Biocomposite is a material in which at least one of the raw materials used (generally fiber and resin) is obtained through natural sources. Biocomposites are characterized by the fact that the petrochemical polymer is replaced with a plant-based polymer, and the reinforcement is a natural fiber such as flax, hemp, kenaf, jute, and sisal. Biocomposites materials exhibit properties such as impact & moisture resistance, making them useful in the building & construction, transportation, consumer goods, and many other end-use industries.

The global biocomposites market is projected to reach USD 36.76 Billion by 2022. Government regulations regarding the use of environmentally friendly products and the safety & recyclability of biocomposites as compared to synthetic fiber composites are some of the key factors responsible for the growth of the biocomposites market. The biocomposites market is segmented on the basis of fiber into wood fiber and non-wood fiber. Wood fiber composites are resistant to moisture & mildew, resulting in their low maintenance and longer product shelf life. Wood fiber composites are mainly used in the building & construction end-use industry in the form of decking, railings, balusters, fences, and others. The increasing demand for lightweight, moisture resistant, and low maintenance products in the building & construction end-use industry is expected to drive the wood fiber composites market between 2017 and 2022. By end-use industry, the biocomposites market is segmented into building & construction, transportation, consumer goods, and others. The transportation segment is projected to be the fastest-growing end-use industry segment of the market during the forecast period. Biocomposites are used in the automotive industry owing to their lightweight, impact resistance, and non-toxic features. Also, no sharp-edged fractures are formed in case of a crash, thereby providing safety to passengers. The increasing demand for naturally sourced, non-toxic, and impact resistant materials in the transportation end-use industry is anticipated to drive the biocomposites market between 2017 and 2022. Asia Pacific is expected to be the fastest-growing market for biocomposites during the next five years due to the increasing demand from the region’s transportation and building & construction end-use industries. Government regulations regarding the use of non-toxic, biodegradable, and lightweight materials and increasing infrastructure projects in emerging economies, such as China, India, South Korea, Thailand, Indonesia, and others are also expected to drive the Asia Pacific biocomposites market in the coming years. Relatively low strength as compared to glass fibers and fluctuating cost, availability, and quality of raw materials are some of the major restraints in the growth of the global biocomposites market.

Biocomposites Market vendors are placed into 4 categories based on their performance and reviews in each criterion: “visionary leaders,” “innovators,” “dynamic differentiators,” and “emerging companies".

Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.

Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.

Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.

Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.