BCC Research Study Forecasts a 7.4% CAGR, with Market Growth from $5.9 Billion in 2023 to $9.0 Billion by 2029, Driven by Increased Demand for Sustainable and Eco-friendly Materials Across Industries
BOSTON, Oct. 15, 2024 /PRNewswire/ -- This Market focuses on creating eco-friendly materials from natural sources like plants. These materials are used in industries like automotive and construction as a sustainable alternative to traditional plastics and metals, and their demand is growing as the world looks for greener solutions.
"According to the latest BCC research study, the demand for Global Bio-based Composite Material Market is expected to grow to increase from $5.9 billion in 2023 and is projected to reach $9.0 billion by the end of 2029, at a compound annual growth rate (CAGR) of 7.4% during the forecast period of 2024 to 2029."
This report looks at different kinds of bio-based composite materials, focusing on the types of composites, resins, and fibers used, along with the industries that use them. The estimated values in the report are based on the total sales of manufacturers and are presented in U.S. dollars without adjusting for inflation.
Breaking Down the Market
To make it easier to understand, we've divided the global market into five key segments:
- Material Types: two main categories - wood fiber and non-wood fiber composites.
- Fiber Types: Explore the different fibers used, including wood, hemp, flax, and more.
- Resin Types: Learn about the various resins used, such as polyethylene, polypropylene, and polyvinyl chloride.
- End Uses: Discover how bio-based composites are used in industries like building and construction, transportation, and consumer goods.
- Regions: examined the market across four main regions - North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
What to Expect
In this report, you'll find:
- Estimated values based on manufacturers' total revenues
- Projected revenue values in constant US dollars (not adjusted for inflation)
- Comprehensive information on bio-based composite materials and their applications
Some Interesting Facts about Global Bio-based Composite Material Market
The Power of Bio-Based Composite Materials
1.Stay Warm, Save Energy
Bio-based composite materials are amazing at keeping warmth in and cold out, making them perfect for building and construction projects that need to be energy-efficient. This means they can help reduce heating costs and minimize environmental impact.
2. Customizable and Versatile
One of the best things about bio-based composite materials is that they can be tailored to meet specific needs. With advanced manufacturing techniques and flexible natural fibers, these materials can be adapted to suit various industries and applications.
3. Technology Takes Them to the Next Level
New processing methods like electrospinning and microwave-assisted fabrication have significantly improved the quality and functionality of bio-composite materials. These technological advancements are driving the market forward, enabling the creation of innovative products and applications that were previously impossible.
To discover more insights and information about Global Bio-based Composite Material Market, click here for further exploration.
Factors contributing to this growth include:
1.Greenfield Projects and Investment in Infrastructure.: Greenfield projects involve building new structures on undeveloped land, like a factory or road, where nothing existed before. Investment in infrastructure means funding the creation or improvement of essential facilities, like roads or power grids, that support everyday life and economic growth. Together, these efforts help create modern, efficient systems that drive development and improve communities.
2.Technological Advances in Bio-based Composite Materials.: Technological advances in bio-based composite materials involve new methods and tools that make these eco-friendly materials stronger, more durable, and more versatile. Innovations like improved manufacturing techniques and advanced processing methods have enhanced the quality and performance of these materials, making them suitable for a wider range of uses, from construction to consumer products. These developments are helping to push the market for bio-based composites forward, offering more sustainable alternatives to traditional materials.
3.Growing End-use Applications.: means that bio-based composite materials are being used in more and more products and industries. For example, they're increasingly found in things like car parts, building materials, and consumer goods. As these materials become more popular due to their eco-friendly properties, different industries are discovering new ways to use them, which drives demand and expands their applications even further.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2023 |
Forecast Period considered | 2024-2029 |
Base year market size | $5.9 billion |
Market Size Forecast | $9.0 billion |
Growth Rate | CAGR of 7.4% for the forecast period of 2024-2029 |
Segment Covered | Type, Resin Type, Fiber Type, End User |
Regions covered | North America, Europe, Asia-Pacific, Rest of the World |
Countries covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, Portugal, Sweden, Hungary, Romania, Japan, China, India, Thailand, Indonesia, Singapore, Malaysia, Vietnam, Brazil, Argentina, Middle East and Africa |
Key Market Drivers | • Greenfield Projects and Investment in Infrastructure • Technological Advances in Bio-based Composite Materials • Growing End-use Applications |
This report on global bio-based composite material market provides comprehensive insights and analysis, addressing the following key questions:
1 What is the projected market size and growth rate of the market?
In terms of value, the global bio-based composite material market is projected to grow from $5.9 billion in 2023 to $9.0 billion in 2029 at a compound annual growth rate (CAGR) of 7.4% during the forecast period.
2What are the key factors driving the growth of the market?
The key factors driving the growth of the bio-based composite material market include:
• Technological advancements in bio-composite materials
• Growing end-use applications
3What segments are covered in the market?
The bio-based composite material market is segmented based on types, fiber types, resin types, and end-use. By type, it is segmented into two major segments: wood fiber and non-wood fiber. In terms of fiber types, it is segmented into four major segments: wood fiber, hemp, flax, and others. By resin type, it is segmented into four major segments: polyethylene, polypropylene, polyvinyl chloride, and others. End-use industries are segmented into five major segments: building and construction, transportation, industrial, consumer goods, and others.
4By end-use, which segment will dominate the market by the end of 2029?
The building and construction segment will dominate by the end of 2029.
5Which region has the highest market share in the market?
North America holds the highest share of the market. The growing demand for lightweight vehicles and the rise in green infrastructure projects further create a massive demand in the North American region. Simultaneously, the strict norms on carbon emissions and waste generation further drive the global bio-based composite materials market in the North American region.
Some of the Key Market Players Are:
• FIBERON
• FLEXFORM TECHNOLOGIES
• GREEN DOT BIOPLASTICS
• HUANGSHAN HUASU NEW MATERIAL SCIENCE & TECHNOLOGY CO. LTD.
• JELU-WERK J. EHRLER GMBH & CO. KG
• MESHLIN COMPOSITES ZRT.
• NORSKE SKOG
• PROCOTEX
• TECNARO GMBH
• THE AZEK CO. INC.
• TREX CO. INC.
• TTS
• UFP INDUSTRIES INC.
• UPM
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