Tag Archives: Biocomposites Market Size

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.

Biocomposites Market worth 36.76 Billion USD by 2022

The Biocomposites market was valued at USD 16.46 Billion in 2016 and is projected to reach USD 36.76 Billion by 2022, at a CAGR of 14.44% from 2017 to 2022. Biocomposites are increasingly used in building & construction, transportation, consumer goods end-use industries as they are moisture resistant, low-cost, light-weight, and biodegradable.

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The biocomposites market has a diversified ecosystem, including downstream stakeholders such as manufacturers, vendors, end-user industries, and government organizations.

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