Global Bio-Composites Market
Biocompatible and environmentally friendly composites are known as Bio-Composites. Many inorganic and organic substances exist, including polysaccharides, ceramics, metals, proteins, sugars, and nanocarbon. There are many Bio-Composites, including coatings, particles, fibers, films, membranes, moldings, and foams.
In the upcoming years, the recession is anticipated to have a significant impact on the Global Bio-Composites Market, according to the VMR. Predictions of a possible recession-plagued the majority of 2022 are now considered all but certain to occur in 2023. According to the CEBR, the world will experience a recession in 2023 as a result of several economies contracting due to increasing borrowing rates to combat inflation. Furthermore, according to the British consultancy’s annual World Economic League Table, the global economy topped USD 100 trillion for the first time in 2022. However, it will still halt in 2023 as policymakers battle rising costs. Additionally, the consequences of an economic war between China and the West would be considerably more disastrous than the fallout from Russia’s invasion of Ukraine. The next few years are almost certain to bring about a catastrophic worldwide recession and a surge in inflation.
The stability in well-established industries like construction and automotive has allowed the biocomposite business to grow continuously. The entry of new businesses that opened doors for creative applications also expanded market presence in the industries above. Over the course of the forecast period, the market for Bio-Composites is anticipated to rise strongly due to the manufacturing sector’s growing demand for durable and ecologically friendly materials. Bio-Composites are more widely used than glass fiber despite the severe health hazards associated with their use. There are numerous additional disadvantages to using plastic composites, which is why Bio-Composites are now more popular than they were previously. The demand for biocomposite materials has grown and will continue to grow due to greater public awareness of the harmful effects of utilizing hazardous composites and tighter environmental restrictions. Additionally, two key factors promoting market revenue growth are rising demand from multiple end-use sectors and sizable investments in R&D activities. However, the market’s expansion may be constrained by the high availability of biocomposite competitors, such as carbon fiber and glass fibers. Compared to carbon fiber and glass fiber composites, Bio-Composites are less durable. This is the biggest obstacle preventing the worldwide market for Bio-Composites from expanding.
The Asia Pacific region dominates the Global Bio-Composites Market. This region is predicted to have considerable growth over the forecast period due to the region’s rapidly expanding vehicle sector and the rising need for lightweight automobile components that can lower pollution emissions and are fuel-efficient. On the other hand, North America’s second-largest Global Bio-Composites Market is due to the region’s fast-expanding production of aircraft and electric vehicles. The industries that generate the most demand for Bio-Compositesare aircraft, construction, and automobiles. Furthermore, government restrictions on the use of plastic are driving the market for Bio-Composites in the area.
Some of the prominent players in the Global Bio-Composites Market include- UPM (Finland), Trex Company (US), Universal Forest Products Inc. (US), Fiberon LLC (US), FlexForm Technologies (US) and others.