Biocomposites Market Size, Share, and Trends 2024 to 2033

Biocomposites Market Size to Reach USD 171.75 Bn by 2033

The global biocomposites market size was valued at USD 30.86 billion in 2023 and is expected to hit around USD 171.75 billion by 2033 and is poised to grow at a CAGR of 18.72% over the forecast period 2024 to 2033.

Biocomposites Market Key Takeaways

• By end use, the transportation segment exhibited a revenue share of about 29% in 2023.
• By product, the green biocomposites segment hit the highest revenue share of 61% in 2023.
• By polymer type, the natural polymer segment has reached a revenue share of 59% in 2023.
• By fiber type, the wood fiber composites segment exhibited the largest revenue share in 2023.

Biocomposites Market Size in the Asia Pacific 2024 To 2033

The Asia Pacific biocomposites market size reached USD 11.95 billion in 2023 and is anticipated to be worth around USD 68.70 billion by 2033, poised to grow at a CAGR of 19.10% from 2024 to 2033.

On the basis of geography, the Asia Pacific region is expected to have the largest market share in the coming years and this will be the largest market do to increase in the population. As the disposable income of the people in the Asia Pacific region is expected to grow the demand for biocomposite materials is also expected to grow in this region. In the countries like China as well as India the maximum population is middle class and it has a great demand for the automotive's as well as affordable housing. The growing demand for affordable housing and automotive's in the countries like China and India will help in the growth of the bio composites market during the forecast period.

Europe Biocomposites Market Size 2024 to 2033

The increasing population is one of the factors that will help in the growth of the market in the coming years period apart from the Asia Pacific region the demand for biocomposites is also expected to be good in the North American region as well as European region. As there has been a ban on the plastic that is non-recyclable by European Union, the demand for the biocomposites is expected to grow in the region. As the raw materials used in the manufacturing of bio composites are available on a large scale the demand for the biocomposites is expected to grow in the coming years especially for the regions like North America and Europe. Many market players are present in the North American region and the European region that have been instrumental in the growth of the market in the recent years and they will continue to be the driving force. The initiatives taken by the government in these regions are favorable which are supporting the adoption of biodegradable and recyclable products. The use of lightweight biocomposites has increased in the automotive sector as it helps in improving the efficiency of the vehicles.

Biocomposites Market Overview

With the help of the natural fibers like hemp flax, jute, industrial waste and wood and paper into polymer matrix are called biocomposites. Biocomposites are used in a large number of industries which range from automobiles to construction. As the bio composites are environment friendly the demand for biocomposites is expected to grow in the coming years. They offer a large range of benefits as they have better mechanical as well as physical properties due to which the market is expected to grow well in the coming years.

Although the use of bio composites in various industries like automotive packaging as well as construction had reduced due to the outbreak of COVID-19 pandemic recently the market is seen to grow as the restrictions across the world are relaxed. As the environmental laws adopted by various nations across the globe are becoming strict the bio composites market is expected to grow during the forecast period. Biocomposites are used as building materials as they are eco-friendly and they are preferred in the construction industry.

Biocomposites Market Scope

Biocomposites Market Growth Factors

As the demand for the durable materials and the materials that are eco-friendly has grown in the recent years in the manufacturing industry the bio composites market is expected to grow well during the forecast period. Biocomposites are gaining popularity as compared to the glass fiber as they have many health issues associated with the use of the product. And there are many other issues associated with the use of the plastic composites due to which the demand for biocomposites has grown in the recent years. awareness regarding the ill effects of using harmful composites has grown in the recent years and the environmental laws have also become strict due to which the demand for the sustainable materials have grown and they will drive the market growth in the coming years.

• The demand for the biocomposites is expected to grow in the coming years due to the various properties like the high tensile strength and less weight as compared to the other materials. 
• Biodegradable nature of biocomposites is one of the major driving forces that will help in the growth of the market
• Lightweight strong materials are in great demand for the defense industry and the aerospace industry.
• The raw materials used in the manufacturing of bio composites are widely available do to which the market is expected to grow well
• Increased use of biocomposites in different types of industries will provide opportunities for the growth of the market.
• Demand for sustainable materials in the construction industry have grown in the recent years and it will help in boosting the market.

Biocomposites Market Dynamics

What are the drivers of the biocomposites market?

