Market Overview
Biocomposites is viewed as a material that supports sustainable development. Bio-materials are touted as a prudent solution to several ecological problems that may rise in the future. In this context, biocomposites have an exciting market prospect. Market Research Future (MRFR) reports that the global biocomposite market will surge at a CAGR of 8.5% between 2016 and 2023. Undoubtedly, biocomposite demand is on the rise as it finds a greater acceptance in as an industrial material.
Biocomposite is increasingly used in the construction sector, automotive sector, aeronautical industry, among others. Biocomposite materials are produced from both non-renewable and renewable sources, which makes them dynamic in nature. However, a majority of biocomposite materials available have bio-fiber or natural fiber as the primary component. These components have biological origins and are derived for waste paper, by-products of crop processing, recycled wood, cellulose fiber, flax or hemp, cotton, etc.
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Characteristics such as high tensile strength and low density make biocomposite a suitable hardware product. In addition, a reasonable price tag boosts the marketability of biocomposite products. Biocomposite is viewed as a plausible alternative to glass, carbon and various other fiber composites. Biocomposite materials are finding greater industrial application owing it their environmental viability. As focus shifts towards products that support sustainable development, bio-materials such as biocomposite draw greater commercial interest. Nonetheless, the market players are required to consider some of the constraints associated with biocomposite materials and develop strategies to overcome them. Ambiguity in raw material quality, cost of production and raw material price fluctuation are among the major market hindrances.
Biocomposite Market- Competitive Landscape
The global Biocomposite Market is a highly lucrative market driven by flourishing growth in construction and automobile industry. FlexForm Technologies (US), Tecnaro GmbH (Germany), Trex Company, Inc. (US), Fiberon LLC (US), Meshlin Composites ZRT (Hungary) among others are some of the major players operating in this market. Most of these market participants are adopting the research and development and product launch tactics to strengthen their production capacities and market position. Taking account of these trends the global Biocomposite Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The growing government expenditure in construction activities especially in China and India is the major factor driving the market in the region. Moreover, the growing automobile industry in the region is another factor adding to the market growth.
Regional Analysis:
Geographically the Global Biocomposite is divided into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. The major regions in the market are Asia Pacific, North America and Europe. Among them, Asia Pacific is holding the major share of the market in terms of market size. It accounts for more than 50% share of the Global Biocomposite Market. China and India are the leaders in the regional market. Increasing construction activities in these countries is projected to fuel the demand of Biocomposite in this region. North America is a significant region in the Global Biocomposite Market following Asia Pacific. Reconstruction projects undertaken by countries namely the U.S. and Canada would boost the growth of the regional Biocomposite Market. Apart from that, demand of light weight material made out of Biocomposite is fueled by aircraft industry in the U.S.
Europe is another substantial region in the Global Biocomposite Market. Growing demand of Biocomposite in automobile industry is propelling the growth of regional Biocomposite Market. The countries namely Germany, U.K. Italy, and France are the major contributors due to the established automobile industry. Other regions in the Global Biocomposite Market are Middle East & Africa and Latin America, wherein Latin America is comparatively growing at higher CAGR. The emergence of major end use industry and availability of raw material is estimated to push the growth of the market in this region. The Middle East & Africa is expected to join the hand with the leading regions in coming years.
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