Bio-Composite Materials Market Expected to Reach $55.93 Billion by 2032- BIS Research

Dec 15, 2023 6:00 PM ET

Bio-composites constitute a distinct segment within the composite materials industry, emphasizing the use of natural fibers and matrices sourced from renewable materials like agricultural byproducts, wood, and bio-based polymers. This approach aims to develop cutting-edge composite materials that are both innovative and environmentally sustainable.

The global bio-composite materials market was valued at $11.90 billion in 2022, and it is expected to grow at a CAGR of 17.03% and reach $55.93 billion by 2032.

The global bio-composite materials market is set to grow due to increased awareness and adoption of eco-friendly and biodegradable materials across various industries such as automotive, construction, packaging, and consumer goods.

Market Analysis: Trends, Data, and Growth Projections

BIS Research, a leading market research firm, has released a report titled bio-composite materials market which discusses the challenges, growth factors, and future opportunities driving the remarkable growth of the market. The detailed study is a compilation of 11 market data tables and 204 figures spread across 263 pages.

The bio-composite materials market report focuses on applications, products, materials, processing techniques, and regional segments.

In terms of revenue generation, Asia-Pacific and Japan is anticipated to maintain its position as the largest market for bio-composite materials until 2032.

Key Players and Market Shares:

The report profiles top players, revealing that private companies held approximately 80% of the market share in the global bio-composite materials market in 2022, with public companies securing the remaining 20%.

Some of the prominent names in this market are:

Private Companies

Anhui Guofeng Wood-Plastic Composite Co., Ltd.
Bcomp Ltd.
BioComposites Group
Fiberon
FlexForm Technologies

INCA Renewtech
Lingrove Inc.
Meshlin Composites Zrt.
Nanjing Xuhua Sundi New Building Materials Co., Ltd
Trex Company, Inc.
Tecnaro GmbH

Public Companies

Celanese Corporation
Eastman Chemical Company
UFP Industries, Inc.
UPM

Market Drivers, Challenges, and Opportunities:

Regulatory advancements, ongoing research, and collaboration between industry leaders are contributing factors in the growth of the bio-composite materials market.

The ongoing demand for lightweight materials in construction, aerospace, and automotive sectors has spurred innovations in bio-composites. Industry players continue to develop bio-based composites to meet the growing demand for lightweight materials.

A crucial point of comparison is that plant-based fibers, owing to their composition, mainly hemicellulose and pectins, are naturally hydrophilic and polar, leading to water absorption.

The energy needed to produce bio-composites is notably lower than that required for manufacturing glass fiber and carbon fiber composites. However, bio-composites are currently priced higher than glass fiber composites.

Related Reports

Global Lightweight Materials Market

Analyst Note

According to the BIS Research analyst, “The global bio-composite materials market is likely to grow multi-fold in the coming years during the forecast period, owing to the rapidly growing demand for renewable energy sources for power generation, automotive industry, construction projects, electronics, and consumer goods, among others.”

About BIS Research

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish over 200 market intelligence studies annually, focusing on several deep technology verticals.

Our strategic market analysis emphasizes market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

BIS Research offers syndicate and custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.