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Biocomposites Market Share

Report ID: GMI3548
Published Date: Sep 2022
Report Format: PDF

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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.

Authors: Kiran Pulidindi, Hiralkumar Patel

Frequently Asked Questions (FAQ) :

The global market size for biocomposites exceeded USD 19 billion in 2021 and is set to register over 12% CAGR from 2022 to 2030, driven by emphasis on limiting carbon emissions by promoting the use of eco-friendly and sustainable products.

The plant-based biocomposites segment accounted for over USD 13 billion in 2021 and is likely to depict over 12% CAGR between 2022 and 2030, owing to their exceptional characteristics, including high fracture toughness, non-corrosive nature, high strength-to-weight ratio, sustainability, and renewability.

The hybrid biocomposites segment held over 73% market share in 2021 and is expected to surpass USD 37 billion by 2030, due to the numerous application avenues of hybrid biocomposites across the industrial, marine, commercial, biomedical, and aerospace sectors.

Notable participants 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., and others.