Global Biocompound Material Market Size (2024 – 2030)

In 2023, the Global Biocompound Material Market was valued at USD 36.13 billion and is projected to reach a market size of USD 95.23 billion by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 14.85%.

Industry Overview:

Bio-composites are described as degradable, renewable, non-abrasive, and non-toxic, with comparable properties to these of synthetic fiber composites. It is utilized in a number of fields with numerous applications. They are biocompatible and eco-friendly composites. Bio-composites contain a large range of natural and inorganic components, which are natural and artificial polymers, sugars, polysaccharides, proteins, metals, ceramics, and nanocarbon. Bio-composites exist in numerous types such as films, membranes, moldings, coatings, particles, fibers, and foams.

Biocompounds are made from a herbal fiber that is wood or non-wood fiber, along with the polymer resin. Their uses are increasing in several sectors due to their eco-friendly characteristics. They are being efficaciously used as an alternative for plastic composites. Bio-composites are fabricated by combining the herbal fibers in a matrix material. The matrix cloth can be non-biodegradable, biodegradable, or synthetic. Fibers that are used in the bio-composites are produced from agricultural products that are consequently intermixed with the exceptional polymer-based matrices. The herbal fibers are available in large quantities and have low harvesting costs with adequate mechanical properties. Hazards of artificial fibers, their recycling issues, and the toxicity by-products are the key using elements in the lookup and development of bio-composites.

Increasing the center of attention on the need to minimize international warming, environmental damage, and air pollution leads to the scientific community paying considerable attention to creating environmentally-friendly and bio-degradable materials. These materials can exchange the non-renewable substances that can motive issues to the environment. Therefore, Bio-composite materials have ended up the core of interest due to their environmentally pleasant and biodegradable nature. For instance, Bio-composites substances are used in motors to decrease the ordinary weight and to decorate gasoline efficiency. Bio-composites are utilized to manufacture the armrests, door panels, seatbacks, and trays. Its components are better at sound absorbance and shatter the resistance.

COVID-19 impact on Biocompound Material Market

COVID-19 has negatively affected the demand for biocompounds throughout the globe due to a decrease in demand from more than a few end-use industries. Building & construction is one of the major consumers of biocompounds and has witnessed the most damaging and on-the-spot consequences of the pandemic. The construction region has faced the worst consequences. This has impacted badly on the demand for biocompounds.

MARKET DRIVERS:

Government policies regarding the market are driving the growth of the market

Developed countries, together with Germany, the US, and Japan, are focusing on growing the use of environmentally-friendly products instead of petroleum-based products. The European Union (EU) has been preferring the use of such merchandise greater than the US and Japanese governments. It insists on the use of bio-based materials, encouraging recyclability of automobile components, or making the car manufacturers accountable for disposal at the cease of the carrier lifestyles of the vehicles.

The possibility in price reduction is also driving the growth of the market

The strength required to produce biocompounds is a whole lot lesser than that required to produce glass fiber composites and carbon fiber composites. However, biocompounds are available at a greater price than glass fiber composites. Owing to economies of scale and frequent applications, there is an opportunity of the reduction of prices. These biocompounds can be produced in developing countries, such as India and China, at low value with ample raw materials such as flax, jute, Kenaf, and hemp. This will help to minimize the basic fee of herbal fiber-based biocompounds. Moreover, in the longer term, these biocompounds are predicted to end up more cost-effective as the technological know-how matures, and manufacturing achieves economies of scale.

MARKET RESTRAINTS:

The low strength of the material in comparison to competitors is restraining the growth of the market

Natural fiber composites have a low fiber-matrix interfacial bonding that results in poor mechanical overall performance and highly negative energy when in contrast to artificial fibers, consisting of glass and carbon fiber. All plant-based fibers are hydrophilic and polar. Natural fibers are composed of hemicellulose and pectins that are hydrophilic (they absorb water). Polymers, together with thermoplastics and thermosets, are nonpolar and hydrophobic, and so there are compatibility problems between the fiber and the matrix. However, the mechanical electricity can be multiplied by the chemical pre-treatment of fiber. Unlike synthetic fibers, natural fibers are thermally unstable, and at about 392°F thermal degradation starts, which is not supported by positive manufacturing processes. Furthermore, bad fiber separation and dispersion are some different drawbacks of biocompounds that preclude their large use.

