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Biocomposites Market Will Reach $103.6 Billion by 2030, Says P&S Intelligence
Furthermore, the growing requirement of the automotive sector to advance passenger safety and lighten the weight of vehicles is contributing to the material demand.
On the basis of value, the automotive sector had a market share of approximately 20% in 2022. This significant demand can be credited to the rising need of the automotive sector for lightweight materials, to increase the fuel efficiency of vehicles and meet government guidelines.
Biocomposites offer many benefits, the biggest among which is a reduced dependence on non-renewable resources, including polymers created from petroleum. Moreover, they offer huge savings on electricity consumption and production expenses to manufacturers.
Such reasons have motivated Ford Motor Co. and other automotive manufacturers to spend more on research on such materials.
On the basis of value, Europe held a revenue share of above 30% in 2022. The dominance of the region can be credited to the snowballing need for such composites from the construction and automotive industries.
Wood fibers, wood flour, and bast fibers, including flax, hemp, kenaf, cork, bamboo, and fibers of sunflower seed shells, are utilized in the making of the composites, depending on what the ultimate application is.
In the coming years, the revenue generated by biocomposite sales to military aviation companies will rise by more than 10%. With the increasing defense spending around the world, the usage of these materials in airframe structures is increasing.
North America had a significant revenue share, of approximately 20%, in 2022. This is attributed to the fact that the automotive industry in the continent is extensively accepting bio-fiber composites because of their low weight, no carbon dioxide emissions while burning, low power consumption while being manufactured, and easy recyclability. Hence, the automotive sector is increasing its utilization of high-performance bio-based materials to meet the growing demand for sustainability.
In 2022, APAC had the largest revenue share in the market, of approximately 40%, because of the fast industrialization and the snowballing demand for such materials from the consumer goods and automotive sectors.
Moreover, the increasing need for non-toxic, biodegradable, and moisture- and heat-resistant materials in construction is contributing to the growth of the market in the APAC region.
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
Prajneesh Kumar
P&S Intelligence
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