• Environment friendly government regulations - In many countries like Japan, Germany and the United States the governments are enacting laws in order to increase the use of environment friendly products in the construction industry or in any other industries. The demand for the biobased materials has increased in the recent years and the government is also engaged in increasing the usage of different materials that can be recycled. The demand for sustainable materials having increased in the manufacturing of the vehicles. The vehicle manufacturers are also seeking sustainable options.
• Increased application of Biocomposites - The demand for biocomposites have increased in various end user applications as these materials are eco-friendly. In the recent years biocomposites have replaced plastic composites and glass fiber as these two materials pose serious issues.
• Easily available raw materials - As the raw material used in the manufacturing of bio composites are widely available across the world the large-scale manufacturing of biocomposites is possible which will help in the growth of the market in the coming years.

What are the market challenges of the biocomposites market?

• Less tensile strength - When it comes to the tensile strength of carbon fiber or glass fiber, biocomposites do not possess that kind of a strength and this is one of the major reasons that will hinder the growth of the market in the coming years.
• Varying cost of the raw materials - As the cost of the raw materials keeps changing it affects the profit margin of the manufacturers as constant changes or fluctuations in the price will hamper the growth of the market. manufacturing process is one of the major reasons that will have a negative effect on the market.
• Thermal unstability- Thermal instability is one of the characteristics of the natural fibers and these fibers start degrading when the temperature reaches 392° F, due to which these fibers are not preferred in some of the manufacturing processes and this happens to be another challenge in the growth of the market. 

Key Market Opportunities

• Economies of scale- the amount of energy that goes in the manufacturing of the carbon fibers or glass fibers is extremely high as compared to that of the biocomposites. Biocomposites are offered in the market at higher prices as compared to glass fibers or the carbon fibers. The prices of the biocomposites could be reduced in the coming years due to economies of scale and the increased use of biocomposites in common applications.

Fiber Type Insights

By fiber type, the wood fiber segment is expected to have a larger market share in the coming years period the demand for this type of fiber has grown due to its increased use in the outdoor construction activities. They are largely used in the construction of railings and decking. Apart from the use of the wood fibers the non-wood fiber segment is also expected to grow with a significant growth rate in the coming year. This type of a fiber is an alternative to the plastic fibers and the demand for the non-wood fibers is expected to grow in the packaging industry in the coming years.

Polymer Type Insights

Natural polymers segment is expected to grow well in the coming years. As that has been a growth in the use of the biodegradable products many consumers in various industries or demanding natural polymers. Rubber, wool cellulose and silk are the natural polymers that are used in the consumer products as well as the automotive industry.

Polyethylene polyester and nylon are the synthetic polymers available in the market synthetic polymers are being replaced by the organic or the natural substitutes and the natural polymers is expected to have greater demand in the coming years.

Product Insights

Based on product, the green biocomposite segment is expected to dominate the market in the coming years. this segment has dominated the market in the past with the largest market share in terms of revenue and it will continue to grow during the forecast period. The demand for this type of product is expected to grow in the coming years as it does not cause any harm to the environment. In most of the developed regions across the world like Europe and North America there has been a growth in the demand of these materials.

Green biocomposites have 100% biodegradability and this is one of the factors that will drive the market growth in the coming years. When it comes to the hybrid variants the demand for these products is expected to grow as they are lightweight and they also have higher strength but when it comes to biodegradability, they are not completely degradable

End User Insights

When it comes to the end user of biocomposites the transportation segment is expected to have the largest market share in the coming years. As bio composites are used in the manufacturing of the trucks and cars of various types the use of biocomposites is expected to grow in the coming years. Biocomposites are also used in the making of the interior panels. The use of these materials is expected to grow in the coming years as they help in reducing the weight of the vehicle and improves the efficiency. The manufacturing cost of the vehicle can also be reduced to a great extent due to the use of the biocomposites.

Biocomposites Market Recent Developments

• Advanced Environmental Recycling Technologies had focused on investing more into research and development activities which will help them in maintaining their market position and to enter other untapped markets.
• In the year 2021, Retrac Group Its plans to offer wide range of biocomposites of the natural type. This new strange of products exhibit the qualities of carbon fiber and natural fiber which can be used in the making of lightweight structures

Biocomposites Market Companies

• UPM (Finland)
• Trex Company (US)
• Universal Forest Products, Inc. (US),
• Fiberon LLC (US)
• FlexForm Technologies (US)

Segments covered in the report

By Fiber Type

• Wood Fiber Composites
• Non-Wood Fiber Composites
• Jute fiber
• Flax fiber
• Kenaf fiber
• Hemp fiber
• Others

By Polymer Type

• Synthetic Polymers
• Natural Polymers

By Product

• Hybrid
• Green

By Process Type

• Compression Molding
• Injection Molding
• Resin Transfer Molding
• Extrusion molding process
• Others

By End User

• Transportation
• Consumer Goods
• Construction and Building
• Electrical and Electronics
• Others

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)