What are the historical size and the present size of the Biocomposites Market segments and their future potential?
Biocomposites are being increasingly utilized in the automotive and construction industries because of their higher durability than conventional materials. In addition, biocomposites are biodegradable, thus helping reduce the negative impact on the environment. These two factors are driving the growth of the biocomposites market across the world. With a revenue CAGR of 12.8% during the forecast period 2018–2023, the market is set to more than double in its 2017 size. Biocomposites are manufactured by combining reinforced natural fibers obtained from wood or plants with a resin.
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Structural and non-structural fibers are the two categories of the market when segmented by type. The former is primarily used for constructing houses and floors owing to their high load-bearing properties, whereas the latter is utilized more for windows, ceiling tiles, and automotive interiors that do not require load bearing. Structural fibers dominated the biocomposites market during 2013–2017 in terms of the total sales as well as revenue generated. This is substantiated by the fact that the demand for biocomposites in the said period was highest in the construction sector compared to others like automotive, aerospace, and consumer goods.
The forecast period is expected to display the same trend, wherein the sales of structural biocomposites will be higher than those of non-structural variants. This will be due to the rapid increase in construction activities in developing countries, where the governments are heavily investing in infrastructure. A citable example would be India, where the government has invested around $2.4 billion for the construction of Navi Mumbai International Airport. Another such project driving the biocomposites market growth is the construction of Khalifa Port in the U.A.E, where the total investment is around $24 billion.
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Another industry witnessing an ever-increasing use of biocomposite materials is automotive. Such materials make vehicles lightweight, eventually making them fuel-efficient. As governments across the globe are focusing more on reducing emissions to keep the environment as clean as possible, the demand for fuel-efficient cars is rising. This is directly driving the biocomposites market progress, as the increased manufacturing of fuel-efficient vehicles is pushing the demand for biocomposites. Original equipment manufacturers (OEMs), which supply biocomposites to automobile companies, are expected to directly benefit from this development.
Talking of the future scenario, the aerospace sector is set to provide the major biocomposites market players with lucrative opportunities. With the development of advanced biocomposite varieties, these are being increasingly utilized in the construction of aircraft. Driven by improvement in aviation technology and demand for advanced aircraft, an increasing amount of biocomposites will be required, as these will make fighters lightweight and more easily maneuverable. In the forecast period, the sale of biocomposites for the aerospace sector will be the highest in Asia-Pacific (APAC), while Europe will register the sharpest growth.
Thus, it becomes clear that the domain is predicted to grow in 2018–2023 due to the increasing demand for biocomposites, particularly in APAC.