Albany, NY -- (SBWIRE) -- 01/16/2020 -- The vendor landscape for the global market for biocomposites has witnessed a significant rise in the number of manufacturers, leading to intense competition, states Transparency Market Research in a recent report. As the market witnesses the entry of numerous well-established manufacturers of popular composites such as glass fiber and cotton fiber, the market is expected to become more competitive in the near future. Despite this, the market features a vast set of untapped growth opportunities in new applications across industries such as construction and automotive.
Tapping these growth opportunities may require strategic collaborations with companies in emerging economies and expansion of manufacturing capabilities to effectively serve the rising demand. Some of the leading companies operating in the global biocomposites market are Tecnaro GmbH, UPM, FlexForm Technologies, Green Bay Decking LLC, Universal Forest Products, Inc., and JELU-WERK J. Ehrler GmbH & Co. KG.
According to the report, the global biocomposites market will exhibit an impressive 9.46% CAGR over the period between 2017 and 2025, rising from a valuation of US$4,730.4 mn in 2016 to US$10,549.4 mn by 2025.
Wood Continues to Remain Most Popular Raw Material
Of the key materials used to manufacture biocomposites, wood presently accounts for a dominant share in the overall market, thanks to its excellent binding properties and easy availability. The segment of flax is expected to expand at the fastest pace over the forecast period, accounting for a notable share in the overall market by the end of the report's forecast.
From the geographical standpoint, the market in Asia Pacific is presently the leading contributor of revenue to the global biocomposites market, thanks to the rapid pace of industrialization in emerging economies. The region is also a key market for biocomposites owing to the massive demand across industries such as consumer goods, construction, and automotive.
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Increased Focus of Governments on Raising Awareness to Drive Market
The key factors working in favor of the global biocomposites market include stringent government regulations advocating the increased use of environment-friendly products with the view of reducing the negative impacts of rising pollution on the health of environment and global warming. The recyclable nature of biocomposites, coupled with their much higher safety quotient as compared to materials such as glass fibers and carbon fiber when it comes to a number of applications, could also spell growth for the market.
The easy availability of most raw materials required for the production of a variety of biocomposites across the globe is also a key factors expected to work well for the expansion of the global biocomposites market over the next few years. However, certain limitations concerning pure biocomposites in aspects such as mechanical strength, coupled with their unstable costs and fluctuating availability of raw materials could cost the market negatively to a certain degree over the forecast period.