Albany, NY -- (SBWIRE) -- 03/02/2018 -- The global market for biocomposites has been witnessing a rapid surge in the number of product manufacturers and providers, rendering the vendor landscape increasingly competitive, observes Transparency Market Research in a recent report. With several established manufacturers of conventional composites such as carbon and glass fiber venturing into the field to exploit the promising growth opportunities the biocomposites market has to offer, the market is likely to remain highly competitive in the next few years as well. Global conglomerates can benefit from an increased focus on research and development activities aimed at the development of new and more improved product varieties and expansion of their geographical presence in regions that are showcasing an improved level of consumer awareness regarding the vast benefits of biocomposites.
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Some of the leading companies operating in the global biocomposites market are UPM, Green Bay Decking LLC, FlexForm Technologies, Tecnaro GmbH, JELU-WERK J. Ehrler GmbH & Co. KG, and Universal Forest Products, Inc.
According to this report, the global biocomposites market was valued at US$4,730.4 mn in 2016 and is projected to reach US$10,549.4 mn by 2025, exhibiting a CAGR of 9.46% from 2017 to 2025.
Flax to Witness More Demand for Production of Biocomposites in Future
Of the key materials used to manufacture biocomposites, the segment of wood presently accounts for the dominant share of the global market. Over the forecast period, however, the segment of flax is more likely to witness the most promising growth opportunities, outpacing other segments in terms of growth pace.
Geographically, the market in Asia Pacific accounted for the dominant share in the global biocomposites market in 2016. The rapid pace of industrialization in the region in the past few years has played a key role in establishing a strong market for biocomposites in the region in the past years. In the near future, the regional market is likely to exhibit a steady pace of expansion, with strong growth of industries such as consumer goods, automotive, and construction expected to spell growth for the market.
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Increased Consumer Awareness Regarding the Need to Switch to Environment-friendly Products to Drive Market
Some of the key factors working in favor of the global biocomposites market are the rising consumer awareness regarding the need to switch to bio-based products to mitigate the issue of rising pollution and its impact on the environment and stringent government regulations compelling people to adopt environment-friendly products. Owing to the better safety and recyclability offered by biocomposites as compared to products such as glass fiber composites and carbon fiber, biocomposites are being increasingly adopted across a number of application sectors as consumer awareness rises and environment protection norms become more stringent.