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Albany, New York, July 15, 2019 (GLOBE NEWSWIRE) -- The rising awareness about the harmful effects of non-biodegradable products has fueled the demand for eco-friendly products. The demand for biocomposites has also grown significantly on the similar grounds, as they are environment friendly. Increasing government regulations regarding the use of environmentally friendly products and high importance given to recyclability have further increased the demand for biocomposites. Pertaining to these factors, the revenue generation by the global biocomposites market is expected to reach nearly US$ 10.5 billion by the end of 2025. The market is likely to experience revenue growth of more than US$ 5.8 billion over the forecast period between 2017 and 2025. These figures are thoroughly analyzed and presented by Transparency Market Research in its recent publication on the global biocomposites market.
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Biocomposites manufacturers are also aiming to gain more and more profit from this increasing figure earned in this market across the globe. Competition among the leading players is stiff and is likely to get intense in the near future. Leading players are found establishing collaboration and strategic alliance with other players in the market to gain a bigger share and to strengthen their position in the market. However, players might face few uncertainties like unstable cost, lower quality of raw material, and comparatively lower strength of biocomposites than synthetic fiber composites that may hamper the growth prospects of the market. Research and development is another area in which players are investing extensively to improve products quality at a reduced price, as raw material used for biocomposites are expensive. To mention a few leading players in the global biocomposites market are JELU-WERK J. Ehrler GmbH & Co. KG., UPM, Tecnaro GmbH, FlexForm Technologies, Universal Forest Products, and Green Bay Decking LLC, Inc.
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Building and Construction in Asia Pacific Fueling Growth in the Biocomposites Market
Governments in various developing regions are taking initiative to develop and improve overall infrastructure that is driving the growth in the building and construction sector. Asia Pacific is expected to lead the global biocompsites market due to rapid industrialization and higher investments made in infrastructural developments. Expanding populace and rising individuals’ income are few other factors driving the development of the regional market. In this region, India and China have the largest working class population that has high demand for affordable housing and automotives. This factor is further expanding the growth in Asia Pacific biocomposites market. furthermore, government guidelines in regards to the utilization of biodegradable, non-harmful, and lightweight materials and expanding framework extends in developing economies, including India, China, Thailand, South Korea, Indonesia, and others are additionally expected to drive the Asia Pacific biocomposites market in the near future.
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Rising Focus on Using Eco-Friendly Products Boosts Demand for Biocomposites
Growing demand for biodegradable and lightweight products are the key benefits offered by biocomposites. Along with this factor, rising popularity among the consumers and producers are other key reasons behind the growth of the global biocomposites market. Initiatives take to minimize the consumption of plastics, as they are non-degradable material, the demand for biocomposites have increased. Thus, with increasing regulations by government to minimize plastic use and adopt environment-friendly alternatives are pushing the demand in the global biocomposites market. However, high cost of biocomposites might hamper the growth in this market
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Biocomposites Market (Material Type - Wood, Flax, hemp, Coir, Kenaf, Polyethylene, Polyvinyl Chloride, and Polypropylene; Product Type - Wood Plastic Composites (WPC) and Natural Fiber Composites (NFC); Application - Automotive, Construction, Electronics & Electricals, Furniture, and Consumer goods) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.”
The global biocomposites market is segmented based on:
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