Biocomposites Market will Likely Rise to US$4,730.4 Mn in 2016 To US$10,549.4 Mn By 2025
The vendor landscape for the global market for biocomposites has witnessed a significant rise in the number of manufacturers, leading to intense competition, states Transparency Market Research in a recent report. As the market witnesses the entry of numerous well-established manufacturers of popular composites such as glass fiber and cotton fiber, the market is expected to become more competitive in the near future. Despite this, the market features a vast set of untapped growth opportunities in new applications across industries such as construction and automotive.
Tapping these growth opportunities may require strategic collaborations with companies in emerging economies and expansion of manufacturing capabilities to effectively serve the rising demand. Some of the leading companies operating in the global biocomposites market are Tecnaro GmbH, UPM, FlexForm Technologies, Green Bay Decking LLC, Universal Forest Products, Inc., and JELU-WERK J. Ehrler GmbH & Co. KG. According to the report, the global biocomposites market will exhibit an impressive 9.46% CAGR over the period between 2017 and 2025, rising from a valuation of US$4,730.4 mn in 2016 to US$10,549.4 mn by 2025.
The information Presented in this Review is Based on Press-Release by TMR
- Increased Focus of Governments on Raising Awareness to Drive Market
The key factors working in favor of the global biocomposites market include stringent government regulations advocating the increased use of environment-friendly products with the view of reducing the negative impacts of rising pollution on the health of environment and global warming. The recyclable nature of biocomposites, coupled with their much higher safety quotient as compared to materials such as glass fibers and carbon fiber when it comes to a number of applications, could also spell growth for the market.
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