Biocomposites Market Size – USD 24.40 Billion in 2021, Market Growth – at a CAGR of 15.7%, Market Trends -2030
Growing forest and wood industries, as well as rising demand for more eco-friendly materials, are driving biocomposites market revenue growth.
According to Emergen Research, the global biocomposites market is expected to reach USD 24.40 billion in 2021, with a revenue CAGR of 15.7% during the forecast period. Global shift toward bio-based circular economy is a key factor driving market revenue growth.
Rising demand for biocomposites from the healthcare industry is another major contributor to market revenue growth. The diversity of polymers and the use of biocomposites in bone tissue engineering are driving up demand. Biocomposites are adaptable and have a wide range of material properties.
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The rising demand for environmentally friendly and long-lasting manufacturing materials is a major growth driver in the global Biocomposites market. Plastic composite handling has become a serious issue, and glass fibre has health risks as well, so biocomposites have emerged as a popular replacement. As a result, stricter environmental regulations and increased awareness about the use of sustainable building materials will drive biocomposites market growth.
Biocomposites have a low weight, high tensile strength, and are biodegradable. As a result, the demand for lightweight and strong materials in the aerospace and defence industries, as well as the automotive industry, is driving up market demand for biocomposites. The widespread availability of raw materials is also a significant growth driver. End-user industries such as construction, automotive, aerospace, and defence are rapidly expanding, creating market opportunities for the global Biocomposites market.
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Biocomposites Market Segmentation:
Emergen Research has segmented global biocomposites market on the basis of fiber type, polymer type, end-use, and region:
Fiber Type Outlook (Revenue, USD Billion; 2019-2030)
Polymer Type Outlook (Revenue, USD Billion; 2019-2030)
End-Use Outlook (Revenue, USD Billion; 2019-2030)
Building & Construction
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