According to the latest market forecast of PRESCIENT & STRATEGIC INTELLIGENCE, the global biocomposite market value in 2017 reached 4.176 billion US dollars, and is expected to reach 8.474 billion US dollars by 2023. The compound annual growth rate during the forecast period is 12.8%. Market growth is affected by such as automobiles. The industry's demand for green composite materials and the impact of natural composites on the environment are small.
Biocomposites are structural materials made from renewable resources that can be biodegraded by themselves after the expiration date and can be easily handled without damaging the environment.
Depending on the type, the biocomposite market is divided into structural and non-structural. The structural category is the larger type in the market, accounting for more than 55.0% of sales in 2017. The larger share of this type is attributed to its superior load bearing performance. It is widely used in the construction of roof systems, subfloors, stairs, frame components and furniture.
In terms of fiber type, the biocomposite market is divided into wood-plastic composite (WPC) and natural fiber composite (NFC). In terms of value, during the forecast period, the NFC category is expected to grow at a compound annual growth rate of 12.9%. Growth. Natural fibers outperform commonly used reinforcing fibers, such as fiberglass, in terms of density, cost, toughness, tensile strength, recyclability and biodegradability, and are therefore expected to bring about rapid growth in demand.
In terms of applications, the biocomposite market is divided into construction, automotive, consumer goods, aerospace, packaging and medical. The 'other' category also includes shipping and transportation.
In the construction application in 2017, the biocomposite market accounted for more than 25.0%. These composite materials are widely used in non-load-bearing applications in the residential industry, such as decoration, kitchen utensils, basins and cladding.
From a regional perspective, the Asia Pacific region is the world's largest biocomposite market with a revenue share of more than 35.0% in 2017. The main drivers of regional market growth are the recognition and mass use of lightweight materials in the aerospace and automotive industries. The demand for medium corrosion and chemical resistant materials is also growing: Demand for electrical resistivity and high flame retardant materials in the industrial, pipeline and tank industries, as well as in the electrical and electronics industries is favourable.
In recent years, the global biocomposite market has become increasingly competitive. The main companies are: Meshlin Composites ZRT, Alpas SRL, MCG Bio Composites LLC, Trex Company Inc., Flexform Technologies, Jelu-Werk J. Ehrler GmbH&Co. Kg, Green Bay Decking LLC, Universal Forest Products Inc., Fiberon LLC and Tecnaro GmbH.