Biocomposites Global Market Opportunities and Strategies to 2032

This report describes and explains the biocomposites market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global biocomposites market reached a value of nearly $21.38 billion in 2022, having grown at a compound annual growth rate (CAGR) of 9.0% since 2017. The market is expected to grow from $21.38 billion in 2022 to $42.75 billion in 2027 at a rate of 14.9%. The market is then expected to grow at a CAGR of 18.7% from 2027 and reach $100.92 billion in 2032.

Growth in the historic period resulted from the strong economic growth in emerging markets, rapid industrialization, growing chemical industry and growing construction activities. Factors that negatively affected growth in the historic period were the availability of substitutes.

Going forward, the growing automotive industry, rising urbanization and growing demand for fiber-reinforced plastic (FRP) will drive the market. Factors that could hinder the growth of the biocomposites market in the future include stringent laws and regulations.

The biocomposites market is segmented by product into hybrid biocomposites and green biocomposites. The hybrid biocomposites market was the largest segment of the biocomposites market segmented by product, accounting for 52.9% or $11.30 billion of the total in 2022. Going forward, the green biocomposites segment is expected to be the fastest growing segment in the biocomposites market segmented by product, at a CAGR of 16.1% during 2022-2027.

The biocomposites market is segmented by polymer into natural polymer composites and synthetic polymer composites. The synthetic polymer composites market was the largest segment of the biocomposites market segmented by polymer, accounting for 56.6% or $12.09 billion of the total in 2022. Going forward, the natural polymer composites segment is expected to be the fastest growing segment in the biocomposites market segmented by polymer, at a CAGR of 16.0% during 2022-2027.

The biocomposites market is segmented by fiber type into wood fiber composites, non-wood fiber composites and straw-fibers. The wood fiber composites market was the largest segment of the biocomposites market segmented by fiber type, accounting for 60.0% or $12.82 billion of the total in 2022. Going forward, the non-wood fiber composites segment is expected to be the fastest growing segment in the biocomposites market segmented by fiber type, at a CAGR of 16.3% during 2022-2027.

The biocomposites market is segmented by end-use industries into building and construction, transportation, consumer goods, electrical and electronics and other end-use industries. The building and construction market was the largest segment of the seed market segmented by end-use industries, accounting for 33.3% or $7.12 billion of the total in 2022. Going forward, the transportation segment is expected to be the fastest growing segment in the seed market segmented by end-use industries, at a CAGR of 16.6% during 2022-2027.

Asia-Pacific was the largest region in the biocomposites market, accounting for 52.9% or $11.30 billion of the total in 2022. North America and Western Europe then the other regions. Going forward, the fastest-growing regions in the biocomposites market will be South America and Africa, where growth will be at CAGRs of 16.7% and 15.4% respectively. These will be followed by the Middle East and Eastern Europe, where the markets are expected to grow at CAGRs of 14.2% and 12.4% respectively.

The global biocomposites market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 3.65% of the total market in 2022. UPM-Kymmene Oyj was the largest competitor with a 0.96% share of the market, followed by West Fraser Timber Co. Ltd with 0.91%, Trex Company, Inc with 0.74%, Fortune Brands Innovations, Inc with 0.60%, UFP Industries, Inc with 0.30%, FlexForm Technologies with 0.04%, Anhui Guofeng Wood-Plastic Composite Co. Ltd. with 0.03%, Bcomp Ltd with 0.027%, Green Dot Bioplastics Inc with 0.02% and Tecnaro GmbH with 0.01%.

The top opportunities in the biocomposites market segmented by product will arise in the hybrid biocomposites segment, which will gain $10.17 billion of global annual sales by 2027. The top opportunities in the biocomposites market segmented by polymer will arise in the synthetic polymer composites segment, which will gain $11.17 billion of global annual sales by 2027. The top opportunities in the biocomposites market segmented by fiber type will arise in the synthetic wood fiber composites segment, which will gain $12.57 billion of global annual sales by 2027. The top opportunities in the biocomposites market segmented by end-use industries will arise in the building and construction segment, which will gain $7.27 billion of global annual sales by 2027. The biocomposites market size will gain the most in China at $6.42 billion.

Market-trend-based strategies for the biocomposites market include launch of flax fiber-based biocomposites for sustainable materials, use of 3D printing technology for biocomposites, development of biocomposites for consumer applications, increased focus on bio-based unsaturated polyester resins (UPR) and strategic partnerships and collaborations among market players.

Player-adopted strategies in the biocomposites market include focus on strengthening business operations through the launch of new products and enhancing operational capabilities through business expansions.

To take advantage of the opportunities, the analyst recommends the biocomposites companies to focus on flax fiber-based biocomposites for sustainable materials, focus on use of 3D printing technology for biocomposites, focus on development of biocomposites for consumer applications, focus on fast-growing product types, expand in emerging markets, focus on strategic partnerships and collaborations, focus on competitive pricing, participate in trade shows and events and focus on fast-growing end-use industries.