Biocomposites Market Plying for Significant Growth During 2025
The
global market for biocomposites has been witnessing a rapid surge in
the number of product manufacturers and providers, rendering the
vendor landscape increasingly competitive, observes Transparency
Market Research in a recent report. With several established
manufacturers of conventional composites such as carbon and glass
fiber venturing into the field to exploit the promising growth
opportunities the biocomposites market has to offer, the market is
likely to remain highly competitive in the next few years as well.
Global conglomerates can benefit from an increased focus on research
and development activities aimed at the development of new and more
improved product varieties and expansion of their geographical
presence in regions that are showcasing an improved level of consumer
awareness regarding the vast benefits of biocomposites.
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Some
of the leading companies operating in the global biocomposites market
are UPM, Green Bay Decking LLC, FlexForm Technologies, Tecnaro GmbH,
JELU-WERK J. Ehrler GmbH & Co. KG, and Universal Forest Products,
Inc.
According
to this report, the global biocomposites market was valued at
US$4,730.4 mn in 2016 and is projected to reach US$10,549.4 mn by
2025, exhibiting a CAGR of 9.46% from 2017 to 2025.
Flax
to Witness More Demand for Production of Biocomposites in Future
Of
the key materials used to manufacture biocomposites, the segment of
wood presently accounts for the dominant share of the global market.
Over the forecast period, however, the segment of flax is more likely
to witness the most promising growth opportunities, outpacing other
segments in terms of growth pace.
Geographically,
the market in Asia Pacific accounted for the dominant share in the
global biocomposites market in 2016. The rapid pace of
industrialization in the region in the past few years has played a
key role in establishing a strong market for biocomposites in the
region in the past years. In the near future, the regional market is
likely to exhibit a steady pace of expansion, with strong growth of
industries such as consumer goods, automotive, and construction
expected to spell growth for the market.
Increased
Consumer Awareness Regarding the Need to Switch to
Environment-friendly Products to Drive Market
Some
of the key factors working in favor of the global biocomposites
market are the rising consumer awareness regarding the need to switch
to bio-based products to mitigate the issue of rising pollution and
its impact on the environment and stringent government regulations
compelling people to adopt environment-friendly products. Owing to
the better safety and recyclability offered by biocomposites as
compared to products such as glass fiber composites and carbon fiber,
biocomposites are being increasingly adopted across a number of
application sectors as consumer awareness rises and environment
protection norms become more stringent.
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Other
factor spelling growth for the market is the easy availability of
natural fibers required for the production of biocomposites. Steady
expansion of key end-use industries such as automotive and
construction is also expected to work well in favor of the global
biocomposites market in the near future. However, the less strength
biocomposites as compared to popular synthetic fibers and the
unstable costs of products owing to fluctuations in availability and
costs of raw materials across several regions could hamper the growth
prospects of the global biocomposites market to a certain extent.
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