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Biocomposites Global Market Report 2022: Ukraine-Russia War Impact

NEW YORK, Dec. 9, 2022 /PRNewswire/ -- Major players in the biocomposites market are UPM, Trex Company Inc, Fiberon LLC, FlexForm Technologies, Universal Forest Products Inc, Nanjing Jufeng Advanced Materials Co Ltd, Meshlin Composites ZRT, Tecnaro GmbH, Lingrove, CG BioComposites, Bcomp Ltd, HempFlax Group B V, Trifilon AB, Stora Enso and Propel Biocomposites.



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The global biocomposites market is expected to grow from $20.92 billion in 2021 to $24.45 billion in 2022 at a compound annual growth rate (CAGR) of 16.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The biocomposites market is expected to grow to $45.07 billion in 2026 at a compound annual growth rate (CAGR) of 16.5%.

The biocomposites market consists of sales of biocomposites products by entities (organizations, sole traders, and partnerships) that are used as an alternative to non-biodegradable polymers in various industries such as automotive, packaging, food and beverages.A biocomposite refers to a reinforced compound made from mixing a natural resin and a reinforcing compound.

They are environmentally friendly and can be recycled easily.

The main types of biocomposites market products are hybrid biocomposites and green biocomposites.Hybrid biocomposites are used in construction, medicine, electronics, packaging, and automotive.

Hybrid biocomposites are composites made from more than one type of reinforcement matrices.The polymers used are natural polymer composites and synthetic polymer composites.

The fiber types are wood fiber composites and non-wood fiber composites. The various end-use industries are building and construction, transportation, consumer goods, and other end-use industries.

Asia-Pacific was the largest region in the biocomposites market in 2021. The regions covered in the biocomposites market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Growing environmental concerns are expected to propel the growth of the biocomposites market going forward.Environmental concerns refer to environmental issues that affect human activity in the biophysical environment, which causes harmful environmental degradation.

Biocomposites have fewer environmental footprints, and they are safer for humans and other living habitats.Also, most biocomposites are recyclable and reusable.

For instance, according to Mastercard, a US-based financial services company, in 2021, a survey was conducted in 24 countries with a sample size of 25,519 adults to know the consumer's passion for the environment.In this survey, 83% of adults stated that they are taking personal action on environmental and sustainability issues.

Also, in generation Z, 36% are two times more aware of environmental and sustainable issues. 58% of the adult respondents were more conscious of their impact on the environment. As a result, growing environmental concerns are driving the growth of the biocomposites market.

Technological innovations are the key trend gaining popularity in the agricultural textiles market.Major companies operating in the market are in traducing new technologies such as fully biocomposite material Tepex which is manufactured by using continuous fiber-reinforced thermoplastic composites.

For instance, in October 2021, Lanxess, a German specialty chemicals company, introduced a new fully biocomposite material in its Tapex range.That acts as the matrix, for a material that is 100% recyclable.

By using continuous fiber-reinforced thermoplastic composites.That helps to give lighter weight than glass fibers and make it flexible with lower density and it also offers mechanical performances to Tepex.

This material can also be used in the manufacture of interior parts for cars or electronics to produce housing components.

In June 2019, Biofibre, a Germany-based manufacturer of Natural fibers and bioplastics, acquired Naftex for an undisclosed amount.The acquisition would help Biofibre better serve the customer and expand its product offerings.

Also helps to expand its business in Germany. Naftex is a Germany-based natural fiber-reinforced polymer and wood-plastic composite manufacturer.

The countries covered in the biocomposites market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The biocomposites market research report is one of a series of new reports that provides biocomposites market statistics, including biocomposites industry global market size, regional shares, competitors with biocomposites market share, detailed biocomposites market segments, market trends and opportunities, and any further data you may need to thrive in the biocomposites industry. This biocomposites market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Read the full report: https://www.reportlinker.com/p06371405/?utm_source=PRN

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