Global Biocomposites Market: Snapshot
Biocomposites refer to the composite materials that are formed by the reinforcement of natural fibers and a matrix. The matrix is formed by polymers that have been extracted from renewable and nonrenewable resources such as coir, flax, wood, hemp, and kenaf. The global market for biocomposites has expanded at a promising pace in the past few years and continues to embark upon a healthy growth path, thanks mostly to the increased level of awareness among consumers regarding the need to choose bio-based materials instead of the environmentally harmful, non-recyclable synthetic materials.
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The market has also gained pace owing to the easy availability of the natural fiber required for the production of biocomposites. While factors such as the comparatively lower strength of biocomposites when synthetic fiber composites are considered and the unstable cost, unavailability, and quality of raw materials are likely to hamper the growth prospects of the market, the increased investment on research and development activities in the market are expected to help companies overcome some of these challenges.
According to the report, the global biocomposites market is expected to exhibit a promising 9.46% CAGR over the period between 2017 and 2025.
Wood to Remain Most Popular Material for Biocomposites
In terms of type, the biocomposites market can be classified on the basis of material type, which includes wood, flax, hemp, coir, kenaf, polyethylene, polyvinyl chloride, polypropylene and others segments. Among these, wood accounted for the highest share of the market in 2016, while flax segment anticipated for the fastest growth during the forecast period. Wood is used because of its easy availability and its excellent binding properties. Based on the product type biocomposites market has been segmented into wood plastic composites (WPC) and natural fiber composites (NFC). Wood plastic composites is the combination of wood with polyethylene, polyvinyl chloride, polypropylene and others, while natural fibre composites are made up of wood, flax, hemp, coir and kenaf.
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In terms of the application, the global biocomposites market can be classified into segments such as automotive, construction, electronics & electrical, furniture, and consumer goods. Of these, the segment of construction, occupies the dominant share of the global market due to the increased usage of biocomposites in developing regions. Automotive segment is estimated to outpace other segments in terms of growth pace because biocomposites are safer than conventional materials such as glass or carbon fiber composites owing to the fact that in case of a crash, biocomposites do not led to the formation of sharp-edged fractures.
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