Pune, India -- (SBWire) -- 11/02/2018 --The use of Biocomposite materials improve health and safety in their production, are lighter in weight, have a visual appeal similar to that of wood, and are environmentally superior. The most differential property of Biocomposite is its biodegradability and cent percent recyclability in most of the cases, which helps to mitigate environmental concerns for many scientists, engineers and society as well. On account of these characteristic features possessed by Biocomposites over its counterparts, it is observed as a major replacement for the synthetic composites. The building & construction activities are tangibly growing around the world, which is expected to furl the demand of Biocomosites in coming years. Moreover, the lower labor cost in developing countries is adding into the benefits of this labor intensive end use industries. The global composite market is estimated to grow at significantly higher CAGR of ~8.5% during the forecast period. This is attributed to an increasing demand by growing end use industries such as construction, transportation, and wind energy, which may help push growth of the Global Bicomposite Market as well. However, there are some constraints operating in the market which are needed to be considered. It includes the relative low strength of the product as compared to glass fibers and fluctuating cost, availability, and quality of raw materials.
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The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023). According to the analysis of MRFR, the major market forces and trends driving growth of the global Biocomposite Market includes growth of construction sector and increasing application in the automobile industry. Moreover, the growing government expenditure in commercial and residential infrastructure in the developing regions coupled with growing number of automobile sales is adding to the growth of the market. However, the availability of substitutes, and volatile cost of the product are some of the major down side of the market.
Segmentation:
The Global Biocomposite Market is segmented on the basis of fiber type, process, end use industry, and region. Based on fiber type, the market is segmented into kenaf, flax, jute, and others. On the basis of process, the Global Bicomposite Market is divide into compression molding, injection molding, and others. Based on end use industry, the market is segmented into building & construction, automotive, consumer goods, and others. Geographically, the Global Biocomposite Market is segmented into Asia Pacific, North America, Europe, Middle East & Africa, and Latin America. Among them Asia Pacific is estimated to grow at highest CAGR.
Key Players:
Key players in the Global Biocomposite are MCG BioComposites, LLC (U.S.), Anhui Guofeng Wood Plastic Composite Co., Ltd. (China), A.B.COMPOSITES PVT.LTD. (India), Green Dot Holding LLC (U.S.), Yixing Hualong New Material Lumber Co., Ltd. (China), Advanced Environmental Recycling Technologies, Inc.(U.S.), Bcomp Ltd.(Switzerland), Nanjing Xuha Sundi New Building Materials Co.,Ltd. (China), TTS.(Canada), and Lingrove, LLC (U.S.), among others.
Intended Audience
Biocomposites Manufacturers
Traders and Distributors of Biocomposites
Research and Development Institute
Potential Investors
Raw Material Suppliers
National Laboratory
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Biocomposite Market Price Analysis 2018, Penetrating Insights, Worldwide Top Companies, Latest Trends, Industry Shares and Global Forecast 2023
Global Biocomposite Market by Fiber Type (Kenaf, Flax, Jute, and Others) by Process (Compression Molding, Injection Molding, and Others), by End Use Industry (Building & Construction, Automotive, Consumer Goods, and Others), and by region till 2023