The Asia Pacific Dominant Region for Biocomposites Market Due to Rising Demand from the Transportation and Building Industry- Exclusive Report by MarketsandMarkets™
The global 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% between 2017 and 2022. Increasing demand for lightweight, low-cost, moisture resistant, and biodegradable materials from various end-use industries is anticipated to drive the biocomposites market during the forecast period.
The major end-use industries of the global biocomposites market include building & construction, transportation, and consumer goods. Among these, the building & construction segment accounted for the largest share of the biocomposites market in 2016. Biocomposites are lightweight, biodegradable, low cost, and resistant to moisture and others. These features have led to their high demand in the building & construction, transportation, and consumer goods end-use industries.
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The Asia Pacific is projected to be the fastest-growing region in the global biocomposites market between 2017 and 2022. The key countries in this region, namely, China, Japan, and India are witnessing a high demand for biocomposites for various applications in different end-use industries. This high demand is attributed to the advantages offered by biocomposites, such as low weight, moisture resistance, and biodegradability. Also, with development in mass production technology, the demand for biocomposites is anticipated to further increase for use in other commercially feasible applications. The leading players in the biocomposites market are focusing on this region for the development of their businesses through various strategies, such as expansion, acquisition, and agreement.
Transportation is the fastest growing end-use industry segment of the biocomposites market. Biocomposites are naturally sourced light-weight biodegradable materials and are safer as compared to glass and carbon fiber composites. Automotive interior components made of biocomposites do not dismantle into sharp-edged fracture surfaces in case of a crash, thereby providing safety to passengers. These are some of the aspects expected to increase the demand for biocomposites in the transportation end-use industry during the forecast period.
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Agreements, acquisitions, and expansions were the major growth strategies adopted key players in the biocomposites market over the past five years. The major companies operating in this market include FlexForm Technologies (US), Tecnaro GmbH (Germany), Trex Company, Inc. (US), Fiberon LLC (US), Meshlin Composites ZRT (Hungary), UPM (Finland), Jelu-Werk J. Ehrler GmbH & Co. KG (Germany), Green Bay Decking (US), and Universal Forest Products, Inc. (US), among others.
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