According to a market report by Lucintel, the future of the global biocomposite market looks promising with opportunities in the building & construction, transportation, and consumer good markets. The global biocomposite market is expected to reach an estimated $80.2 billion by 2030 with a CAGR of 15.4% from 2024 to 2030. The major drivers for this market are rising usage of bio-based products and growing environmental awareness.
In this market, hybrid and green are the major segments of biocomposite market by product type.
Lucintel forecasts that hybrid will remain the larger segment over the forecast period due to its excellent fiber-polymer adhesion leading to high strength, dimensional stability, and minimal moisture absorption.
Within this market, building & construction will remain the largest segment over the forecast period.
APAC is expected to witness highest growth over the forecast period due to increasing demand for lightweight automobile parts and presence of key players in the region.
TTS, Lingrove, CG BioComposites, Bcomp, UPM, FlexForm Technologies, Tecnaro, Green Bay Decking, Universal Forest Fiber, and Trex are the major suppliers in the biocomposite market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]