The scope of our recent study on "Biocomposites Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Fiber (Wood Fiber Composite and Non-Wood Fiber Composite), Product (Hybrid Composite and Green Composite), and End-Use Industry (Building & Construction, Automotive, Consumer Goods, and Others)" includes the factors fueling the growth of the market; analysis of revenue estimation, forecast, and market share; and the identification of significant market players and their key developments.

The biocomposites market is expected to grow from US$ 19,268.62 million in 2022 to US$ 46,851.39 million by 2028; it is estimated to grow at a CAGR of 16% from 2022 to 2028.

Biocomposite is a material made from natural fibers or natural resins instead of synthesized fibers. They are composed of two or more distinct constituent materials, which are combined to yield a new material with improved performance over individual constituent materials.

Based on end-use industry, the biocomposites market is segmented into building & construction, automotive, consumer goods, and others. In 2021, the building & construction segment dominated the market. Biocomposites are basically made from natural fibers produced from wood or non-wood sources. They are used in different forms in the building & construction industry. Decking, Railing, balusters, fences, windows, doors, frames, and other components are produced from biocomposites. Wood fiber composites are mainly used for the production of decking, railing, balusters, and fences. Biocomposites are increasingly used for non-load bearing indoor components in civil engineering because of their susceptibility to extreme environmental conditions, such as moisture, freeze-thaw cycles, and ultraviolet radiations. They are used to make windows, doors, frames, wall panels, durable roofing elements, exterior constructions, and composites panels.

The global biocomposites market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. Asia Pacific dominated the market in 2021and is also expected to be the fastest-growing region during the forecast period. The growing end-use industries, including building & construction and automotive, drive the demand for biocomposites across the region. There has been an increase in the production of lightweight vehicles in countries, such as China and India, which propelled the demand for biocomposites in such countries. In addition, the increased use of sustainable building materials across various countries in Asia Pacific fuels the biocomposites market growth.

Impact of COVID-19 Pandemic on Biocomposites Market

In 2020, the COVID-19 pandemic adversely affected the biocomposites market due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain hampered the supply of biocomposites. However, businesses are growing as governments of various countries have eased imposed restrictions. Moreover, vaccination drives have led to a rise in business activities across the globe. The start of operations in the biocomposites manufacturing units is positively impacting the biocomposites market. Owing to the relaxation of lockdown restrictions, the manufacturing units restarted to operate with full capacity, which has increased automotive production across the world. Along with this, the resumption of the building and construction projects, which were on hold during the initial period of the COVID-19 pandemic, is also driving the biocomposites market growth.

The "Global Biocomposites Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry with a special focus on the global biocomposites market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The biocomposites market is segmented on the basis of fiber, product, end-use industry, and geography. Based on fiber, the market is segmented into wood fiber composite and non-wood fiber composite. In terms of product, the market is segmented into hybrid biocomposites and green biocomposites. In terms of end-use industry, the biocomposites market is segmented into building & construction, automotive, consumer goods, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The biocomposites market in Asia Pacific is expected to grow at the fastest pace during the forecast period, owing to the growing utilization of sustainable materials in the building & construction industry.

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