August 24, 2022 08:40 ET | Source: Exactitude Consultancy Exactitude Consultancy

Luton, Bedfordshire, United Kingdom, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Bio Composites Market.

The global bio-composites market size reached over USD 23.8 billion in 2021 and is expected to grow at an incredible CAGR of 16% during the forecast period between 2022 and 2029, reaching around USD 90.79 billion by 2029.

Bio-Composites refer to materials fabricated through the combination of natural fibers in a matrix material. They are degradable, non-abrasive, renewable, and non-toxic, and are used in varied applications. Bio-Composites constituents including bio-based polymers are obtained from renewable natural sources and serve as a potential substitute for oil-based non-renewable plastics.

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Robust growth of end-use industries such as automotive and construction, growing environmental concerns, continuous product launches, rising awareness among end users regarding the benefits of Bio-composites, and rapid expansion of the global natural fiber composites market are some of the major factors augmenting the demand for Bio-composites.

Regional outlook- Asia Pacific has the largest market share and is expected to grow at the fastest rate over the forecast period.

The leading Bio-composites material manufacturers are relocating their operations to the Asia Pacific region. Furthermore, government policies in Asia Pacific countries encouraging eco-friendly material start-ups attract more foreign direct investment (FDI) from western countries. The increasing demand from the building and construction and transportation end-use sectors is a key element contributing to its rise.

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 Bio-composites. Bio-composites are offered in the market at higher prices as compared to glass fibers or the carbon fibers. The prices of the Bio-composites could be reduced in the coming years due to economies of scale and the increased use of Bio-composites in common applications.

Leading Bio-composites manufacturers are rigorously investing in research and development for introducing new Bio-composites with efficient properties. They are targeting small-scale domestic businesses like Bio-composites packaging to increase their sales. Besides this, they have adopted various organic and inorganic strategies such as mergers, partnerships, acquisitions, and collaborations to dominate the Bio-composites market. Alpas SRL, Jelu-Werk Josef Ehrler GmbH, MCG Bio-Composites s, UFP Industries (previously Universal Forest Products), Trex Company, Meshlin Composites, UPM, Tecnaro, Fiberon (Fortune Brands Home), and FlexForm Technologies are among the major companies in the Bio-Composites s market.

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Key Market Segments: Bio-Composites Market

Bio-Composites Market by Fiber, 2022-2029, (USD Million)

Bio-Composites Market by Polymer Type, 2022-2029, (USD Million)

Bio-Composites Market by End User, 2022-2029, (USD Million)

Bio-Composites Market by Region, 2022-2029, (USD Million)

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. Bio-composites 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 Bio-composites 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.

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