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

Pune, India -- (SBWire) -- 03/28/2018 --Biocomposite is a composite material made out of a matrix or resin. It is a reinforcement of natural or plant fibers. In this kind of materials, the structure of the living materials is involved in the process of manufacturing composites, keeping the strengthening properties of the matrix intact by providing biocompatibility. The matrix phase is the most important phase which protect the fibers from environmental degradation and mechanical damage. It also hold the fibers together and helps to transfer the loads on it. This is because the matrix is a polymer derived either from renewable or nonrenewable source. In addition to the matrix, the natural fibers or biofibers are the primary components of Biocomposites, which are derived from biological origins, such as fibers from crops including cotton, flax, recycled wood, waste paper, crop processing byproducts or regenerated cellulose fiber like rayon. They exhibit a number of beneficial properties such as end products with reasonable cost, lower density, higher tensile strength and stiffness than glass fibers. The Biocomposites could be a viable ecological alternative to carbon, glass, and man-made fiber composites. Globally, Biocomposites are rapidly growing in terms of industrial and household applications such as automobiles, railway coaches, aerospace, defense, building & construction, and packaging, among others. Apart from these commercial applications, Biocomposites are also used in fundamental research, due to its greater renewability, affordability, recyclability, and most important its biodegradability.

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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.

Regional Analysis:

The major regions in terms of markets size in the global Biocomposite Market are Asia Pacific, North America, and Europe. Other regions include Middle East & Africa, and Latin America. Asia Pacific is the largest market for synthetic rubber holding over 50% of share of the Global Biocomposite Market. The region has undertaken expansion of its infrastructural projects which is anticipated to propel the demand of Biocomposite in this region. In addition to construction, automobile industries in this region is fethching the maximum demand in diverse application. Following Asia Pacific, North America is the second most significant region in the Global Biocomposite Market. The growth of the market in this region is attributed to reconstruction activities and demand from transportation sector, along with the sports and aerospace industry. Major demand of Biocomposite in the transportation sector in this region is pulled by aircraft industry .Europe is another substantial market in the Global Biocomposite Market. Demand of the product in this region is majorly driven by automotive industry and building & construction. Other regions in the Global Biocomposite Market are Latin America and Middle East & Africa. Latin America, among them, is estimated to grow at considerable CAGR owing to availability of raw material and emerging end use industry. The Middle East & Africa has an advantage of greater investment potential and growth opportunities, which is expected help the region to attain significant growth rate in coming years.

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