CONSUMER PREFERENCES ARE SHIFTING TOWARD BIOCOMPOSITE PRODUCTS
Biocomposites are distinctive composite materials made by combining organic fiber with a matrix material. Due to their numerous qualities, including their biodegradable nature, improved thermal stability, lightweight, low cost, etc., these materials have begun to acquire tremendous traction across a variety of end-use sectors. Manufacturers are using lightweight materials like biocomposites more often to reduce vehicle weight to increase efficiency. As a result, the size of the global biocomposites market is expected to increase during the forecast period.
Similar to this, adoption of biocomposites in the building and construction sector and supportive government measures are anticipated to increase biocomposites sales during the forecast period. Many organisations, including the European Union, are urging businesses to use recyclable and biodegradable composites in their products. Compared to glass and carbon fiber composites, biocomposites take much less energy to manufacture. However, the price of biocomposites is greater than that of glass fiber composites. There is a chance that prices will decrease because of economies of scale and growing demand. These biocomposites may be made inexpensively in developing nations like India and China using readily available raw materials, including flax, jute, kenaf, and hemp. This will assist in lowering the total cost of biocomposites made from natural fibers. Furthermore, as technology develops and production reaches economies of scale, it is anticipated that these biocomposites will become less expensive over time.
Some of the primary key players operating in the global bioplastics market include TTS, Lingrove, Bcomp Ltd., UPM, Flexform Technologies, Tecnaro GMBH, Green Bay Decking, Fiberon LLC, Arkema, and Procotex. The major players in the biocomposites market are focusing on strategies such as research and development and new product development to increase the global geographical presence and consumer base.
