The global biocomposites market is anticipated to grow at a 16.2% CAGR during 2021-2027. The rising awareness among people about eco-friendly products, policies by the government to substitute plastics with environmentally friendly and biodegradable alternatives will drive the growth of the global biocomposites market. Because of their weight-saving, anti-damping, and impact-absorbing properties, biocomposites are a commonly used material in the automotive industry. Biocomposites improve the health and safety of the environment and enterprises. It aids in the reduction of volatile organic compound emissions, as well as manufacturing energy usage and toxicity. Furthermore, the upsurge in R&D activities for composite material and their benefits like recyclability, lightweight, and cost-effectiveness will drive the growth of the global biocomposites market.

In March 2021, Wildwood composite cladding, introduced by Fiberon, combines the unrivalled beauty and warmth of wood with the durability of high-performance, low-maintenance materials.

The COVID-19 pandemic has reduced the demand for biocomposites owing to a decline in sales of various industries like the building & construction industry, etc. The temporary shutdown of manufacturing facilities and production units owing to lockdowns along with disruption in supply chain and logistics has hampered the growth of the market.

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Wood fibre composites contribute to the largest share in the global biocomposites market. Biocomposites are used to make decking, railings, balusters, and fences, among other things. Wood fibre composites are less expensive than composites made of non-wood fibres. These are employed in a variety of settings, including residential and commercial buildings, pool areas, observatory decks, and jetties. During the projected period, these are some of the reasons boosting demand for wood fibre composites.

The Asia Pacific is expected to have the highest share during the projected period owing to rising urbanization, increased demand for commercial and residential buildings, a significant contribution from FDI in the construction business, electrical resistivity, and high flame-retardant materials demand in the electrical and electronics industry, resulting in the growth of biocomposites market in the region. Also, the enactment of strict regulations to reduce plastic wastes in developing countries such as China will drive the growth of the biocomposites market in the region.

Some of the major players in the global biocomposites market include UPM, Trex Company, Inc., Fiberon, FlexForm Technologies, Nanjing Jufeng Advanced Materials Co., Ltd., Tecnaro GmbH, Green Bay Decking, UFP Industries, Inc., Meshlin Composites Zrt., and AL.P.A.S. s.r.l.

Source: VynZ Research