Global Biocomposites Market Size to Reach USD 90.89 Billion in 2030 | Increasing Demand for Wood as a Natural Fiber for Production of Biocomposites is a Major Factor Driving Industry Demand, Says Emergen Research

VANCOUVER, BC, May 25, 2022 /PRNewswire/ -- The global biocomposites market size reached USD 24.40 Billion in 2021 and is expected to register a CAGR of 15.7% during the forecast period, according to latest analysis by Emergen Research. Rising consumer preference for environment-friendly products is a key factor driving biocomposites market revenue growth.

Drivers:

Government regulations supporting production and use of environmentally friendly products and materials is another key factor driving revenue growth of the biocomposites market. Rapid advancements in industrial technologies as well as introduction of biocomposites have significantly altered consumer perception of sustainability goals. Changes and the adoption rate of biocomposites are most evident in countries such as Germany, the U.S., Japan, and others. This is primarily due to an increase in demand for environment friendly products. In addition, biocomposites have been replacing petroleum-based products owing to biodegradable properties and high recyclability rate.

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Also, governmental bodies in various countries are focusing on establishing standards for ensuring effective recycling of end-of-life products. The European Union (EU) for instance has been emphasizing on use of biocomposites as raw materials and encouraging adoption across various end-use industries for various products. As a result, demand for biocomposites is increasing significantly in Europe. Automotive industries in this region are among the major consumers of biocomposite materials due to rising awareness regarding various benefits of using these raw materials.

In addition, increasing use of biocomposites has aided significantly in reducing the volume of scrapped products entering landfills each year. The automotive industry in the region currently consumes 80,000 tons of plant and wood fibers to reinforce composite products instead of synthetic fibers. Moreover, major automotive manufacturers in the region are exploring opportunities for incorporating recyclable and biodegradable parts and components for vehicle interiors.

Strategic Initiatives:

Some major companies included in the global market report are UPM, Trex Company, Fiberon, FlexForm Technologies, Nanjing Jufeng Advanced Materials Co., Ltd., Meshlin Composites Zrt, Tecnaro GmbH, HempFlax Group B.V., Trifilon, Fasal Wood GmbH, Addiplast Group, and Transmare Compounding.

• On 1 April 2022, Labat Africa Group, which is a South Africa-based, fully integrated cannabis company focused on healthcare, wellness, and industrial hemp, announced signing of a Memorandum of Understanding (MoU) with the Council for Scientific and Industrial Research (CSIR), which is a leading scientific and technology research organization focused on developing transformative technologies to accelerate South Africa's socio-economic prosperity. The agreement calls for the renovation, and expansion of CSIR's Coega hemp processing facility. In addition, it accelerates the application of hemp biomass in KwaZulu-Natal. Moreover, it strengthens the collaboration and cooperation between CSIR and Labat by addressing challenges associated with the value chain of cannabis and hemp production for industries ranging from pharmaceuticals to textiles to energy.

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Restraints:

Inconsistency in the properties of natural fibers is one of the major factors restraining market growth. The properties of natural fibers significantly vary from one harvesting season to another. Variations in physical properties affect variation in mechanical properties as well as when compared to synthetic fibers. Also, the properties of natural fibers depend majorly on the chemical composition of the soil, maturity of the plant, and harvesting and treating method of the fibers.

Another drawback of natural fibers is the high moisture sensitivity which poses challenge to using the material for packaging applications, primarily during shipment and long-term storage of food products. In addition, the hydrophilic nature of natural fibers leads to low microbial resistance and susceptibility to degradation.

Poor fiber-matrix adhesion is caused by the incompatibility of polymeric matrices and natural fibers. This poses a significant challenge to wider adoption of biocomposites. In addition, the mechanical properties of biocomposites are also affected by poor or insufficient bonding. Moreover, exposure to extreme temperatures affects the thermal stability of natural fibers. For instance, natural fibers shrink and degrade when temperatures exceed 200 degrees Celsius. This causes changes in the physical and chemical structure, requiring more processing time to improve fiber properties.    

Growth Projections:

The global biocomposites market is expected to register a CAGR of 15.7% over the forecast period and revenue is projected to increase from USD 24.40 Billion in 2021 to USD 90.89 Billion in 2030. Rapid innovations in biocomposite products is driving market revenue growth. For instance, on 22 October 2021, Retrac Group, which is a U.K.-based leading composite, and metal manufacturing specialist in the automotive & aerospace industries, announced the launch of a new product range. The products include five sustainable or recycled composite material options and were designed to provide customers access to enhanced sustainability while maintaining high performance.

In addition, the products have been a significant part of the group's composites division's research and development program. Moreover, the collection includes a variety of recycled carbon fiber and natural fiber products that are suitable for a variety of applications in lightweight structures. While biocomposites have already proven to be successful in a variety of end-use industries, a global agreement has been reached on the negative impact of humans on global warming and the environment. This awareness sparked interest in more sustainable materials that can be processed with less energy, such as natural fiber composites.

