Biocomposites Market Report 2024 (Global Edition)

Market Dynamics 

Key Drivers

• Environmental Concerns have made consumers shift toward sustainable solutions boosting the growth of the market 

The increased understanding of environmental sustainability and the need to reduce carbon footprints is one of the main motivators. As an ecologically friendly alternative to traditional materials, bio-composites are often composed of renewable resources and biodegrade.  Biocomposites are successfully being utilized as a substitute for plastic composites. Severe environmental laws are additionally preferring their utilization. The utilization of biocomposites produced using wood fiber is growing owing to the expanding utilization of forests for economical use. Wood plastic composites are fabricated from wood fibers. The utilization of characteristic polymers is likewise expanding due to the rising demand for 100% biodegradable items. The rising consumer demand for environmentally friendly products, particularly in the consumer goods, building, and automobile sectors. The low-cost, environmentally beneficial method of creating biocomposites with biodegradable and biocompatible polymers currently has a variety of advantages. As the usage of biocomposites has increased significantly over recent years it is mainly due to the advantages these materials possess when compared to synthetic composites, such as renewability, eco-friendly components, biodegradable aspects, and non-toxicity. The response to the societal concerns regarding global warming and environmental pollution, shifting the focus towards materials made from renewable, biodegradable, and recyclable resources have led to the research and development of these materials has increased in recent years, which is reflected in their applications in various industries. 
Rising environmental concerns supported by the increasing need for lowering emission levels are expected to provide a strong thrust to the growth of the biocomposites market during the forecast period. In response, companies are incorporating bio-composites into their product lines to better meet the needs and preferences of their customers. the rising consumer demand for environmentally friendly products, particularly in the consumer goods, building, and automobile sectors. In response, companies are incorporating bio-composites into their product lines to better meet the needs and preferences of their customers. For instance, In 2020, Tecnaro GmbH announced the release of ARBOBLEND, a novel biocomposite material. This substance can be recycled, recyclable, and constructed of sustainable materials like wood and starch. Uses for the material include goods for consumers, automotive components, and manufacturing. Therefore, one of the major drivers is the requirement for environmentally friendly alternatives.

•  Increasing demand from the Construction industry further boosts the biocomposites market growth 

Strong durability, fire resistance, and thermal insulation make them highly sought after in the building industry. A further factor predicted to propel market revenue growth is the growing focus on environmentally friendly building materials and construction techniques. By utilizing biocomposites in construction, greenhouse gas emissions and carbon footprint from traditional building materials are reduced. Over the course of the forecast period, the bio-composites market is anticipated to rise at a robust rate due to the growing demand in the industrial sector for eco-friendly and durable materials. For instance, in 2020, JELUPLAST is an innovative biocomposite materials material line from Jelu-Werk. These plastic-and-wood fiber-based composites may be used for a variety of tasks, such as packaging, automobile components, and building. The usage of biocomposites is linked to several health concerns, which is why they are becoming more and more common than glass fiber. The need for biocomposites has increased recently as a result of several additional problems related to the usage of plastic composites. Because of increased environmental regulations and growing awareness of the negative impacts of using toxic composites, there is a growing need for sustainable materials, which is expected to fuel market expansion in the years to come. Therefore, the construction industry is a growth driver for the market.

Restraints 

• Challenges in the structural effectiveness of biocomposites may hamper the growth of the market 

The design and construction end-use industries have a great deal of challenges when it comes to structural effectiveness. Nevertheless, different natural fibers have unique properties based on their development circumstances, such as resilience, toughness, fiber length, and cross-sectional area. Either the fiber or the matrix can be treated to improve the mechanical properties of natural fibers; in certain cases, both can be altered. The matrices are changed by the use of chemical binding agents. Fibers are modified to remove unwanted fiber components, roughen the fiber surface, isolate individual fibers from a group of fibers, or reduce the hydrophilic nature of the fiber. The primary challenge is in maintaining production continuity, as biocomposites heavily rely on the availability and caliber of the natural fibers that are obtained. To overcome this, companies are now introducing new products for the structural effectiveness of biocomposites. For instance, in 2022, Arkema launched its new solution of biocomposites which offered recyclable and more efficient composites to eliminate the challenges of structural effectiveness. For instance, In the year 2021, Retrac Group planned to offer a wide range of biocomposites of the natural type. This new strange of products exhibits the qualities of carbon fiber and natural fiber which can be used in the making of lightweight structures. Thus, structural effectiveness is restraint to the market.
 

Opportunities 

• Increasing R&D investments in Biocomposites will further create lucrative demand for the market resulting in the Biocomposites market growth 

Increased funding for research and development (R&D) projects as well as the development of innovative and highly advanced biocomposite materials are anticipated to fuel market revenue growth. Because biocomposites are environmentally benign materials, their demand has grown across a range of end-user applications. Large-scale production of biocomposites is feasible due to the global availability of raw materials for the production of biocomposites, which will support the market's expansion and boost investments in research and development in the upcoming years. The great strength, low weight, and biodegradability of hemp fiber-based biocomposite materials are making them more and more popular. R&D efforts have focused on developing bio-based thermosetting resins and biocomposites for critical applications such as aircraft fabrication, rail transportation, and construction. For instance, in December 2022, Effective bio-based composite materials were developed as part of the joint project SeaBioComp to replace conventional oil-based goods in the marine sector. The components, which are thermoplastic biocomposites based on flax, were shown using a variety of production techniques, leading to the creation of many demonstration items that are specially intended for use in maritime environments. Hence, progress in research and development will generate opportunities for market expansion.

 Impact of Covid-19

Numerous biocomposite production facilities were forced to close as a result of the lockdown, which destroyed sales of the product and caused supply chain disruptions. The countrywide lockdowns have had a serious negative impact on the automotive sector. In several nations, it has hindered the development of automobiles. It limits the market's potential for expansion because it is the primary application area for biocomposites. The pandemic led to shortages of raw materials and labor, affecting the production and supply of biocomposites. However, researchers and healthcare workers have focused on developing composite applications, including biocomposites and nanocomposites, to address health-related challenges during the pandemic. For instance, in 2020, an Italian research agency CETMA fought COVID-19 with smart shelters using biocomposites. SOS Smart Operating Shelter project offers fast-build mobile healthcare structures using natural fiber/biopolymer sandwich panels. Lockdowns and safety protocols disrupted factories and hindered the growth of the biocomposites market. 

Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.

The Global Biocomposites Market is witnessing significant growth in the near future.

In 2023, the Wood Fiber Composites segment accounted for noticeable share of global Biocomposites Market and is projected to experience significant growth in the near future.

The Building & Construction segment is expected to expand at the significant CAGR retaining position throughout the forecast period.

Some of the key companies Trex Company, Universal Forest Products and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.

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