The Global Bio-Composites Material Market is Expected to Reach $7.6 Billion by 2023
IRVING, Texas, May 10, 2018 (Newswire.com) - According to a new market report published by Lucintel, the future of the bio-composites market looks promising with opportunities in building and construction, automotive, industrial & consumer goods industries. The global bio-composites market is expected to reach an estimated $7.6 billion by 2023 and is forecast to grow at a CAGR of 7.9% from 2018 to 2023. Some of the products made with bio-composites are decking, railing fencing, cladding, door panels, and dashboard. The market for end Products made with bio-composites is expected to reach an estimated $12.2 billion by 2023. The major growth drivers for this market are increasing demand for Wood Plastic Composites (WPC) in the construction industry due to its wood finish like appearance and durability, and growing use of Natural Fiber Composites (NFC) in automotive interiors due to its aesthetics and growing concern for passenger safety.
Browse 151 Market Data Tables and 130 Figures spread through 296 Pages and in-depth TOC on " Global Bio-Composites Market- Global Forecast to 2023" http://www.lucintel.com/global-bio-composites-market-2018.aspx
In this market, building and construction, automotive, and consumer & industrial goods are the major end use industries. Lucintel forecasts that the largest end use industry will be building and construction, and it is also expected to witness the highest growth during the forecast period. Increasing demand for moisture resistance, low maintenance, non-toxic, and durable products are the major requirements driving growth for this segment over the forecast period.
By process type, extrusion, compression, and injection molding processes are used to produce bio-composites end products such as deck, fencing, railing, etc. The extrusion process is expected to remain the largest segment and witness the highest growth in the forecast period because it offers high volume production at low-cost with efficient melting of resin in the process.
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By resin type, polyethylene resin based bio-composites is expected to remain the largest segment and witness the highest growth in the forecast period because of durability, near-zero moisture absorption, excellent chemical inertness, and ease of processing.
By fiber type, wood flour based bio-composites is expected to remain the largest segment by value and volume over the forecast period. The increasing demand for WPC decking, fencing, and railing in building and construction industry will drive demand over the forecast period.
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North America is expected to remain the largest market by value and volume. Asia-Pacific is expected to witness the highest growth over the forecast period because of increasing demand for WPC decking, fencing, and railing in the building and construction industries of China, India, and Japan.
Emerging trends, which have a direct impact on the dynamics of the industry, include the emergence of new applications, and government support to innovate and commercialize the use of bio-based composites. Trex, Azek Building Products, Fiberon LLC, AERT, UFP, Tamko Building Products, FlexForm Technologies, Technaro GmbH, Procotex Corporation, GreenGran BV, and FiberGran GmbH are among the major suppliers for the global bio-composites market.
The study includes a forecast for the global bio-composites market by end use industry, process, resin, fiber, and region as follows:
Bio-Composites Market by End Use Industry [Volume (M lbs) and $M shipment analysis for 2012–2023]:
· Building and Construction
· Automotive
· Industrial and Consumer Goods
· Others
Wood Plastic Composites Market by End Use Industry [Volume (M lbs) and $M shipment analysis for 2012–2023]:
· Building and Construction
· Automotive
· Industrial and Consumer Goods
· Others
Wood Plastic Composites Market by Building & Construction Application [Volume (M lbs) and $M shipment analysis for 2012–2023]:
· Decking
· Fencing
· Railing
· Others
Natural Fiber Composites Market by End Use Industry [Volume (M lbs) and $M shipment analysis for 2012–2023]:
· Automotive
· Building and Construction
· Others
Bio-Composites Market by Process Type [Volume (M lbs) and $M shipment analysis for 2012–2023]:
· Extrusion
· Compression Molding
· Injection Molding
· Others
Bio-Composites Market by Resin Type [Volume (M lbs) and $M shipment analysis for 2012–2023]:
· Polyethylene
· Polypropylene
· Polyvinyl chloride
· Polylactide Acid
· Others
Bio-Composites Market by Fiber Type [Volume (M lbs) and $M shipment analysis for 2012–2023]:
· Wood Flour
· Flax
· Kenaf
· Hemp
· Jute
· Others
Bio-Composites Market by Region [Volume (M lbs) and $M shipment analysis for 2012–2023]:
· North America
− US
· Europe
− Germany
− United Kingdom
− France
− Russia
· Asia Pacific
− China
− India
− Japan
· Rest of the World
− Brazil
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This 212-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or helpdesk@lucintel.com
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This report answers following 11 key questions:
Q.1 What are some of the most promising potential, high-growth opportunities for the global bio-composites market by end use industry (building and construction, automotive, industrial and consumer goods, and others), process (extrusion, compression molding, injection molding, and others), resin (polyethylene, polypropylene, polyvinyl chloride, polylactide acid and others), fiber (wood flour, flax, kenaf, hemp, jute and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q. 2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are emerging trends in this market and the reasons behind them?
Q.7 What are some changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?
Source: Lucintel