Biocomposites Market Size, Share & Trends Analysis Report By Fiber Type (Wood, Non-wood), By Product (Green, Hybrid), By End Use, By Polymer Type (Natural, Synthetic), By Region And Segment Forecasts, 2024 - 2030

Report Overview

The global biocomposites market size was valued at USD 31.96 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 15.6% from 2024 to 2030. Factors driving market growth include escalating demand for eco-friendly materials, coupled with growing requirements from end-use sectors such as automotive, building and construction, and consumer goods industries, fostering business opportunities and revenue growth.

The increasing demand for eco-friendly products has created a significant driver for the biocomposites market, as consumers and industries alike prioritize sustainability. This is reflected in the growing demand for biodegradable and renewable materials, which biocomposites seamlessly offer as a viable alternative to traditional plastics. Furthermore, government policies aimed at reducing carbon emissions and promoting biodegradable alternatives are also propelling the market forward.

Innovations in production technologies are also enhancing the feasibility and cost-effectiveness of biocomposites, making them an increasingly attractive option for various industries. The market is diversifying across multiple sectors, including automotive, construction, and consumer goods, with applications spanning electric vehicle components to packaging solutions. The demand for biocomposites in electric vehicle components is particularly notable, driven by the automotive sector’s shift towards sustainability. Moreover, the packaging industry is a significant growth area due to the need for eco-friendly packaging solutions.

Lastly, consumer awareness regarding the environmental impact of materials is influencing purchasing decisions, driving companies to invest in biocomposite solutions. As consumers increasingly prioritize products that are both functional and sustainable, the demand for biocomposites is expected to continue growing. The market is poised for significant growth, with anticipated growth during the forecast period expected to receive a strong push from rising environmental concerns and the increasing need to reduce emission levels.

Fiber Type Insights

Wood fiber composite dominated the market and accounted for a share of 68.9% in 2023. Wood fiber composites, incorporating renewable and biodegradable wood fibers, offer a sustainable solution for eco-friendly materials. By leveraging abundant and cost-effective wood fibers, these composites reduce the reliance on limited resources and mitigate environmental concerns associated with plastic disposal, aligning with industry efforts towards sustainability.

Non-wood fiber composite is expected to grow significantly with a CAGR of 15.2% during the forecast period. Non-wood fibers, characterized by their high strength-to-weight ratio, are ideal for weight-sensitive industries such as automotive and aerospace. These fibers enhance the mechanical properties of composite materials, including tensile strength, stiffness, and impact resistance. Moreover, non-wood fiber composites exhibit superior insulation properties, offering a competitive advantage in various applications.

Product Insights

Green biocomposites dominated the market and accounted for a share of 65.5% in 2023. Bio-composites, comprising bio-based materials, recycled polymers, and natural fibers, offer a sustainable solution to fossil-fuel derived materials. These eco-friendly composites reduce greenhouse gas emissions, minimize environmental harm, and promote a circular economy. Certifications such as compostability and bio-based content confirm their sustainability, driving market recognition and adoption.

Hybrid biocomposites is expected to grow significantly during the forecast period. Hybrid biocomposites are increasingly utilized in various industries, including industrial, marine, commercial, biomedical, and aerospace, due to their exceptional corrosion resistance, fatigue resistance, and impact resistance. The growing adoption of these materials in household items and sporting gear is expected to drive market share growth in the coming years.

Polymer Type Insights

Synthetic polymer accounted for the largest market revenue share of 76.7% in 2023. Synthetic polymers, renowned for their exceptional dimensional stability and impact resistance, are poised to experience increased demand. Cost-effectiveness, driven by economies of scale and improved production methods, will bolster the synthetic polymer segment. Polypropylene and polyethylene, well-established in automotive and construction sectors, will continue to thrive due to consistent quality and established manufacturing techniques.

Natural polymer is expected to register the fastest CAGR of 16.0% during the forecast period. Natural polymers, sourced from plants, animals, and microorganisms, offer a secure and sustainable supply chain. Starch, proteins, cellulose, and chitosan are readily available and replenishable, reducing reliance on limited resources. Biocomposites featuring these natural polymers are eco-friendly, biodegradable, and a sustainable alternative to synthetic polymers and petroleum-based plastics.

End Use Insights

Transportation accounted for the largest market revenue share in 2023. The transportation sector, particularly in automotive and aerospace, prioritizes weight reduction to improve fuel efficiency and meet environmental regulations. Biocomposites offer a lighter alternative to steel and aluminum, enabling manufacturers to meet stringent fuel efficiency requirements and regulations. Although initially more expensive, biocomposites provide long-term cost savings through reduced fuel consumption, maintenance, and lifecycle expenses.

