The biocomposites market will grow at a rate of 17.2% in the future to touch USD 103.6 billion by 2030.The increasing awareness of public toward materials and the initiatives of the governments to replace plastics with these alternatives are powering the industry.
Moreover, the growing requirement of the automotive sector to improve safety of the passengers and lighten the automobiles will drive the requirement of materials.The automotive sector had a share of about 20%, regarding value, in the past. It is witnessing an increasing requirement for lightweight materials, for developing fuel-efficient automobiles that meet the standards of the government.
Europe had a share of above 30%, with regards to value, in 2022. The growth of the industry is powered by the growing requirement for these products from construction and automotive sectors.On the basis of application, wood fibers, wood flour, bast fibers, for example, flax, jute, hemp, and kenaf; cork, bamboo, and fibers of sunflower seed shells are put to use for producing the composites.
These are used in tech applications and furniture to consumer goods, which are produced mostly with the help of 3D printing, injection-molding, and roto molding.
North America biocomposites market had a share of approximately 20% in 2022. This is because of the fact that the automotive industry is widely accepting bio-fiber composites because of their lower weight, recycling ease, neutrality to carbon dioxide while they burn, and lower energy consumption, while they are manufactured.
Other than that, the automotive industry is enhancing its use of high-performance materials for coping with the sustainability targets.
The region also has a sophisticated aerospace industry, which has manufacturing amenities for all aircraft, for example civil aircraft, rotorcraft, and spacecraft.
North America exports commercial aircraft to, MEA, APAC and Europe. Additionally, lightweight materials have come out to be a key theme of research in the aerospace sector recently, for achieving fuel savings.
APAC dominated the industry in the past, with around 40% share, by value, because of the fast industrialization. Basically, the regional growth is fueled by the growing demand for these materials from the consumer and automotive goods industries.
Moreover, the increasing need for non-toxic, biodegradable, and moisture, along with thermally resistant materials in the building and construction sector will boost the growth of the industry in the region.
