Biocomposites Market Emerging Audience, Segments, Sales, Profits & Analysis 2027Posted by rutikashete on January 11th, 2021 The Global Biocomposites Market was valued at USD 22.43 million in 2019 and is forecast to reach USD 51.32 billion in terms of annual remunerations at a growth rate of 10.8% through 2027. The market growth is driven by increasing consumer awareness regarding environmental concerns and favourable government initiatives encouraging the use of environmentally friendly products. Biodegradable composites are the next generation of sustainable building materials formed by a matrix and a reinforcement of natural fibers. They are offering a great prospect as a replacement for plastic composites due to their eco-friendly features. The product is experiencing high demand from various end-use sectors such as consumer goods, electrical and electronics, building and construction, automotive, and others. A paradigm shift towards sustainable and environmentally friendly products may fuel the demand for biocomposites during the forecast period. Moreover, the implementation of strict laws restricting plastic-based composite usage will further foster biocomposites market share through 2027. In terms of end-use, the construction sector is estimated to gain major traction through 2027 on account of for increasing product usage as a wood replacement for exterior constructions such as decking and fencing. Access to Report Sample by clicking here @ https://www.reportsanddata.com/sample-enquiry-form/3263 The transportation sector is one of the fastest-growing segments for the biocomposites market due to growing product usage in automobiles such as passenger vehicles, trucks, cars, and others. Biocomposites are witnessing massive adoption for the manufacturing of non-structural elements like interior panels of vehicles. With biocomposite utilization, manufacturers are able to reduce vehicle weight as well as costs effectively. Moreover, utilization of this material in place of metals or alloys reduces any potential injury in case of an accident, which is further fuelling product demand. Similarly, the product demand will be spurred by other end-use segments like consumer goods and electrical and electronics sector. In the regional landscape, North America is dominating the global biocomposites market and is forecast to witness a notable growth rate of 14.9% through 2027. The surging demand for advanced consumer electronics and vehicles in the region will boost industry growth in the coming years. The Asia Pacific region is expected to contribute significantly to the biocomposites market revenue share at a CAGR of 13.1% over the forecast period. The regional growth can be attributed to the rapid expansion of the automobile industry along with the surging needs for light weighting of vehicles parts to reduce fuel consumption and pollutant emissions. Europe is estimated to be a major revenue pocket for the biocomposites industry, growing at a CAGR of 8.8% over the analysis period. The favourable initiatives undertaken by the European countries to ban non-recyclable plastics will propel regional industry growth. Companies profiled in the Global Biocomposites Market include:
Global Biocomposites Market: Segmentation For this report, Reports and Data has segmented into the Global Biocomposites Market on the basis of fiber type, polymer type, product type, manufacturing process, and region: Fiber Type Outlook (Revenue: USD Billion;; 2017-2027)
Polymer Type Outlook (Revenue: USD Billion; 2017-2027)
Product Type Outlook (Revenue: USD Billion; 2017-2027)
Manufacturing Process Outlook (Revenue: USD Billion; 2017-2027)
Application Outlook (Revenue: USD Billion; 2017-2027)
Regional Outlook (Revenue: USD Billion; 2017-2027)
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