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As a result of their potential as an alternative to synthetic fibers, natural fiber composites are being extensively researched and developed. This century has seen significant advancements in sustainable technology and biocomposites, and interest is still growing. Recycling natural fiber composites and natural fiber reinforcement from waste materials are important steps toward achieving sustainability goals and transitioning to a green economy. Therefore, biocomposites are gaining significant industrial interest in a world concerned with environmental outcomes.

COVID-19 Impact Analysis:

Global biocomposites market had been significantly disrupted by the COVID-19 pandemic and supply chain disruptions. Governments of various countries imposed lockdowns and stringent regulations and policies were mandated to restrict international trade opportunities. In addition, major companies across countries had to close down operations, and this affected demand for biocomposites. Availability of polymers was also hampered during the period. Biocomposites exhibit properties that are aligned with biological systems and have been increasingly used in the development of various biomedical devices, regenerative medicine, and tissue implants.

Moreover, the market has regained its momentum now that lockdowns and trade restrictions have been lifted, and consumers, as well as end-use industries, are focusing on sustainable methods and materials and use of environment-friendly products.

Current Trends and Innovations:

Bio sourced technical composites derived from the bamboo plant is trending in the biocomposites market. Bamboo is a natural and biodegradable environment-friendly material for textile applications. It serves as an ideal source of natural fibers and has the inherent properties of anti-bacterial and Ultraviolet (UV) ray protection.

In addition, cross-sections of bamboo fibers are filled with micro gaps and micropores, and it has better moisture absorption and ventilation. The Bamboo Long Fiber Reinforced Biobased Matrix Composite (BAMCO) project is aimed at reducing the environmental footprint of aircraft while also providing benefits to other end-use industries.

A consortium of companies such as Assystem Technologies, Arkema, Cobratex, Specific Polymers, CIRIMAT, Compositadour, Lisa Aeronautics, and Mecano ID have come together to support and address rising demand for bamboo-based biocomposites in various end-use industries. These biocomposites have immense potential, especially due to the lightweight property.

In addition, due to excellent thermal resistance and mechanical properties such as high strength and vibration absorption the materials can be a potential replacement for glass or phenolic composites used in end-use industries. The materials can be also used in the manufacturing of cabin interiors, cover panels, fuselage cladding panels, and onboard galleries used to store in-flight meals. Moreover, the properties make the materials ideal for products and components in marine and sports industries.

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Geographical Outlook:

Market in North America accounted for third-largest revenue share in 2021. Significant investments by major companies such as MCG Biocomposites, FlexForm Technologies, Fiberon, and others is driving market growth in this region. Biocomposites are eco-friendly composite materials and have properties such as lightweight, corrosion, and thermal resistance, and various advantages are expected to drive steady demand. In addition, rising demand from healthcare, automotive, and other sectors and increasing collaborations between biocomposite producers in countries in the region, and rising investment in research and development activities are other factors driving revenue growth.

Major companies in the region are also investing in developing products with enhanced features and capabilities of biocomposite materials in order to gain a competitive edge. Governments in various countries in the region have also played a role in supporting market growth. Strategic initiatives and stringent regulations and policies implemented to reduce carbon dioxide emissions are key factors driving adoption and incorporation of biocomposite materials into manufacturing of a range of products.        

Scope of Biocomposites Research

Read our Press Release on Biocomposites @ https://www.emergenresearch.com/press-release/global-biocomposites-market

Emergen Research has segmented global biocomposites market on the basis of fiber type, polymer type, end-use, and region:

·  Fiber Type Outlook (Revenue, USD Billion; 2019-2030)

• Roselle Fiber
• Kenaf Fiber
• Flax Fiber
• Ramie Fiber
• Others

·  Polymer Type Outlook (Revenue, USD Billion; 2019-2030)

• Polypropylene (PP)
• Polyethylene (PE)
• Polyamide (PA)
• Polylactic Acid (PLA)
• Others

·  End-Use Outlook (Revenue, USD Billion; 2019-2030)

• Building & Construction
• Automotive
• Medical
• Consumer Goods
• Others

·  Regional Outlook (Revenue, USD Billion; 2019-2030)

• North America
• a.  U.S.
• b.  Canada
• c.  Mexico
• Europe
• a.  Germany
• b.  France
• c.  U.K.
• d.  Italy
• e.  Spain
• f.  Benelux
• g.  Rest of Europe
• Asia Pacific
• a.  China
• b.  India
• c.  Japan
• d.  South Korea
• e.  Rest of APAC
• o  Latin America
• a.  Brazil
• b.  Rest of LATAM
• o  Middle East & Africa
• a.  Saudi Arabia
• b.  UAE
• c.  South Africa
• d.  Turkey
• e.  Rest of MEA

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