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DUBLIN--(BUSINESS WIRE)--Nov 11, 2022--
The "Global Biocomposites Market Size, Trends and Growth Opportunity, By Type, Process, Fiber Type, Product, End user, By Region and Forecast to 2027." report has been added to ResearchAndMarkets.com's offering.
The Global Biocomposites Market was valued at US$24.3 billion in 2021 and it is expected to reach at US$80.2 billion in 2027 at a CAGR of 15.59% during forecast period 2022-2027.
Companies Mentioned
Natural fibres including hemp, wood and paper waste, jute, and flax are combined with a polymer matrix to create biocomposites. From construction to packing to autos, these composites have a wide range of uses. Environmentally friendly biocomposites have become well-liked building materials. Additionally, throughout the projected period, tight environmental regulations are anticipated to support the expansion of the biocomposite market.
Market Drivers
The aerospace and defence industries' need for biocomposite will result in exceptionally high demand for the bio-based product. The current increase in the usage of biocomposite in the aerospace industry for the production of aircraft equipment, which demands ultra-advanced composites that can maintain the product, is anticipated to be the primary driver of the market for biocomposites. Furthermore, the main factor anticipated to propel the growth rate of the biocomposites market is the rise in demand for durable and environmentally friendly manufacturing materials.
Market Restraints
The market's expansion may be constrained by the high availability of biocomposites' competitors on the market, such as carbon fibre and glass fibres. Compared to carbon fibre and glass fibre composites, biocomposites are less durable. The key factor that impeding the growth of the global biocomposites market.
Impact of COVID-19 on Biocomposites Market
The market for biocomposites was negatively impacted by the coronavirus outbreak. Because of this epidemic, the government has enacted strict international regulations, which have negatively impacted the development of the biocomposites market. Due to the falling demand for biocomposites internationally, the major end markets for these materials, including the automotive, building, aerospace, and other sectors, have likewise stopped producing them. Additionally, the majority of the market's raw material suppliers for biocomposites have stopped doing business, and the main suppliers have shifted their focus to pandemic relief.
Market Segmentation
By Type
By Process
By Product
By Fiber Type
By End User
Key Question Addressed by the Report
For more information about this report visit https://www.researchandmarkets.com/r/3rtlu7
View source version on businesswire.com:https://www.businesswire.com/news/home/20221111005186/en/
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KEYWORD:
INDUSTRY KEYWORD: FOREST PRODUCTS NATURAL RESOURCES OTHER MANUFACTURING MANUFACTURING
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/11/2022 04:46 AM/DISC: 11/11/2022 04:47 AM
http://www.businesswire.com/news/home/20221111005186/en