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Global Biocomposites Market To Generate USD 103.6 Billion by 2030 | CAGR 17.2%
APAC held the largest share in the global biocomposites market in 2022, around 40%, by value, on account of the rapid industrialization.
By: P&S Intelligence
As per a report by P&S Intelligence, the biocomposites market is on track to reaching USD 103.6 billion by 2030. This is because more people are becoming aware of eco-friendly materials and because the government is taking steps to replace plastics with them. A further factor driving material demand is the car industry's growing desire to lighten and increase passenger safety.
In 2022, the automobile sector had a value-based market share of about 20%. In order to build fuel-efficient automobiles that fulfill regulatory criteria, including the Corporate Average Fuel Economy standards of 54.5 mpg in 2025 and the EU CO2 emission limits of 95 g/km, implemented in 2020, there is an increasing demand for lightweight materials.
The demand for biocomposites (https://www.psmarketresearch.com/
Construction activity is predicted to increase dramatically in developing economies as a result of large government spending to upgrade public infrastructure.
These materials' low weight and biodegradability are their main advantages. Plastic won't break down for many millennia and cannot disintegrate. As a result, governments all over the world are strictly limiting the use of such materials and encouraging environmentally beneficial alternatives.
For instance, as part of the Saudi Vision 2030 development plan, the Kingdom of Saudi Arabia is undertaking a number of large-scale infrastructure projects, such as the Red Sea Project, Qiddiya Entertainment City, King Abdullah Financial District, and Neom City, all of which are expected to support business and corporate expansion.
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