The vendor landscape for the global market for biocomposites has witnessed a significant rise in the number of manufacturers, leading to intense competition, states Transparency Market Research in a recent report. As the market witnesses the entry of numerous well-established manufacturers of popular composites such as glass fiber and cotton fiber, the market is expected to become more competitive in the near future. Despite this, the market features a vast set of untapped growth opportunities in new applications across industries such as construction and automotive.
Tapping
these growth opportunities may require strategic collaborations with companies
in emerging economies and expansion of manufacturing capabilities to
effectively serve the rising demand. Some of the leading companies operating in
the global biocomposites market are Tecnaro GmbH, UPM, FlexForm Technologies,
Green Bay Decking LLC, Universal Forest Products, Inc., and JELU-WERK J. Ehrler
GmbH & Co. KG.
According
to the report, the global biocomposites
market will
exhibit an impressive 9.46% CAGR over the period between 2017 and 2025, rising
from a valuation of US$4,730.4 mn in 2016 to US$10,549.4 mn by 2025.
Wood
Continues to Remain Most Popular Raw Material
Of
the key materials used to manufacture biocomposites, wood presently accounts
for a dominant share in the overall market, thanks to its excellent binding
properties and easy availability. The segment of flax is expected to expand at
the fastest pace over the forecast period, accounting for a notable share in
the overall market by the end of the report’s forecast.
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From
the geographical standpoint, the market in Asia Pacific is presently the
leading contributor of revenue to the global biocomposites market, thanks to
the rapid pace of industrialization in emerging economies. The region is also a
key market for biocomposites owing to the massive demand across industries such
as consumer goods, construction, and automotive.
Increased
Focus of Governments on Raising Awareness to Drive Market
The
key factors working in favor of the global biocomposites market include
stringent government regulations advocating the increased use of
environment-friendly products with the view of reducing the negative impacts of
rising pollution on the health of environment and global warming. The recyclable
nature of biocomposites, coupled with their much higher safety quotient as
compared to materials such as glass fibers and carbon fiber when it comes to a
number of applications, could also spell growth for the market.
The
easy availability of most raw materials required for the production of a
variety of biocomposites across the globe is also a key factors expected to
work well for the expansion of the global biocomposites market over the next
few years. However, certain limitations concerning pure biocomposites in
aspects such as mechanical strength, coupled with their unstable costs and
fluctuating availability of raw materials could cost the market negatively to a
certain degree over the forecast period.
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