Industry Outlook & Trend Analysis.
The Bio composites Market is expected to value at USD 42.60 billion by the year 2023 while registering itself at CAGR of 14.31%. The Current Value of the market is USD 12.78 billion. Bio composites are made from natural fibers and resin. The interest in Bio Composites is growing rapidly in the industrial applications such as aerospace, automobile, military, etc. giving rise to market growth. These composites are bio degradable, cheap and in some cases it can be completely recyclable. It has lower density and higher tensile-strength accompanied by lower manufacturing cost. It also finds application in medical industry in total hip replacement, prosthetics, bone plate, etc.
Material Outlook & Trend Analysis
Depending on the Material the market is segregated into Wood, Flax, hemp, Coir, Kenaf, Polyethylene, Polyvinyl Chloride, and Polypropylene. The wood segment accounted to the highest growth amongst the given segment owing to its easy availability and excellent binding properties. The flax segment is expected to grow lucratively over the forecast period. Further based on product type the Bio Composites are divided into Wood Plastics Composites (WPC) and Natural Fiber Composites (NFC).
Product Outlook & Trend Analysis.
Further based on product type the Bio Composites are divided into Wood Plastics Composites (WPC) and Natural Fiber Composites (NFC). In WPC wood is combined with polyvinyl chloride, polypropylene, polyethylene and others. While the natural fibers are made up of hemp, coir, wood, kenaf, etc.
Application Outlook & Trend Analysis
The Application based segment is split into Automotive, Construction, Electronics & Electricals, Furniture, and Consumer goods. The construction segment dominates the market by occupying the largest share. The automotive industry is the fastest growing in this segment and will continue to grow lucratively during the forecast. Bio Composites are used in automotive industry due to their strength, lightweight, impact resistance properties.
Regional Outlook & Trend Analysis
According to the region, the Bio composites market is segmented as North America, Asia-Pacific, Europe and Rest of World. Asia-Pacific is foreseen to grow at the fastest rate amongst all due to rising demand for bio composites from the construction and automotive industry in the region. In major countries of APAC region governments have imposed stringent regulations regarding use of biodegradable materials will further boost the growth of market.
The leading players in market are Trex Company, Inc.,Green Bay Decking, Universal Forest Products, Inc. Fiberon LLC, FlexForm Technologies, Tecnaro GmbH, Meshlin Composites ZRT, UPM, Jelu-Werk J. Ehrler GmbH & Co. KG, Newtechwood, Fiberon, LLC, and Meshlin Composites ZRT. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Bio Composites Market is segmented as follows-
Wood Plastics Composites (WPC)
Natural Fiber Composites (NFC)
Electronics & Electricals
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?