The Wood Fiber Composites Segment Expected to Contribute Largely to the Biocomposites Market Growth, MarketsandMarkets™

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The report “Biocomposites Market by Fiber (Wood Fiber and Non-Wood Fiber), Polymer (Synthetic and Natural), Product (Hybrid and Green), End-Use Industry (Transportation, Building & Construction and Consumer Goods), and Region – Global Forecast to 2022”, The global biocomposites market was valued at USD 16.46 Billion in 2016 and is projected to reach USD 36.76 Billion by 2022, at a CAGR of 14.44% from 2017 to 2022.

The biocomposites market is driven by government regulations regarding the use of environmentally friendly products and the safety & recyclability of biocomposites as compared to glass and carbon fiber composites. Also, technological advancement in the mass production of biocomposites is one of the factors driving the biocomposites market globally.

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Based on fiber, the wood fiber composites segment accounted for the major share of the biocomposites market, in terms of value, in 2016

Wood fiber composites are mainly utilized in the building & construction end-use industry. They are inexpensive as compared to natural fiber composites, and are resistant to moisture & mildew resulting in low maintenance cost and long product shelf life. Wood fiber composites are mainly used in the form of decking, railings, fences, balusters, and so on.

Building & construction was the largest end-use industry segment of the biocomposites market in 2016

The major end-use industries of the biocomposites market include building & construction, transportation, and consumer goods. Among these, the building & construction segment accounted for the largest share of the biocomposites market in 2016. Biocomposites are lightweight, biodegradable, low cost, and resistant to moisture and others. These features have led to their high demand in the building & construction, transportation, and consumer goods end-use industries.

Asia Pacific accounted for the major share of the biocomposites market in 2016

The Asia Pacific region accounted for the largest share of the global biocomposites market in 2016. The demand for light-weight, moisture resistant, and biodegradable materials in the building & construction and transportation end-use industries is driving the biocomposites market in the Asia Pacific region. Technological advancements in the mass production of biocomposites and increased penetration of biocomposites in the transportation end-use industry have also contributed to the high growth of the biocomposites market in this region. Asia Pacific is also expected to be the fastest-growing market for biocomposites from 2017 to 2022.

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Some of the leading global players in the biocomposites market include FlexForm Technologies (US), Tecnaro GmbH (Germany), Trex Company, Inc. (US), Fiberon LLC (US), Meshlin Composites ZRT (Hungary), UPM (Finland), Jelu-Werk J. Ehrler GmbH & Co. KG (Germany), Green Bay Decking (US), and Universal Forest Products, Inc. (US). These players have adopted various organic and inorganic developmental strategies during the past five years.

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