Developed countries, including Germany, the US, and Japan, are focusing on increasing the use of environmentally-friendly products instead of petroleum-based products. The European Union (EU) has been preferring the use of such products more than the US and Japanese governments. It insists on the use of bio-based materials, encouraging recyclability of vehicle components, or making the automotive manufacturers responsible for disposal at the end of the service life of the vehicles.
However, the requirements in North America are not as stringent for automotive manufacturers as they are in other markets around the world. For example, the Japanese government has a target of replacing 25% of plastic consumption with renewable products, by 2030.
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According to the EU Commission, every year, the European car industry consumes 80,000 tons of plant and wood fibers to reinforce composite products instead of other synthetic fibers. The European Union (EU) has also emphasized, on using recyclable and biodegradable parts for automotive interior components. This would boost the use of biocomposites in the transportation end-use industry during the forecast period. These regulations are expected to increase the demand for biocomposites in transportation, building & construction, electrical & electronics, among other end-use industries.
The global biocomposites market size is expected to grow from USD 24.4 billion in 2021 to USD 51.2 billion by 2026, projecting a CAGR of 16.0% during the forecast period between 2021 and 2026.
Companies operating in the biocomposites market have strengthened their position in the global b
biocomposites market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions from 2016-2021. However, the novel coronavirus pandemic has created ripples across the global building & construction, transportation, consumer goods, and many other sectors, affecting the global supply chains. These factors have affected the demand for biocomposites. The demand is getting recovered bounce and picking up momentum in 2021.
The major biocomposite manufacturers are UPM (Finland), Trex Company (US), Fiberon LLC (US), FlexForm Technologies (US), Universal Forest Products, Inc. (US), Nanjing Jufeng Advanced Materials Co., Ltd (China), Meshlin Composites ZRT (Hungary), Tecnaro GmbH (Germany), among others. These companies have adopted various organic and inorganic growth strategies.
Trex Company, Inc. is one of the leading manufacturers of biocomposite products. The company manufactures and markets products mainly for the building & construction industry. It conducts business through two business segments, namely, decking and railing. Composite decking products are sold under the decking segment. Trex composite decking products are available in more than 43 countries worldwide. Advanced Environmental Recycling Technologies, Inc. (US), TimberTech (US), and Fiberon LLC (US) are some of the key competitors of the company.
UPM Biocomposites is a subsidiary of UPM Group. The company manufactures wood plastic composite products. It also manufactures composite decking, fencing, flooring, façade, and its accessories. The company conducts its business through seven segments, namely, UPM Biorefining, UPM Energy, UPM Raflatac, UPM Specialty Paper, UPM Paper ENA, UPM Plywood, and others. UPM has production facilities and sales network in all six continents. The prime competitors of the company are Trex Company, Inc. (US), Fiberon LLC (US), and TimberTech Ltd. (US).
Biocomposites Market by Fiber Type (Wood Fiber and Non-wood Fiber), Polymer Type (Synthetic and Natural), Product (Hybrid and Green), End-use Industries (Building & Construction, Transportation, and Consumer Goods) and Region - Global Forecast to 2026
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