[250 Pages Report] The Asia-Pacific Biocomposite market is expected to be worth US $27,817.3 Mn by 2032. The growing industrialization and construction industry, along with increasing demand for consumer goods, transportation and automotive sector products, are driving the market demand globally.
According to FMI, the Asia-Pacific Bio Composites market is estimated to be valued at US$ 8,603.5 Mn in 2022 and is projected to increase at a CAGR of 13.4% in the forecast period.
Attributes
Details
Market Size (2021)
US$ 7,878.1 Million
Market Size 2022
US$ 8,603.5 Million
Market Size 2032
US$ 27,817.3 Million
Value CAGR (2022 to 2032)
13.4%
Natural fibre reinforcement and a biopolymer matrix combine to create bio composites, also known as green composites. While some materials are biodegradable, it is rare. The market for bio-composites is primarily driven by rising environmental concerns. The need for green composites is stimulated by the depletion of natural resources like crude oil (crude oil is a significant component of non-bio composites), the focus on lowering environmental pollution levels, and the exploitation of agricultural waste. Natural fibres including jute, wood flour, sugarcane bagasse, oil palm fibre, rice husk, and others are utilised in bio composites.
Polypropylene (PP) composites with natural fibre reinforcement are becoming more and more common in the automobile sector. Natural fibres have a number of benefits over synthetic glass fibres, including lower cost, lower density, unique mechanical characteristics, less energy use, etc. Due to the fact that natural fibres like hemp are stronger than steel and can be produced at a lower cost, the automotive industry is actively embracing bio-composites. Due to their ease of moulding and rigid nature, biocomposites are also used in the maritime and construction industries.
In the upcoming years, the Asia-Pacific region is anticipated to have the greatest market share. Increasing development and rapid urbanisation have enabled opportunities for this region to dominate the market in recent years. The economies of many countries in the Asia-Pacific area have grown in parallel with changes in various types of infrastructure, and these developments have been the main drivers of market expansion in recent years.
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Historic Market Outlook for Asia Pacific Bio Composites
In terms of revenue, the global polymer market was estimated to be US$ 250 billion in 2013. Projections suggest that the market will reach US$450 billion by 2025. On the other hand, the global market for bio-based polymers is expected to grow at a CAGR ranging from 10% to 11.5%. The analysis of bio composite demand from 2017 to 2021 presented a historical growth rate of around 10%.
Lower demand and sales, retail closures, and production cycle setbacks brought on by the COVID-19 pandemic temporarily interrupted growth aspirations. From 2022 onward, however, infection curves flattened, and industrial output activity resumed in key markets. This is why FMI expects the market for bio composites in Asia and the Pacific to grow at a CAGR of 13.4 percent between now and 2032.
The automotive industry is very attentive towards bio composites, particularly for the passenger cat segment, following a decade of exceptional advancements in artificial fibres. The hunt for innovative environmentally friendly products and methods has been motivated by social concerns, the reduction of carbon resources, and ecological rules and regulations.
Composite materials based on petroleum and its derivatives can be less frequently used when natural fibres are combined with them. Bio-composites might eventually take the place of petroleum-based composite materials in a variety of application fields, including building and automobiles. The environment might also gain from this, as well as new manufacturing. Increasing use of bio-composites can help maintain the CO2 balance in the Earth’s atmosphere.
What are the Various Factors Driving the Asia Pacific Bio Composites Market?
The market for bio-based goods has been greatly boosted by the growing emphasis on the use of bio-based goods. In order to reduce the massive amount of radioactive materials and garbage that is created daily, vehicle components have been selected for recycling. To stop the massive production of waste materials and scrap all over the Asia-Pacific, auto manufacturers have been told to handle the disposal process at their end. The manufacturers themselves are now responsible for the vehicles' lifespan and care.
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Which Factors May Hinder the Asia Pacific Bio Composites Market Growth?
When compared to composite materials made of synthetic fibres, natural-fibre composites perform poorly mechanically and have relatively low strengths. Every fibre made from plants is polar and hydrophilic. Hemicellulose and hydrophilic pectin make up the majority of natural fibres (they absorb water). The compatibility of the fibre and matrix is hampered by the nonpolar and hydrophobic nature of polymers, which include thermoplastics and thermosets.
However, chemical pre-treatment of the fibre can boost the mechanical strength. Natural fibres are thermally unstable, in contrast to synthetic fibres, and begin to degrade at roughly 392°F, which is not supported by all manufacturing techniques. One other disadvantage of bio composites that prevents their widespread application is poor fibre separation and dispersion.
