Biocomposites Market Competition, Concentration Rate, Production Status and Outlook Forecast to 2023

Global biocomposites market is projected to reach $8,473.4 million by 2023. The market growth is driven by growing demand for bio-based composites from construction and furniture industries.  Additionally, increasing demand for biodegradable, non-toxic, and moisture as well as thermal resistant materials in the building and construction is anticipated to drive the market in this region.

Based on type, the biocomposites market is categorized into structural and non-structural . Structural was the larger category in the market, contributing more than 50.0% revenue share in 2017. The larger share of the type is ascribed to wide range of application of structural bio-based composites in housing industry owing to their exceptional load bearing property.

The biocomposites market in Asia-Pacific (APAC) is expected to register a CAGR of 13.7% during the forecast period, in terms of value.

On the basis of fiber type, the biocomposites market is categorized into wood-plastic composites (WPC) and natural fiber composites (NFC). WPC was the larger type in the market, accounting for more than 50.0% volume sales in 2017. The large-scale consumption of wood composites in furniture and consumer goods applications, is fuelling the market growth.

Traditionally, the demand for bio-based composites in military aviation was limited to the replacement of the metal parts of aircraft. Rapid industrialization is the key factors attributable to the overall expansion of the APAC market.

However, due to their high mechanical, thermal, and chemical strength, composites materials now constitute a majority of airframe structure of a military aircraft.

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Some of the major players operating in the global biocomposites market are Meshlin Composites ZRT, Alpas SRL, MCG Bio Composites LLC, Trex Company Inc., Flexform Technologies, Jelu-Werk J. Ehrler GmbH & Co. Kg, Green Bay Decking LLC, Universal Forest Products Inc., Fiberon LLC, and Tecnaro GmbH.

GLOBAL BIOCOMPOSITES MARKET SEGMENTATION
By Type
  • Structural
  • Non-Structural
By Fiber Type
  • Wood-Plastic Composites (WPC)
  • Natural Fiber Composites (NFC)
By Application
  • Construction
  • Automotive
  • Consumer Goods
  • Aerospace
  • Packaging
  • Medical
  • Others
By Geography
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • Russia
    • France
    • Rest of Europe
  • APAC
    • China
    • India
    • Japan
    • Philippines
    • Rest of APAC
  • Rest of the World (RoW)
    • Brazil
    • Saudi Arabia
    • South Africa
    • Others
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