Biocomposites Market is Appraised to be Valued at US$ 51.2 Billion by 2026, Registering a CAGR of 16.0% – Exclusive Report by MarketsandMarkets™

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Biocomposites Market is Appraised to be Valued at US$ 51.2 Billion by 2026, Registering a CAGR of 16.0% – Exclusive Report by MarketsandMarkets™

October 20
01:35 2022
Biocomposites Market is Appraised to be Valued at US$ 51.2 Billion by 2026, Registering a CAGR of 16.0% - Exclusive Report by MarketsandMarkets™
Browse 286 market data Tables and 52 Figures spread through 229 Pages and in-depth TOC on “Biocomposites Market”
Biocomposites Market by Fiber Type (Wood Fiber and Non-wood Fiber), Polymer Type (Synthetic and Natural), Product (Hybrid and Green), End-use Industries (Building & Construction, Transportation, and Consumer Goods) and Region

The global biocomposites market size was USD 24.4 billion in 2021 and is expected to reach USD 51.2 billion by 2026, projecting a CAGR of 16.0% between 2021 and 2026. Biocomposites are increasingly used in the transportation end-use industry as they decrease weight and increase fuel efficiency. Automotive manufacturers are increasingly using biocomposites in various automobile models. The regulatory legislation imposed by the EU and other countries, such as the US, India, and Japan; are expected to increase the use of biocomposites, primarily in the automotive end-use industry. The EU legislation sets mandatory emission reduction targets for new cars to improve fuel economy and reduce the CO2 emissions.

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The US has also imposed stricter Corporate Average Fuel Economy (CAFE) and tailpipe emission standards for the automobile sector. The proposed mandate raised CAFÉ standards to 39 mpg for passenger cars by 2016 and 54.5 mpg by 2025. China and Japan have also announced vehicle fuel economy regulations. Brazil, India, Mexico, and South Africa are expected to initiate similar measures in the near future. The above-mentioned factors and increased incorporation of biocomposites are expected to increase their demand mainly in the automobile sector.

The automotive industry focuses on stringent regulations, such as the Corporate Average Fuel Efficiency (CAFE) standards and the European Emission Standards (EES) by the US and European governments, respectively, for vehicle manufacturers. According to the United States Environmental Protection Agency (EPA), the transportation industry in the US is one of the largest contributors to greenhouse gas emissions. The US government has, thus, made it a critical concern for automakers to follow the average miles per gallon standard for their vehicles. A similar situation is prevalent in other regions across the globe. In order to reduce carbon dioxide (CO2) emissions, automakers focus significantly on producing lightweight vehicles to comply with government regulations and enhance fuel efficiency.  

A variety of fibers and polymer matrices can be used in biocomposites depending on the end-use industry applications and the required specifications. Biocomposites are used in building & construction, transportation, consumer goods, and many other end-use industries. Led by strong end-use demand, the biocomposites market is growing at a rapid pace.    Biocomposites comprise wood fiber composites and natural fiber composites. Biocomposites offer dimensional stability and resistance to impact, moisture, and mildew, resulting in low maintenance cost and long product duration.

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Region-wise, Asia Pacific was the largest market for biocomposites in 2020, driven by strong demand in the building & construction, transportation, consumer goods, and electrical & electronics sectors. During the forecast period, the demand for biocomposites from the building & construction segment in Asia Pacific region is expected to remain strong due to increasing urbanization, and construction projects, mainly in China and India.

The COVID-19 outbreak drastically affected the biocomposites market, due to which, many manufacturers had to put their production on hold. The global lockdown forced manufacturers to operate on reduced capacities. Disruption in the supply chain caused by COVID-19 severely affected the business in key markets, globally.

The key players in the market include UPM (Finland), Trex Company (US), Fiberon LLC (US), FlexForm Technologies (US), Universal Forest Products, Inc. (US), Nanjing Jufeng Advanced Materials Co., Ltd (China), Meshlin Composites ZRT (Hungary), Tecnaro GmbH (Germany), among many others.

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