NEW YORK, June 25, 2020
- The growing incidence of awareness of the environment and the stringent government regulations regarding the use of products that are environmentally friendly is driving the demand for the market.
- Market Size – USD 22.43 million in 2019, Market Growth - CAGR of 10.8%, Market Trends – Rise in trend of globalization and the awareness for the environment.
NEW YORK, June 25, 2020 /PRNewswire/ -- The Global biocomposites Market is projected to reach USD 51.32 billion by 2027. The sector is estimated to be powered by the increasing use of biocomposites in end-use sectors such as automotive, building and construction, electrical and electronics, and consumer goods. Also, a change in customer preference from plastic composites to environmentally friendly biocomposites is expected to fuel demand growth over the forecast period.
Biocomposites are composite materials, together with polymer resin, made from natural fibers such as wood or nonwood fiber. Due to its eco-friendly characteristics, their use in different sectors is growing. They are effectively used as a replacement for plastic composites. Strict laws on the environment favor their purpose, too.
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Globally, the handling of plastic waste is a severe issue because plastic goods do not quickly decompose. Several governments have banned plastic goods from addressing this issue, and are encouraging the use of biocomposites as a replacement for plastic composites. Besides, they are used in automotive non-structural parts as a replacement for metal and alloys, like parcel shelves and interior panels. The use of biocomposites in the automotive industry is likely to help decrease a vehicle's total weight and thus reduce passenger injuries in accident cases. Similarly, rising demand is expected to drive the market in the electrical and consumer sustainable sectors
The COVID-19 impact:
The COVID-19 pandemic is expected to interfere somewhat with the growth of the industry. The leading actors in the industry are skeptical of the market's future and try to redesign their strategies to support the challenge. The pandemic had a serious impact on the chemical production units and most major fabricators were forced to stop both production and other operations. There is a shortage of resources in different parts of the world as a result of regular lockdowns. COVID-19 has influenced foreign commerce, exports and imports, and has also contributed to a major decrease in demand in the industry. The big companies operating on the market try to clear their stock and concentrate on keeping their cash balances. It is likely that people's average disposable income is reduced and producers are trying to develop innovative solutions, which can meet customer requirements at much lower cost.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented into the global Biocomposites Market on the basis of fiber type, polymer type, product type, manufacturing process, and region:
Fiber Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Polymer Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Product Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Manufacturing Process Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
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