Bicomposites Market : Industry Analysis & Opportunities-DataM Intelligence

(EstateNewsWire.com, September 20, 2021 )

Market Overview

Biocomposites refer to composite materials that are developed by the reinforcement of matrix and natural fibers. The matrix is produced by polymers that have been derived from nonrenewable & renewable resources such as flax, coir, hemp, kenaf, and wood. The global market for Bicomposites has grown at a good pace in the past few years and remains to embark upon a strong growth path due to the increased awareness among consumers regarding the requirement to choose bio-based materials instead of environmentally harmful non-recyclable synthetic materials.

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Moreover, they are being utilized as a substitute for plastic composites. Strict environmental laws are additionally preferring their utilization. The utilization of Bicomposites produced using wood fiber is increasing due to expanding use of forests for economical use. In addition, the utilization of characteristic polymer is likewise expanding due to the growing demand for 100% biodegradable items. Also, there is a huge interest in biodegradable items in developed markets of Europe & North America. The primary reason these composites are chosen is their low weight and high strength, and it enables to decrease fuel use or increase acceleration in transport. Additionally, Bicomposites are thermal insulators that are efficient where fire and blast protection is required.

Market Dynamics

The increasing inclination of consumers towards disposable product due to stringent regulation is triggering the demand for Bicomposites in recent times. Growing demand for water-soluble fertilizers creates a strong opportunity for the Bicomposites market growth.

Increasing demand disposable product is expected to boost the market growth

The treatment of plastic waste globally is a severe issue as plastic products do not decompose easily. To tackle this problem, many governments have banned plastic products and are promoting Bicomposites as a substitute for plastic composites. Growing disposable assets in emerging countries such as India & China and increasing awareness about Bicomposites and their advantages are key factors anticipated to drive the market in the region.

The growing environmental awareness and increasing global waste problems are promoting the growth of the Bicomposites market. Seekers are searching for unique composites compatible with the environment. However, biocomposite is recognized as a promising option to non-renewable and industries are endeavoring eco-friendly materials.

Growing demand for light weight vehicle is expected to drive the market

The growth has been seen over the past five years in the use of Bicomposites in the domestic and industrial sectors, such as the aerospace industry, building materials, circuit boards, and automotive applications.

Moreover, they are substitutes for alloys & metal in automotive nonstructural parts such as interior panels & parcel shelves. The application of Bicomposites in the automotive sector is expected to help in reducing the overall weight of a vehicle and decrease instances of injuries to passengers in cases of accidents. Similarly, surging demand in the electrical and consumer durables sectors is expected to drive the market.

Presence of mature substitute product, high cost and variation in quality of raw material is expected to hinder the market growth

However, the presence of mature substitute products such as thermoset resin-based composites, variation in the quality of raw materials and high cost of the bio-based products are expected to hinder the market growth. Moreover, these materials are composed of flax, jute, kenaf, rice, wheat, hemp, corn straws which are comparatively more expensive, and important technical know-how is required for sustainable extraction. In addition, the increased investment in research and development activities in the market is expected to help companies overcome some of these challenges.

Segment Analysis

By Fiber Type

• Wood-Plastic Composites

• Natural Fiber Composites

By Process Type

• Compression Molding

• Injection Molding

By Material Type

• Wood

• Flax

• Hemp

• Coir

By Application

• Sound Absorbing Wooden Construction Materials*

• Interior of Bathrooms

• Wood Decks

By End-User

• Construction

• Automotive

• Electronics & Electrical

• Aerospace

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Geographical Analysis

Based on the geography, the Bicomposites market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa. The demand for Bicomposites in the Asia Pacific market is expected to remain at the dominant position in sales and value generation due to the growing volume of trade and e-commerce in countries such as India & China.

The Asia Pacific is observing significant growth during the forecast period

The Asia Pacific also stood out as the regional market exhibiting the highest CAGR for the biocomposites market in 2016. Rapid industrialization is the key factor attributable to the overall expansion of the APAC Market. In addition, the other key factors that are anticipated to boost the overall growth of the market in the region are the growing demand for biocomposites from the region's automotive, construction, and consumer goods industries.

Moreover, in 2020, it was estimated that about 32 million passenger cars were sold within the Asia Pacific region, including the Middle East, of which 20.14 million were traded in China. Similarly, it was also expected that approx. 39.42 million passenger cars were traded in the Asia Pacific region in 2016. Additionally, in 2020, construction costs in Manila were forecasted to grow by 4.65% for medium-level fit-outs and approximately six percent for high-level fit-outs compared to the previous year. In comparison, construction costs in Taipei were forecasted to remain the same.

Europe holds the second spot in terms of the growth of biocomposites composites. In this region, the market for biocomposites is majorly from the automotive industry. Moreover, in June 2021, passenger car sales in the European Union, the United Kingdom, Iceland, Norway, and Switzerland continued to increase year-on-year: customers in European markets purchased around 1.3 million units. At more than 174,000 units, Germany remained the leading market for passenger car sales in Europe that month.

Competitive Landscape

The Bicomposites market is fragmented with the presence of regional and global players. The competitive contour lies with the increase in the regional company and growing investment in upstream application. Green Bay Decking LLC, FlexForm Technologies, JELU-WERK J. Ehrler GmbH & Co. KG, Tecnaro GmbH, Lingrove, Newtechwood, Fiberon, LLC, Meshlin Composites ZRT, Universal Forest Products, Inc., Nanjing Jufeng Advanced Materials Co., Ltd. are the major player in the composites market. The major players adopt several growth strategies such as product launches, acquisitions, and collaborations, contributing to growing the Bicomposites market globally.

Related Topic's

India Polyurethane Foam Market, PVDF Membrane Market, Precision Stainless Steel Market, Industrial Film Market, Building and Construction Adhesives Market

DataM Intelligence

Sai Kiran

+1 877 441 4866

pr@datamintelligence.com

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