Biocomposites are the natural fiber
composites made of local and renewable resources. This offers a significant
sustainability, industrial ecology, and eco-efficiency. The advancements in
green chemistry is guiding the development of such next generation materials
and products. In recent times, considerable growth has been seen in the use of
Biocomposites in innumerable sectors. It includes, the domestic sector,
building materials, aerospace industry, circuit boards, and automotive
applications. However, there are a number of industries where the product is
trying to find application. Nevertheless, technological advancements in the
field of manufacturing composites has the potential to produce Biocomposites
which can enter new markets and stimulate an increase in demand. The global
automotive industry is steadily heading north with an increasing demand of
vehicle from huge middle class strata of society around the world. In addition
to this, the global composite market is estimated to grow at CAGR of ~8.5% on
account of increasing demand from major end use industry. Collectively, these
trends are anticipated to fuel demand of the Bicomposites in the market.
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Competitive Analysis:
MCG BioComposites, LLC (U.S.)
Anhui Guofeng Wood Plastic
Composite Co., Ltd. (China)
A.B.COMPOSITES PVT.LTD.
(India)
Green Dot Holding LLC (U.S.)
Yixing Hualong New Material
Lumber Co., Ltd. (China)
Advanced Environmental
Recycling Technologies, Inc.(U.S.)
Bcomp Ltd.(Switzerland)
Nanjing Xuha Sundi New
Building Materials Co.,Ltd. (China)
TTS.(Canada), and Lingrove,
LLC (U.S.)
Market Segmentation:
Global Biocomposite Market is
segmented on the basis of fiber type, process, end use industries, and region.
On the basis of fiber type,
the market is divide into hemp, kenaf, flax, jute, and others. Among them, hemp
fiber based Bicomposites are majorly used in the market owing to its growing
application as a reinforcement in composites. Hemp can be easily blended with
number of blending materials range from thermoplastics such as polypropylene
and polyethylene to thermoset fiber such as polyester, which form a matrix phase
in Biocomposites. The most common application of this blended hemp, which is
compression molded includes, automotive substrates, furniture and other
consumer products. The flax fiber is an important natural fiber used in
formation of Biocomposites. This type of materials work well for applications,
seeking a lighter weight alternative to other materials. Major applications of
flax based Biocomposites can be found in automotive interior components and
sports equipment. The jute based natural composite products are witnessing
surge in demand due to its lower cost and wood like appearance. Jute based
Bicomposites are majorly used in automotive as door panels, dash boards, and
trunk liners.
Based on process, the Global
Biocomposite Market is segmented into compression molding, injection molding,
and others. Among these, the compression molding segment is growing at highest
CAGR. This is attributed to the lowest cost of production offered by this
process, compared with other methods such as transfer molding and injection
molding. Moreover it wastes comparatively little material, adding to it’s an
advantage when working with expensive compounds. Injection molding a
manufacturing process for producing parts by injecting a material into a mold.
The process is used to create many things such as packaging, automotive parts
and components, some musical instruments (one-piece chairs and small tables,
mechanical parts, and most other plastic products available today. Injection
molding is the most common modern method of manufacturing plastics and other
composite materials. In addition to this, this process is ideal for producing
high volumes of the same object.
On the basis of end use
industries, the market is divided into building & construction, automotive,
consumer goods, and others. Building & construction industry is projected
to consume a major share of the overall demand of Biocomposite. More than a
quarter share of total demand of Biocomposite is accounted by building &
construction industry. The developing countries in Asia Pacific, Africa, and
Latin America are rapidly undertaking the infrastructural projects, which is
posing as a major demand driver in the Global Biocomposite Market. Moreover,
the initiative of reconstruction activities that are undertaken by developed
countries is to further improve the existing physical infrastructures on the
lines of sustainable development, would add into the growing demand of
Biocomposite. Furthermore, the huge automobile industry spread all over the
world is steadily driving the demand of Biocomposite forward. The
durability, flexibility, and recyclability of Biocomposite has made it the most
preferred material in making consumer goods such as cupboards, decks, chairs,
and table, among others. Moreover, growing sentiments in favor of environmental
concerns due to persistent polluting materials such as plastic, may help push
growth in demand of Bicomposites in a number of end use industries.
Regional Analysis:
Geographically the Global Biocomposite is
divided into Asia Pacific, North America, Europe, Middle East & Africa, and
Latin America. The major regions in the market are Asia Pacific, North America
and Europe. Among them, Asia Pacific is holding the major share of the market
in terms of market size. It accounts for more than 50% share of the Global
Biocomposite Market. China and India are the leaders in the regional market.
Increasing construction activities in these countries is projected to fuel the
demand of Biocomposite in this region. North America is a significant region in
the Global Biocomposite Market following Asia Pacific. Reconstruction projects
undertaken by countries namely the U.S. and Canada would boost the growth of
the regional Biocomposite Market. Apart from that, demand of light weight
material made out of Biocomposite is fueled by aircraft industry in the U.S.
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Europe is another substantial region in
the Global Biocomposite Market. Growing demand of Biocomposite in automobile
industry is propelling the growth of regional Biocomposite Market. The
countries namely Germany, U.K. Italy, and France are the major contributors due
to the established automobile industry. Other regions in the Global
Biocomposite Market are Middle East & Africa and Latin America, wherein
Latin America is comparatively growing at higher CAGR. The emergence of major
end use industry and availability of raw material is estimated to push the
growth of the market in this region. The Middle East & Africa is expected
to join the hand with the leading regions in coming years.
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