NEW YORK, June 25, 2020 /PRNewswire/ -- The Global biocomposites Market is projected to reach USD 51.32 billion by 2027. The sector is estimated to be powered by the increasing use of biocomposites in end-use sectors such as automotive, building and construction, electrical and electronics, and consumer goods. Also, a change in customer preference from plastic composites to environmentally friendly biocomposites is expected to fuel demand growth over the forecast period.
Biocomposites are composite materials, together with polymer resin, made from natural fibers such as wood or nonwood fiber. Due to its eco-friendly characteristics, their use in different sectors is growing. They are effectively used as a replacement for plastic composites. Strict laws on the environment favor their purpose, too.
Globally, the handling of plastic waste is a severe issue because plastic goods do not quickly decompose. Several governments have banned plastic goods from addressing this issue, and are encouraging the use of biocomposites as a replacement for plastic composites. Besides, they are used in automotive non-structural parts as a replacement for metal and alloys, like parcel shelves and interior panels. The use of biocomposites in the automotive industry is likely to help decrease a vehicle's total weight and thus reduce passenger injuries in accident cases. Similarly, rising demand is expected to drive the market in the electrical and consumer sustainable sectors
The COVID-19 impact:
The COVID-19 pandemic is expected to interfere somewhat with the growth of the industry. The leading actors in the industry are skeptical of the market's future and try to redesign their strategies to support the challenge. The pandemic had a serious impact on the chemical production units and most major fabricators were forced to stop both production and other operations. There is a shortage of resources in different parts of the world as a result of regular lockdowns. COVID-19 has influenced foreign commerce, exports and imports, and has also contributed to a major decrease in demand in the industry. The big companies operating on the market try to clear their stock and concentrate on keeping their cash balances. It is likely that people's average disposable income is reduced and producers are trying to develop innovative solutions, which can meet customer requirements at much lower cost.
The demand for biocomposites is influenced by stringent government regulations on the use of environmentally friendly materials and the safety & sustainability of biocomposites compared to composites of glass and carbon fiber.
Wood fiber composites are anticipated to develop most significantly during the forecast period.
Transportation emerged as a leading end-use segment on the market and accompanied by construction.
Advances in technology in the mass manufacturing of biocomposites are among the factors driving the global market for biocomposites.
A variety of major competitors in the sector are investing in eco-friendly and high strength goods for research and development. Several companies have also consolidated their activities around the value chain to improve productivity and improve customer experience.
In January 2019, Web Industries acquired Omega Systemes Atlantique and Aquitaine. This acquisition brought premier Europe and U.S. producers of advanced materials for aerospace.
Key participants include Huntsman Corporation, Mitsubishi Plastics, Inc., Fiberon LLC, FlexForm Technologies, LLC, Universal Forest Products Inc., Bioworks, Inc., Stemergy, Procotex, ALPAS Srl, NewTechWood, Green Bay Decking, Arkema, Procotex, Tecnaro GmbH, and Bast Fibers LLC, among others.
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