The biocomposites market is projected to register a CAGR of 14.44% during the forecast period
Biocomposites Market is projected to reach USD 36.76 billion by 2022, at a CAGR of 14.44% from 2017 to 2022. The major drivers stimulating the biocomposites market include government regulations regarding the use of environmentally friendly products and the safety & recyclability of biocomposites as compared to glass fiber and carbon fiber composites. The low strength of biocomposites as compared to synthetic fiber composites and the fluctuating cost, availability, and quality of raw materials are factors restraining the biocomposites market.
Transportation is projected to be the fastest-growing end-use industry segment of the biocomposites market during the forecast period
By end-use industry, the building & construction segment accounted for the largest share of the biocomposites market in 2016. However, the transportation segment is projected to grow at the highest CAGR during the forecast period. Biocomposites are non-toxic, biodegradable, and low cost, as compared to synthetic fiber composites, and offers dimensional stability, moldability, and impact resistance.
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Asia Pacific is projected to be the fastest-growing market for biocomposites
Asia Pacific is projected to be the fastest-growing market for biocomposites from 2017 to 2022. The main factors that are expected to contribute to this growth are the increasing demand for biocomposites from the region’s building & construction, transportation, and consumer goods end-use industries. Increasing demand for non-toxic, biodegradable, and moisture & thermal resistant materials in the building & construction end-use industry is anticipated to drive the market for biocomposites in this region.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By company type- Tier 1- 35%, Tier 2- 25%, and Tier 3- 40%
- By designation- C Level- 30%, Director Level- 25%, and Others- 45%
- By region- North America- 30%, Asia Pacific- 30%, Europe- 25%, Middle East & Africa- 10%, and Latin America- 5%
Research Coverage
This report covers the global biocomposites market and forecasts the market size until 2022. The report includes the market segmentation by fiber (wood fiber and non-wood fiber), polymer (synthetic polymer and natural polymer), product (hybrid biocomposites and green biocomposites), end-use industry (transportation, consumer goods, building & construction, and others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). Porter’s five forces analysis along with the drivers, restraints, opportunities, and challenges have also been discussed in the report.
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