Pune, India, Aug. 23, 2020 (GLOBE NEWSWIRE) — The Global Bio-Composites Market is anticipated to grow with a CAGR of 15.4% during the forecast period from 2020 to 2028. In 2020, the market is valued at USD XX Billion and is expected to reach USD XX Billion by 2028. Stringent government rules and regulations, increasing awareness toward environment-friendly products, and superior application benefits of bio-composite products are contributing to the growth of the market.
Bio-composites are composite materials that are generally produced with natural resins or natural fibers and are mainly used in various end-use applications. In bio-composites, at least one component in the composite matrix are considered from renewable sources, such as vegetables oils, starch, corn, or furan resins or other intermediate products produced by microorganisms.
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Increasing environmental concerns, increasing pollution and waste management issues, along with the growing trend towards eco-friendly and bio compostable products have prompted manufacturers to go with bio-composite products and components. In bio-composites, a wide range of product categories are covered, which can be both natural and synthetic, ranging from polysaccharides to nanocarbon materials. The product forms that are usually made with bio-composites include various products and components, films, sheets, membranes, foams, and coatings materials, among others.
Some Benefits of Bio-Composite Materials:
- Ecofriendly and biodegradable
- High mechanical and physical properties
- Low manufacturing cost
- Can be easily processed
- Wide arena of applications
- Abundant raw materials
Global Bio-Composites Market, by Fiber Type
In terms of fiber type, the wood fiber type has captured the largest market share in 2020 and is anticipated to remain the largest segment till the forecast period. These fibers are widely available across regions and are of comparatively low cost. They are widely used in making various products and components for transportation and building & construction end-use industry.
Global Bio-Composites Market, by Process
In terms of process, the extrusion process is leading among other processes in the global bi-composites market in 2020. The extrusion process has the ability to provide complex cross-sectional products and components with superior finish, which are used in transportation, industrial, and building & construction end-use industries.
Global Bio-Composites Market, by Resin Type
In terms of resin type, the synthetic resin has captured approximately two third of the global bio-composites market in 2020 and is anticipated to remain the largest segment till the forecast period. Synthetic resin type bio-composites provide superior mechanical and physical properties and finishing, along with durability. These are mainly used in building & construction, aerospace & defense, and transportation end-use industries to make various products and components.
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Global Bio-Composites Market, by End-Use Industry
In terms of end-use industry, the transportation segment is the largest end-use industry for bio-composites in 2020 and is anticipated to remain so till the forecast period. Bio-composites are mainly used to make various automotive interior and exterior components in a vehicle. Bio composite-based auto parts and components are generally lightweight as compared to the competing metal elements and so, are gaining popularity in the marketplace for replacing metal auto parts and components to reduce the vehicle weight. Lightweight vehicles consume less fuel, which lowers CO2 emission and improves vehicle performance.
Global Bio-Composites Market, by Region:
In terms of region, North America has captured the largest market for global bio-composites marker in 2020 and is anticipated to remain dominant till the forecast period. The major growth contributing factors for this region are growth in the transportation industry along with increasing investment in building & construction activities in the region. However, the Asia Pacific region is anticipated to grow with the highest CGAR of 22.3% during the forecast period till 2028.
Some Major Findings of Bio-Composites Market Report Include:
- Global bio-composites market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries.
- In-depth global bio-composites market analysis by fiber type, process, resin, end-use industry, and regions with an analysis of trend-based insights and factors.
- Profiles of major market players operating in the global bio-composites market, which include UPM Biocomposites, Jelu-Werk J. Ehrler GmbH & Co. , Tecnaro GmbH, Trex Company, Inc, FlexForm Technologies , Green Bay Decking, Green Bay Decking, Yixing Hualong New Material Lumber Co., Ltd., Anhui Guofeng Wood-Plastic Composite Co., Ltd, Lingrove, TimberTech ,Fiberon, LLC, Universal Forest Products, Inc., Axion International, Inc., and others.
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years.
- Key impact factor analysis across regions that includes clinical pipeline analysis, along with the drivers, restrains, opportunities, and challenges that are prevailing in the global bio-composites market
- Impact analysis of COVID-19 on bio-composites market
Browse key industry insights spread across 119 pages with 102 market data tables and 68 figures & charts from the report, “Bio-Composites Market, By Fiber Type (Wood and Non Wood) , By Process (Extrusion, Compression Molding, RTM, Injection Molding, and Others), Resin Type (Synthetic and Natural), By End-Use Industry (Transportation, Aerospace & Defense, Healthcare, Building & Construction, Consumer Goods, and Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) -Market Size & Forecasting (2016-2028)” in depth analysis along with the table of contents (ToC).
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Quince Market Insights is a global market research and consulting company publishing syndicate studies as well as consulting assignments pertaining to markets that promise high growth opportunities in strategic future. We are dedicated team of analysts with strong base in technical expertise as well as thorough understanding of the market dynamics. Some of key areas expertise includes chemicals, advanced materials, construction, mining, food & agriculture, automotive, machines & equipment, and others. We analyze emerging trends in relatively nascent markets that promise high growth opportunities in future. We focus towards precision research practices that provide accurate market estimations and forecasts. This helps our clients to make proper estimations with regards to demand analysis, regional growth, major competitors, and dynamics of the market.
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