Biocomposites Market Size - By Source (Plant-based, Animal-based), By Product (Hybrid Biocomposites, Pure Biocomposites), By Process (Injection molding, Compression molding, Hand Lay-up, Filament Winding), Application & Forecast, 2022 - 2030

Biocomposites Market Size

Biocomposites Market size exceeded USD 19 billion in 2021 and is set to register over 12% CAGR from 2022 to 2030. Rising environmental concerns may foster product adoption through 2030.
 

The growing emphasis on limiting carbon emissions and promoting the use of eco-friendly and sustainable products may back the industry growth. The ongoing green transition across the automotive sector has popularized and subsequent fueled the demand of electric vehicles. Based on the Global Electric Vehicle Outlook by the International Energy Agency, almost 2 million electric cars were sold globally during the first quarter of 2022, despite supply chain constraints. The surging demand for biocomposites for the manufacturing of several EV components may propel market revenues in the forthcoming years.
 

Availability of cost-effective alternatives to emerge as a restraining factor

Natural fibers have several performance limitations compared to synthetic fibers that may hamper the biocomposites market progress in the foreseeable future. The presence of hydroxyl groups in natural fibers makes them hydrophilic in nature, which elevates their moisture sensitivity and leads to poor interfacial adhesion between fiber and matrix. Besides, the availability of low-cost high-performing substitutes may further limit the industry growth over the assessment period.
 

Biocomposites Market Analysis

With regards to source, the plant-based segment accounted for more than USD 13 billion in 2021 and is likely to depict over 12% CAGR between 2022 and 2030. Plant-based fibers possess high fracture toughness, non-corrosive nature, high strength-to-weight ratio, sustainability, and renewability, offering them unique advantages over other materials. The increasing application of biomaterials across several end-use verticals, including automotive, marine, aerospace, construction, healthcare, and packaging, may augment the biocomposites market share over the coming years.
 

In terms of products, the hybrid biocomposites segment held over 73% market share in 2021 and is expected to surpass USD 37 billion by 2030. These materials are used for designing different structures across industrial, marine, commercial, biomedical, and aerospace sectors due to their ability to offer superior protection against corrosion and excellent fatigue and impact resistance. The increasing utilization of hybrid biocomposites in a range of household furnishings and sports equipment may boost the segment share over the analysis timeframe.
 

Based on the process, the hand lay-up segment exceeded USD 7 billion in 2021 and is anticipated to hold more than 38% market share by 2030. The process is referred to as the simplest composites molding technique, offering simple processing, low-cost tooling, and a broad range of part sizes. It involves minimum investment in equipment and ensures consistent quality and high production rate with skilled labor, driving its demand throughout the projection period.
 

The biocomposites market from transportation applications accounted for over USD 8 billion in 2021 and is poised to surpass USD 23 billion by 2030. The increasing demand for electric fleet due to rising ecological concerns and escalating efforts toward mitigating global climate change may foster production across the transportation sector. The ongoing advancements in vehicle technologies and the rising emphasis on the use of more sustainable and environmentally friendly vehicle scomponents may drive the demand for bio-based composites in the foreseeable future.
 

With respect to the regional landscape, the Asia Pacific segment held over 36.5% of the market share in 2021 and is likely to record a valuation worth more than USD 20 billion by 2030. The massive population growth, in tandem with rapid industrial development and urbanization, has propelled the demand for adequate housing and commercial infrastructure. The surge in construction activities across the region, coupled with the supportive regulatory framework, and inflowing foreign direct investments in the construction sector may fuel the growth of the regional industry.
 

Biocomposites Market Share

Prominent players in the biocomposites market include:

• UPM
• Stora Enso
• Trex Company Inc
• Fiberon LLC
• FlexForm Technologies
• UFP Industries Inc
• Archello
• Tecnaro GmbH
• Lingrove Inc
• Bcomp Ltd
• EP Biocomposites Ltd
• BioComposites Group
• Green Dot Bioplastics Inc
   

These companies are undertaking R&D practices and focusing on developing novel products to support the emerging sustainability trend and foster the growth of green economy. For instance, in March 2020, UPM announced the development of a novel wood-based biocomposite material, UPM Formi EcoAce. The product is made with renewable PP polymers from SABIC's TRUCIRCLE solutions and authorized cellulose and wood fibers to fulfill sustainability requirements.
 

COVID-19 Impact

The COVID-19 pandemic caused major disruptions across the biocomposites industry, especially in the first half of 2020. Halted production lines across the automotive sector and the postponed construction activities due to industry closures, labor migration, and supply chain turmoil, led by stringent lockdown restrictions, severely downsized industry revenues. However, the eased regulatory measures across several economies leading to resumption of industrial operations, coupled with the proliferating demand for electric vehicles may enable the market to gain significant momentum over the coming years.
 

By Source

• Plant-based
• Animal-based
• Others

By Product

• Hybrid Biocomposites
• Pure Biocomposites

By Process

• Injection molding
• Compression molding
• Hand Lay-up
• Filament Winding
• Others

By Application

• Transportation
• Construction
• Consumer Goods
• Sports & Leisure
• Others

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE