Green composites, also known as biocomposites, are made from bipolar matrix and reinforcement of natural fibers. Market Research Future (MRFR) has published a research report about the global green composites market that forecasts hike for this market between 2022 and 2030.
Key Players
The key players in the global green composites market include ALPAS SRL (Italy), Flex Form Technologies (USA), GreenGran BN (The Netherlands), MCG Biocomposites LLC. (USA), Procotex SA Corporation NV (Belgium),TECNARO GMBH (Germany), and UPM Biocomposites (Germany).
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The global green composites market is expected to witness growth during the forecast period due to various factors. These factors include increasing concern for the environment including reducing the pollution level and producing eco-friendly products. The market is also growing due to significant contribution via increasing adoption of these composites in various industries. The need for green composites has been created by the focus on reducing environmental pollution, reduction of natural resources, and utilization of agricultural waste. Automakers are demanding green composites as natural fibers are tougher than steel and also cost-effective in terms of production. Their demand is leading to market growth. Due to their easily moldable and rigid nature, green composites useful for construction and marine industry and hence, adopted by them. The combination of natural fibers and composites can reduce dependence on petroleum-based composites material. Therefore, this reason also creates a market for green composites.
The global green composites market has been segmented on the basis of application, fiber type, and lastly, the region. The application-based segmentation of this market segments it into aerospace, automotive & transportation, construction, healthcare, military, packaging, and others. By fiber types, the market has been segmented into the wood and non-wood fibers. Wood fiber has been sub-segmented into coir, hemp, jute, kenaf, sisal, and others. Non-wood fibers have been further segmented into polyethylene, polypropylene, polyvinyl chloride, and others.
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The regional segmentation of the global green composites market covers North America, Asia Pacific, Europe, Latin America, and Middle East & Africa (MEA). During the base year, Asia Pacific was one of the largest and dominant markets for green composites. It accounted for 43% of global market shares. During the forecast period, the region expected to emerge as a manufacturing hub for green composites, due to India and China being among the leading manufacturers of these composites. Green composites are expected to be heavily in-demand due to the flourishing automotive industry of this region because they are highly biodegradable and recyclable. Construction activities in the Asia Pacific are also anticipated to drive the growth on account of huge investment by government in constructional projects.
According to the report, North America is the second largest market, followed by Europe. Stringent environmental regulation in both of these regions has driven strong demand for green composites. The United States of America (USA) is the biggest economy in North America, and it has the potential to emerge as the biggest country-specific market in this region. Construction Industry in Europe has been anticipated to have enhanced gains in terms of regional growth during the forecast period, due to rising residential and non-residential projects directed by the governments of most of the European countries. The strongest economies in Europe that have the potential to be an important market are France, Germany, and the United Kingdom.
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Latin America has shown surprising growth over the past few years due to favorable government policies, growth in the construction industry and economic development in countries like Brazil. Therefore, this market cannot be ignored. In the MEA region, the market is limited. The common factors stunting the market growth in this region are lack of awareness, lack of education, lack of technological development, and political instability.
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