BIOCOMPOUND MATERIAL MARKET REPORT COVERAGE:

This research report on the global Biocompound Material Market has been segmented and sub-segmented based on fiber, end-user, and region.

Biocompound Material Market - By Fiber:

• Wood fiber
• Non-wood fiber

Based on Fiber, the market is bifurcated into Wood Fiber and Non-Wood Fiber. Wood Fiber accounted for the biggest market share and is projected to grow at a CAGR of 13.35% at some point in the forecast period. Wood fiber refers to the cellulosic material that can be used in the manufacturing of bio-composites. Wood fibers are extracted from the timber that comprises enough extent of vascular bundles to impart a rigid quality; thus, such sorts of fibers are well known for their tension and adopted throughout exceptional applications. Wood is composed of 50% cellulose, and it can be extracted from wood for further applications, via the viscose process. The viscose procedure was once developed and brought to the world over and above a hundred years in the past to extract cellulose for the manufacturing of excellent wood fibers.

Biocompound Material Market by End-User:

• Building and construction
• Automotive
• Consumer goods
• others

Based on End-User, On the basis of End User, the Global Biocompounds Market has been segmented into Building & Construction, Automotive, Consumer Goods, and Others. Automotive accounted for the biggest market share and is projected to develop at a CAGR of 13.30% all through the forecast period. Automobiles together with cars, buses; trains; planes; and ships are the most important capability of transportation. Bio-composites have a wide range of applications throughout the transportation and automobile industry; as are characterized by means of strength, stiffness, toughness, and durability. Bio-composites can be used in the manufacturing of exceptional car components such as tires, a number of belts, and hoses. These aspects are used to manufacture different components of cars such as indoors as well as exterior physique panels in automobile bodies. Though bio-composites are stiff and strong, they are lighter than other materials used in automobile design and development. Thus, the adoption of these materials ensures to make the motors lighter, safer, and more fuel-efficient.

Biocompound Material Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East
• Africa

Geographically, Asia Pacific accounted for the biggest market share and is projected to grow at the very best CAGR of 14.55% at some stage in the forecast period. The important players of biocompounds substances are moving their manufacturing devices to Asia Pacific Regions. Moreover, the authority's policies in the Asia Pacific countries to inspire startups dealing with eco-friendly substances attract more foreign direct investment (FDI) from western countries.

The Asia Pacific location is predicted to demand the greatest biocompounds market, in phrases of value. Compared to their European and North American counterparts, the biocompounds manufacturing agencies have possibilities in the Asia Pacific market owing to inexpensive labor and uncooked materials. The key aspect that contributing to its growth is the growing demand from construction & development and transportation end-use industries

Biocompound Material Market Share by company

1. TTS
2. Lingrove
3. CG Biocompounds
4. Bcomp Ltd
5. UPM
6. FlexForm Technologies
7. Tecnaro GmbH
8. Green Bay Decking
9. Universal Forest Fiber.

and others are playing a pivotal role in the market.

Recently Trex Company, Inc. announced plans for its third production site in the US. This expansion will provide better access to customers to Trex Residential products, enabling the company's future growth.

Lanxess launched a new fully biocompound material in its Tepex range of continuous-fiber-reinforced thermoplastic composites. The material combines natural flax fibers with bio-based polylactic acid.

Leading biocompounds manufacturers are rigorously investing in research and development for introducing new biocompounds with efficient properties. They are targeting small-scale domestic businesses like biocompounds packaging to increase their sales.

NOTABLE HAPPENINGS IN THE GLOBAL BIOCOMPOUND MATERIAL MARKET IN THE RECENT PAST:

• Product Launch - In March 2021, Fiberon LLC launched Wildwood composite cladding with excellent properties such as high durability, low maintenance, and efficient performance.
• Acquisition - In April 2021, Deckorators, Inc., a subsidiary of Universal Forest Products, Inc., acquired Ultra Aluminum Manufacturing Inc. It is one of the prominent producers of aluminum railing, fencing, and gates.
• Collaboration – In Nov 2021, Celanese Corporation collaborated with Mitsubishi Chemical Advanced Materials to develop recycling solutions along with maintaining product quality, performance, and consistency.