Biocomposites refer to the composite materials that are formed by the reinforcement of natural fibers and a matrix. The matrix is formed by polymers that have been extracted from renewable and nonrenewable resources such as coir, flax, wood, hemp, and kenaf. The global market for biocomposites has expanded at a promising pace in the past few years and continues to embark upon a healthy growth path, thanks mostly to the increased level of awareness among consumers regarding the need to choose bio-based materials instead of the environmentally harmful, non-recyclable synthetic materials.
The market has also gained pace owing to the easy availability of the natural fiber required for the production of biocomposites. While factors such as the comparatively lower strength of biocomposites when synthetic fiber composites are considered and the unstable cost, unavailability, and quality of raw materials are likely to hamper the growth prospects of the market, the increased investment on research and development activities in the market are expected to help companies overcome some of these challenges.
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According to the report, the global biocomposites market is expected to exhibit a promising 9.46% CAGR over the period between 2017 and 2025.
In terms of type, the biocomposites market can be classified on the basis of material type, which includes wood, flax, hemp, coir, kenaf, polyethylene, polyvinyl chloride, polypropylene and others segments. Among these, wood accounted for the highest share of the market in 2016, while flax segment anticipated for the fastest growth during the forecast period. Wood is used because of its easy availability and its excellent binding properties. Based on the product type biocomposites market has been segmented into wood plastic composites (WPC) and natural fiber composites (NFC). Wood plastic composites is the combination of wood with polyethylene, polyvinyl chloride, polypropylene and others, while natural fibre composites are made up of wood, flax, hemp, coir and kenaf.
In terms of the application, the global biocomposites market can be classified into segments such as automotive, construction, electronics & electrical, furniture, and consumer goods. Of these, the segment of construction, occupies the dominant share of the global market due to the increased usage of biocomposites in developing regions. Automotive segment is estimated to outpace other segments in terms of growth pace because biocomposites are safer than conventional materials such as glass or carbon fiber composites owing to the fact that in case of a crash, biocomposites do not led to the formation of sharp-edged fractures.
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Geographically, the report covers the global biocomposites market across regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Of these, the market in Asia Pacific held the dominant share of the global biocomposites market in 2016. Moreover, Asia Pacific also stood out as the regional market exhibiting the highest CAGR for the biocomposites market in the year 2016. Rapid industrialization is the key factors attributable to the overall expansion of the Asia Pacific Market.
Other key factors that are expected to fuel the overall growth prospects of the biocomposites market in the region are the increasing demand for biocomposites from the region’s construction, automotive, and consumer goods end-use industries. Europe takes the second spot in terms of growth of the biocomposites composites. In this region, the demand for biocomposites is majorly from automotive industries. North America has significant share in the biocomposites market due to the strong presence of biocomposites manufacturers in this region. Similarly, Middle East and Africa, and Latin America are also developing regions and expected to witness remarkable growth during the forecast period.
Some of the leading players in the global biocomposites market are UPM, Green Bay Decking LLC, FlexForm Technologies, JELU-WERK J. Ehrler GmbH & Co. KG, Tecnaro GmbH, Newtechwood, Fiberon, LLC, Meshlin Composites ZRT, Universal Forest Products, Inc., Al.P.A.S. Srl, and Nanjing Jufeng Advanced Materials Co., Ltd.
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