to meet the required
performance standards for fuel economy. Biocomposites are increasingly used in
the industry as it reduces vehicle weight, which helps in improving vehicle
performance and lowering CO2 emissions. According to the European Union (EU)
Commission, on a yearly basis, the European automotive industry consumes 80,000
metric ton of plant and wood fibers to reinforce composite products instead of
other synthetic fibers. The European Union (EU) has also emphasized using
recyclable and biodegradable parts for automotive interior components.
Biocomposites have better acoustic and thermal properties than the composites
of nonrenewable origin, making them an ideal material to be used for
manufacturing interior parts of a vehicle. Various properties of biocomposites
make them suitable for the manufacture of nonstructural interior components,
including seat fillers, seat backs, headliners, interior panels, and
TTS, Lingrove, Bcomp Ltd., UPM, Flexform Technologies,
Tecnaro Gmbh, Green Bay Decking, Fiberon LLC, Arkema, and Procotex are
among the well-established players constituting the majority of the
biocomposites market share.
Impact of COVID-19 Pandemic on Biocomposites Market
The COVID-19 pandemic adversely affected the chemicals
& materials industry owing to the shutdown of manufacturing facilities,
difficulty in procuring raw materials and components, and restrictions on logistic
operations. The disruptions in the supply of raw materials to manufacturers
hampered biocomposites production. The outbreak distorted operational
efficiency and hindered the value chains due to the sudden shutdown of national
and international boundaries, creating revenue loss and damage. Various
biocomposites manufacturers had to temporarily close their operations or limit
their production capacities, which negatively impacted the biocomposites
market. The fall in demand due to the negative impact of the COVID-19 pandemic
on the manufacturing of vehicles has restrained the biocomposites market.
However, the businesses are gaining ground as governments of various countries
across the world have eased out the previously imposed restrictions. The start
of operations in the biocomposites manufacturing units is positively impacting
the market development.
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