Biocomposite Market- Competitive Landscape
The Global Biocomposite Market is a highly lucrative market driven by flourishing growth in construction and automobile industry. FlexForm Technologies (US), Tecnaro GmbH (Germany), Trex Company, Inc. (US), Fiberon LLC (US), Meshlin Composites ZRT (Hungary) among others are some of the major players operating in this market. Most of these market participants are adopting the research and development and product launch tactics to strengthen their production capacities and market position. Taking account of these trends the Global Biocomposite Market is projected to witness considerable competition over the forecast period of 2017-2023.
Asia pacific is expected to be the fastest growing region during the forecast years. The growing government expenditure in construction activities especially in China and India is the major factor driving the market in the region. Moreover, the growing automobile industry in the region is another factor adding to the market growth.
Industry/ Innovation/ Related News:
9 January, 2018- The U.S department of energy has granted US$ 3 million dollars to Attis innovation Inc. who has acquired Advanced Lignin Biocomposites LLC, for the development of efficient use of lignin based biocomposites for the growth of their bio economy.
11 January, 2017- Stora Enso invested 21 million pounds for at its paper and board mill of Sweden and Finland. The investment plans includes the setting up of a new production line for biocomposite granules at its paper mill in Sweden. This investment is expected to boost the market of biocomposites in the European region.
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Biocomposite Market – Market Overview
Biocomposite is a material formed by resin or matrix reinforced by fibers such as jute, cotton, hemp recycled wood, waste paper and flex among others. Biocomposites can be manufactured using various techniques including filament winding, machine press, compression molding, injection molding, extrusion, sheet molding, resin transfer molding and winding. Biocomposite exhibit essential properties such as high tensile strength and low density among others which paves the way into many end user industries. They are also considered as an effective and ecofriendly alternative for glass, carbon and other man-made fiber composites. Moreover due to the cheap, recyclable and biodegradable nature, Biocomposites are gaining popularity in many industrial sectors. The Biocomposite Market is growing substantially in industrial as well as household applications. The increasing environmental awareness along with the depleting natural resources are the major factor driving the growth of the market throughout the globe. In addition to this, the growing demand for lightweight, low cost, environmental friendly, and moisture resistance materials in the building and construction industry is expected to contribute significantly to the market growth. The growing research and development activities for the mass production of Biocomposites coupled with increased adoption by the automobile industry are other factors adding to the market growth. The Global Biocomposite Market can be segmented on the basis of fiber type, process type, end-user industry and regions. On the basis of fiber, the wood fiber segment is anticipated to be the dominant segment and is expected to show the same trend during the forecast years. The growing demand for wood fiber in the form of decking, fences, and railing in the construction industry owing to its durability and low cost is significantly adding to the growth of the segment. On the basis of end-use industry building and construction is expected to dominate the segment.
The market is estimated to demonstrate a remarkable growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2017 – 2023). According to the analysis of MRFR, the major market forces and trends driving growth of the Global Biocomposite Market includes growth of construction sector and increasing application in the automobile industry. Moreover, the growing government expenditure in commercial and residential infrastructure in the developing regions coupled with growing number of automobile sales is adding to the growth of the market. However, the availability of substitutes, and volatile cost of the product are some of the major down side of the market.
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