Biocomposite Market Global Share, Size Estimation, Industry Analysis, Key Growth Drivers, Price Trends, Business Opportunity and Forecast 2019 to 2023

Global Biocomposite Market by Fiber Type (Hemp, 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 - July 22, 2019 /MarketersMedia/ —

Market Overview:

Biocomposite is viewed as a material that supports sustainable development. Bio-materials are touted as a prudent solution to several ecological problems that may rise in the future. In this context, Biocomposites have an exciting market prospect. Market Research Future (MRFR) reports that the Global Biocomposite Market will surge at a CAGR of 8.5% between 2016 and 2023. Undoubtedly, Biocomposite demand is on the rise as it finds a greater acceptance in as an industrial material.

Biocomposite is increasingly used in the construction sector, automotive sector, aeronautical industry, among others. Biocomposite materials are produced from both non-renewable and renewable sources, which make them dynamic in nature. However, a majority of Biocomposite Materials available have bio-fiber or natural-fiber as the primary component. These components have biological origins and are derived for waste paper, by-product of crop processing, recycled wood, cellulose fiber, flax or hemp, cotton, etc.
Characteristics such as high tensile strength and low density make Biocomposite a suitable hardware product. In addition, a reasonable price tag boosts the marketability of Biocomposite products.

Biocomposite is viewed as a plausible alternative to glass, carbon and various other fiber composites. Biocomposite materials are finding greater industrial application owing it their environmental viability. As focus shifts towards products that support sustainable development, bio-materials such as Biocomposite draw a greater commercial interest. Nonetheless, the market players are required to consider some of the constraints associated with Biocomposite Materials and develop strategies to overcome them. Ambiguity in raw material quality, cost of production and raw material price fluctuation are among the major market hinderances.

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Segmental Overview:

The Segmental Analysis of the Global Biocomposite Market covers Processes, End Use Industries, Fiber Types and Regions.

On the basis of Process, the market has been segmented into injection molding, compression molding and others.

On the basis of End Use Industry, the market has been segmented into consumer goods, automotive, building & construction and others.

On the basis of Fiber Type, the market has been segmented into flax, hemp, jute, kenaf and others.

Competitive Landscape:

Some of top-notch market participants discussed in MRFR’s report include Anhui Guofeng Wood Plastic Composite Co., Ltd. (China), Green Dot Holding LLC (U.S.), Advanced Environmental Recycling Technologies, Inc.(U.S.), TTS.(Canada), A.B.COMPOSITES PVT.LTD. (India), Lingrove, LLC (U.S.), Yixing Hualong New Material Lumber Co., Ltd. (China), Nanjing Xuha Sundi New Building Materials Co.,Ltd. (China), MCG BioComposites, LLC (U.S.) and Bcomp Ltd.(Switzerland).

Global Biocomposite Market: Regional Segmentation

On the basis of Region, the market has been segmented into North America, Middle East & Africa, Latin America, Asia Pacific, and Europe. Of these, Asia Pacific represents the brightest market prospect. During the forecast period, the APAC Biocomposite Market is expected to exhibit the highest CAGR. Rampant investment in infrastructure development and undertaking of mega housing projects has reflected favorably on the market in APAC. Moreover, the automotive industry in APAC is making significant contribution to the market in terms of revenue. Apart from APAC, Europe and North America also present lucrative growth opportunities for market players. In terms of revenue, North America accounts for the second largest market share and likely to hold this position throughout the projection period. Revival of the construction sector in the U.S. has had a major influence on the market growth in North America. At the same time, expansion of other end-use sectors is partly driving the demand for Biocomposite in the region. The aircraft manufacturing industry in North America is also an important end-user of Biocomposite. In Europe, the market is primarily driven by the extensive demand of Biocomposite in sectors such construction & building and automotive.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Address: Market Research Future, Office No. 524/528, Amanora Chambers, Magarpatta Road, Hadapsar, Pune - 411028, Maharashtra, India, +1 646 845 9312
Phone: +1 646 845 9312

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Source: MarketersMedia

Release ID: 88899304

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