Category-wise insights
Why synthetic polymer-based composites dominate the market for polymers in terms of volume and value?
By value in 2021, synthetic polymer based bio composites led the bio composites market. The creation of bio composites involves the use of polymers like PE, polypropylene, ABS, PET, epoxy, and polycarbonate. These polymers give the bio-composites diverse properties, enabling their employment in a variety of end-use sectors. Consider the low density, dimensional stability, and impact resistance of PP polymer.
As a result, the transportation, building & construction, maritime, and other end-use industries use PP polymer in combination with natural fibres (such as wood fibres, cellulose, coir, and others).
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Country-wise insights
Why China and India projected to augment the sales of the Asia-Pacific biocomposite market?
Geographically, the market is sub-segmented into five countries, namely China, India, Japan, Oceania, and ASEAN countries. Among all these countries, China and India collectively have a major share in the Asia-Pacific biocomposite market.
According to economists, China and India are poised to lead Asia's construction industry out of its post-coronavirus downturn as the two governments work to boost infrastructure expansion and their respective economies in the coming years.
Data centres are a bright spot in the building industry's miserable year, especially as the epidemic increases the reliance of Asian businesses and individuals on digital services. Irish-based construction consultancy Line Sight reports that investment activity in these projects is still largely steady. The total volume of transactions in the Asia-Pacific region during the first eight months of 2020 increased.
The blooming automotive industry across China is emerging as a major factor in fuelling the demand for bio-composites. According to the International Trade Administration (ITA), domestic vehicle production in China is expected to reach 35 million vehicles by 2025.
Market Competition
Many companies that provide bio composites are actively working to diversify their product offerings in an effort to better serve their customers and tap into unexplored markets. The APAC bio-composite industry is highly fragmented, and the current players work to create partnerships both among themselves and with smaller businesses.
The key players in the market are divided into two groups, which are bio-composite manufacturers and bio-composite suppliers. The main producers of natural fibre composites in the market are Flexform Technologies, Technaro GmbH, Procotex S.A. Corporation NV and Greengran B.V. The prominent suppliers of natural fibre composites are Stemergy, Bast Fibers, LLC, and Crailar.
Scope of the Report
Attribute
Details
Growth Rate
CAGR of 13.4% from 2022 to 2032
Base Year for Estimation
2021
Historical Data
2017 to 2021
Forecast Period
2022 to 2032
Quantitative Units
Revenue in USD Million, Volume in Tons and CAGR from 2022 to 2032
Report Coverage
Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
Product Type
Fiber Type
Polymer Type
End User Industries
Countries
Key Countries Covered
China
Japan
India
South Korea
ASEAN
Oceania
Key Companies Profiled
Flexform Technologies,
Technaro GmbH,
Procotex
S.A. Corporation
NV
Greengran B.V.
Stemergy,
Bast Fibers,
LLC
Crailar.
Customization & Pricing
Available upon Request
Key Segments Profiled in the Bio Composites Market Report Bio Composites Market
By Product Type, Bio Composites Market is segmented as:
Hybrid Bio Composites
Green Bio Composites
By Fiber Type, Bio Composites Market is segmented as:
Wood Fiber
Non Wood Fiber
By Polymer Type, Bio Composites Market is segmented as:
Synthetic Polymer
Natural Polymer
By End Use Industries, Bio Composites Market is segmented as:
Construction & Building
Transportation
Consumer Goods
Others (Electrical & Electronics, etc.)
By Country, Bio Composites Market is segmented as:
China
Japan
India
South Korea
ASEAN
Oceania
Frequently Asked Questions
What was the value of the Bio Composites market in 2021?
In 2021, the value of the Asia Pacific Bio Composites market reached over US$ 7,878.1 Mn.
At what rate is the Asia Pacific Bio Composites market projected to expand during the forecast period?
During the forecast period, the Asia Pacific Bio Composites market is estimated to expand at a CAGR of 13.4% during 2022-2032.
By 2032, what will the value of the Asia Pacific Bio Composites market?
The Asia Pacific Bio Composites market is projected to reach US$ 27,817.3 Mn by the end of 2032.
Which region/country is set to lead the Asia Pacific Bio Composites market?
China is projected to lead the Asia Pacific Bio Composites market in the forecast period.
Which are the top players in the Asia Pacific Bio Composites market?
The key players operating in the Asia Pacific Bio Composites market are Flexform Technologies, Technaro GmbH, Procotex S.A. Corporation NV and Greengran B.V.