The building and construction sector is expected to experience significant growth over the forecast period, driven by the rapid adoption of biocomposites in various construction applications. Architects and developers are increasingly opting for sustainable building materials, such as biocomposites, which offer superior environmental benefits compared to traditional materials such as concrete and wood, thereby enhancing the sector’s eco-friendliness.

Regional Insights

Asia Pacific biocomposites market dominated the global biocomposites market with a revenue share of 39.3% in 2023. The automobile sector’s rapid growth in regions such as China and India, driven by increasing demand for lightweight components that reduce emissions and enhance fuel efficiency, is expected to propel the biocomposites market. India’s strong presence in light and commercial vehicle production, as well as its ranking as the second-largest producer of two-wheelers, will further accelerate market growth.

China Biocomposites Market Trends

The biocomposites market in China dominated the Asia Pacific biocomposites market with revenue share of 40.1%. The thriving automotive sector in China is driving demand for biocomposites, as major manufacturers prioritize reducing vehicle weight to enhance efficiency and environmental sustainability. By integrating bio-composites into vehicles, they can achieve these goals. Government regulations promoting eco-friendly materials, such as natural polymer composites, will further accelerate growth in China.

North America Biocomposites Market Trends

North America biocomposites market was identified as a lucrative region in the global biocomposites market in 2023. The biocomposites market in the region is driven by stringent government regulations on plastic usage. North America, home to a thriving aircraft industry and increasing adoption of lightweight materials, is expected to maintain its market leadership. Moreover, the growing demand for electric vehicles, driven by environmental concerns, is fueling demand for biocomposites.

The biocomposites market in the U.S. is poised for significant growth in the coming years, driven by the well-established automotive and building and construction sectors. The bio-based composites industry is expected to flourish, driven by the increasing demand for lightweight materials in the automotive sector and advancements in plastic composites, presenting opportunities for industry players.

Europe Biocomposites Market Trends

Europe biocomposites market is anticipated to witness significant growth over the forecast period. European nations have a strong track record of investing in bio-based materials and technologies research and development, resulting in significant advancements in biocomposite technology. This includes the creation of innovative materials, processing methods, and uses. The region is committed to achieving sustainable development objectives, focusing on resource efficiency, emissions reduction, and circular economy strategies.

The biocomposites market in the UK held a substantial market share in 2023. The UK government’s initiatives promoting sustainable practices and reducing carbon emissions have driven increased demand for biocomposites, perceived as a more environmentally friendly alternative to traditional materials. Growing consumer awareness of the environmental impact of their choices is fuelling demand for products made from sustainable materials, presenting opportunities for businesses.

Key Companies & Market Share Insights

Some key companies in the biocomposites market include Stora Enso; UPM; UFP Industries, Inc.; Trex Company, Inc.; Fiberon; FlexForm Technologies; and others. Leading companies have invested in R&D to develop innovative products, driving growth and competitiveness in the market.

• UPM offers renewable alternatives to fossil-based materials. Its biocomposites division produces sustainable solutions for transportation, construction, and consumer goods, leveraging natural fibers and biopolymers for lightweight, high-strength, and durable products.

• UFP Industries Inc. operates through its biocomposites division, UFP Retail Solutions, which produces eco-friendly Deckorators products under the Deckorators brand, utilizing recycled wood fibers and plastic resins for durable and low-maintenance alternatives.

Recent Developments

• In August 2024, Bcomp supplied bodywork made from natural fiber composites for the Team Würth Power 135 TRD Hilux, which participated in the 2024 Asia Cross Country Rally (AXCR) held in Thailand.

• In December 2023, UPM launched 3D-printed biocomposite pipes in the Helsinki Music Centre’s organ, a unique installation featuring 260 meters of printed pipes and wind lines that produce sound.

Biocomposites Market Report Scope

Global Biocomposites Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global biocomposites market report based on fiber type, product, polymer type, and region.

• Fiber Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Wood Fiber Composite

  • Non-wood Fiber Composite

• Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Green Biocomposites

  • Hybrid Biocomposites

• Polymer Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Natural Polymer

  • Synthetic Polymer

• End Use Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Transportation

  • Building and construction

  • Consumer goods

  • Electrical & electronics

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Argentina

  • Middle East and Africa (MEA)

    • Saudi Arabia

    • South Africa