Biocomposites Market 2022 Size, Top Key Players, Latest Trends, Regional Insights and Global Industry Dynamics 2032
The global Biocomposites Market is expected to increase at a robust CAGR of 16%, from US$ 25 Bn in 2021 to US$ 128 Bn in 2032. Over the forecast period, the global Biocomposites Market is predicted to increase at an exponential rate of 16%. Valued at US$ 25 Bn in 2021, the biocomposites market is anticipated to reach US$ 128 Bn by 2032. The increased research and development efforts for composite materials and biocomposite uses and benefits such as recyclability, lightweight, and cost-effectiveness are driving this trend. In addition, due to the harmful nature of synthetic materials, recycling challenges, and toxic residues, the biocomposites market size will continue to expand throughout the predicted timetable.
As per the biocomposites market report, Germany, the United States, and Japan are among the developed countries working on boosting the usage of ecologically friendly items rather than petroleum-based products.
The European Union (EU) has favoured such items over the United States and Japanese governments. It requires the use of bio-based materials, encourages the recyclability of vehicle components, and holds automakers accountable for disposal at the end of the vehicle’s service life. These laws are likely to boost demand for biocomposites in various end-use industries, including transportation, construction, and electrical and electronics.
The power necessary to make biocomposites is far lower than that critical to making glass fiber composites or carbon fiber composites. On the other hand, Biocomposites are more expensive than glass fiber composites. However, price reductions are prospects due to economies of scale and common biocomposites applications.
These biocomposites may be made inexpensively in developing countries like India and China using abundant raw materials, including flax, jute, Kenaf, and hemp. Therefore, the overall cost of natural fiber-based biocomposites will be reduced. In addition, the biocomposites market future trends indicate that as the technology matures and production reaches economies of scale, these biocomposites are likely to become less expensive in the long run.
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