According to
a new market report published by Lucintel, the future of the bio-composites market
looks promising with opportunities in building and construction, automotive,
industrial & consumer goods industries. The global bio-composites market is
expected to reach an estimated $7.6 billion by 2023 and is forecast to grow at
a CAGR of 7.9% from 2018 to 2023. Some of the products made with bio-composites
are decking, railing fencing, cladding, door panels, and dashboard. The market
for end Products made with bio-composites is expected to reach an estimated $12.2
billion by 2023. The major growth drivers for this market are increasing demand
for Wood Plastic Composites (WPC) in the construction industry due to its wood
finish like appearance and durability, and growing use of Natural Fiber
Composites (NFC) in automotive interiors due to its aesthetics and growing concern
for passenger safety.
In this market, building and construction,
automotive, and consumer & industrial goods are the major end use
industries. Lucintel forecasts that the largest end use industry will be building
and construction, and it is also expected to witness the highest growth during
the forecast period. Increasing demand for moisture resistance, low
maintenance, non-toxic, and durable products are the major requirements driving
growth for this segment over the forecast period.
By process
type, extrusion, compression, and injection molding processes are used to
produce bio-composites end products such as deck, fencing, railing, etc. The
extrusion process is expected to remain the largest segment and witness the highest growth in the forecast period because it
offers high volume production at low-cost with efficient melting of resin in
the process.
By resin type, polyethylene resin based
bio-composites is expected to remain the largest segment and witness the
highest growth in the forecast period because of durability, near-zero moisture
absorption, excellent chemical inertness, and ease of processing.
By fiber type,
wood flour based bio-composites is
expected to remain the largest segment by value and volume over the forecast
period. The increasing demand for WPC decking, fencing, and railing in
building and construction industry will drive demand over the forecast period.
North America
is expected to remain the largest market by value and volume. Asia-Pacific is
expected to witness the highest growth over the forecast period because of increasing
demand for WPC decking, fencing, and railing in the building and construction industries
of China, India, and Japan.
Emerging trends, which have a direct impact
on the dynamics of the industry, include the emergence of new applications, and
government support to innovate and commercialize the use of bio-based
composites. Trex, Azek Building Products, Fiberon LLC, AERT, UFP, Tamko
Building Products, FlexForm Technologies, Technaro GmbH, Procotex Corporation,
GreenGran BV, and FiberGran GmbH are among the major suppliers for the global bio-composites
market.
Lucintel, a
leading global strategic consulting and market
research firm, has analyzed growth opportunities in the global bio-composites
resin market by end use industry, process, resin, fiber and region. Lucintel
has prepared a comprehensive research report entitled “Growth
Opportunities in the Global Bio-Composites Market 2018-2023: Trends, Forecast,
and Opportunity Analysis.” The Lucintel report serves as a
catalyst for growth strategy as it provides a comprehensive data and analysis
on trends, key drivers, and directions. The study includes a forecast for the
global bio-composites market by end use industry, process, resin, fiber, and
region as follows:
Bio-Composites Market by End Use Industry
[Volume (M lbs) and $M shipment analysis for 2012–2023]:
- Building and Construction
- Automotive
- Industrial and Consumer Goods
- Others
Wood Plastic
Composites Market by End Use Industry [Volume (M lbs) and $M shipment analysis
for 2012–2023]:
- Building and Construction
- Automotive
- Industrial and Consumer Goods
- Others
Wood Plastic
Composites Market by Building & Construction Application [Volume (M lbs) and
$M shipment analysis for 2012–2023]:
- Decking
- Fencing
- Railing
- Others·
Natural Fiber
Composites Market by End Use Industry [Volume (M lbs) and $M shipment analysis
for 2012–2023]:
- Automotive
- Building and Construction
- Others
Bio-Composites
Market by Process Type [Volume (M lbs) and $M shipment analysis for 2012–2023]:
- Extrusion
- Compression Molding
- Injection Molding
- Others
Bio-Composites
Market by Resin Type [Volume (M lbs) and $M shipment analysis for 2012–2023]:
- Polyethylene
- Polypropylene
- Polyvinyl chloride
- Polylactide Acid
- Others
Bio-Composites
Market by Fiber Type [Volume (M lbs) and $M shipment analysis for 2012–2023]:
- Wood Flour
- Flax
- Kenaf
- Hemp
- Jute
- Others
Bio-Composites Market by Region [Volume (M
lbs) and $M shipment analysis for 2012–2023]:
·
North America
−
US
·
Europe
−
Germany
−
United Kingdom
−
France
−
Russia
·
Asia Pacific
−
China
−
India
−
Japan
·
Rest of the World
−
Brazil
This
212-page research report will enable you to make confident business decisions
in this globally competitive marketplace. For a detailed table of contents,
contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com. Lucintel offerings include Advanced Materials Reports, Composite Materials Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT
Analysis.
About
Lucintel
Lucintel,
the premier global management consulting and market research firm, creates
winning strategies for growth. It offers market assessments, competitive
analysis, opportunity analysis, growth consulting, M&A, and due diligence
services to executives and key decision-makers in a variety of industries. For
further information, visit www.lucintel.com.
This
report answers following 11 key questions:
Q.1 What are some of the most promising
potential, high-growth opportunities for the global bio-composites market by
end use industry (building and construction, automotive, industrial and
consumer goods, and others), process (extrusion, compression molding, injection
molding, and others), resin (polyethylene, polypropylene, polyvinyl chloride,
polylactide acid and others), fiber (wood flour, flax, kenaf, hemp, jute and
others), and region (North America, Europe, Asia Pacific, and the Rest of the
World)?
Q. 2 Which segments will grow at a faster pace
and why?
Q.3 Which regions will grow at a faster pace
and why?
Q.4 What are the key factors affecting market
dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to
the market?
Q.6 What are emerging trends in this market
and the reasons behind them?
Q.7 What are some changing demands of
customers in the market?
Q.8 What are the new developments in the
market? Which companies are leading these developments?
Q.9 Who are the major players in this market?
What strategic initiatives are being implemented by key players for business
growth?
Q.10 What are some of the competitive products
and processes in this area and how big of a threat do they pose for loss of
market share via material or product substitution?
Q.11 What M & A activities have taken
place in the last 5 years in this market?
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