Biocomposite Materials: Market Introduction
Biocomposite materials are nothing more than a material created by a matrix, typically resin and a reinforcing part, usually made of natural fibers derived mainly from plants or cellulose. biocomposite materials have a wide variety of applications, ranging from medical to construction. In addition, natural fibers or fibers are the key components of biocomposite material in the matrix.
These fibers are obtained from crop fibers such as flax, cotton or hemp, recycled wood, waste paper, by-products of crop processing, or regenerated cellulose fibers like radius, which exhibit various properties such as low density, higher tensile strength, more stiffness than glass fibers, and relatively low cost. Due to these factors, it is predicted that the biocomposite materials market will gain considerable traction during the forecast period.
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Government regulations regarding the use of environmentally friendly products and the safety & recyclability of biocomposite materials as compared to synthetic fiber composites are some of the key factors responsible for the growth of the biocomposite materials market.
Moreover, rising disposable income in developing countries such as China and India and growing awareness about biocomposite materials and their advantages are key factors expected to drive the market in the region. Also, the ban on non-reusable plastics in Europe is driving demand in the region.
However, some of the operating factors are expected to impede the growth of the global biocomposite market during the forecast period. The key constraints are its comparatively low strength as compared to glass fibers, coupled with the fluctuating cost, availability, and quality of raw materials.
The biocomposite material market is segmented on the basis of product, application, and region. On the basis of application, the market is segmented into the medical industry, chemical industry, aerospace, military applications, construction, packaging.
In the field of construction, biocomposite materials have different types of applications. For example, we can find them in covering elements such as bamboo fiber panels, or as landscaping so as fences and decks made from derivatives of wheat and recycled plastics.
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Global Biocomposite Materials Market is Experiencing massive decline as COVID-19 Outbreak
Ceased manufacturing activities across various industries has led to attenuating demand for specialty polymers. The existing macroenvironment due to the pandemic shall exhibit indications of recovery depending on the course of pandemics prevalence and subsequent resuming of manufacturing activities.
The market has been conspicuously impacted the supply chain and product demand in the sector and is currently amidst unprecedented uncertainty. Automotive and transport, consumer goods, manufacturing machinery, construction, and electronics are among the most important end-use segments in the plastics industry. Moreover, the closing of manufacturing facilities, shortage of labor has also affected the market significantly.
Biocomposite materials Market: Regional Outlook
The Asia Pacific is expected to be frontrunner in the market for biocomposite materials in the coming years due to the increasing demand from the region’s building & construction, transportation and end-use industries.
Government regulations regarding the usage of biodegradable, non-toxic, and lightweight materials as well as increasing infrastructure projects in developing economies, such as China, India, South Korea, Indonesia, Thailand and others are also expected to steer the Asia Pacific biocomposite materials market in the coming years.
Latin America and the Middle East & Africa are expected to witness moderate growth in the biocomposite materials market during the forecast period mainly due to applications of biocomposite material in industries such as the building & construction and automotive industry.
Biocomposite materials Market: Competition Outlook
Major players operating in the biocomposite materials market include Toray Industries, Inc., Owens Corning,Hexcel Corporation, Technaro GmbH, Flexform Technologies, Greengran BV, Procotex SA Corporation NV, Cardboard Composite Materials, JEC Group, Faurecia SA, Dongguan Global Environmental Protection Technology.
Players in the industry are investing in research and development of high strength and environtment friendly biocomposite materials. Certain players have also amalgamated their operations throughout the value chain in an attempt to aggrandize their profitability and serve customers better.
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The research report presents a comprehensive assessment of the Biocomposite materials market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. This Biocomposite materials market report provides analysis and information, according to market segments such as type, application, and region.
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