The global green composites market is predicted to grow at a significant CAGR between 2016- 2023, according to the recent Market Research Future (MRFR) report. Green composites are created from renewable-resource-based polymers, or biopolymers that are reinforced with natural fibers or bio-fillers. They are biodegradable, renewable, and recyclable. Green composites largely reduce the dependency on fossil fuels when utilized in interior applications. They are of two types- wood fibers and non-wood fibers, Wood fibers comprise sisal, kenaf, jute, hemp, and others, while the non-wood fibers include polyvinyl chloride, polypropylene, polyethylene, and others. Owing to its excellent properties such as eco-friendly nature, cost-effectiveness, formability, & abundance, and plentiful benefits, green composites have wide applications in different end use industries including packaging, military, healthcare, construction, automotive and transportation, aerospace, and others.
Various factors are adding to the global green composites market share. These factors, as per the new MRFR report, include rising consumption of green composites, government regulations, need to reduce dependency on crude oil, growing demand from the healthcare & transportation industry, increasing concern for the environment, increasing awareness about sustainable packaging, and use in marine & construction industry as it is rigid and easily moldable.
Market Segmentation
The MRFR report offers an in-depth segmental analysis of the global green composites market based on fiber type, and application.
By application, the green composites market is segmented into packaging, military, healthcare, construction, automotive and transportation, aerospace, and others. Of these, the automotive segment will lead the market over the forecast period, followed by the construction segment.
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By fiber type, the green composites market is segmented into non-wood fibers and wood fibers. The wood fiber segment is again segmented into sisal, kenaf, jute, hemp, and others. The non-woven fiber segment is again segmented into polyvinyl chloride, polypropylene, polyethylene, and others. Of these, non-wood fibers will dominate the market over the forecast period.
Regional Analysis
Based on the region, the global green composites market covers the recent trends & growth opportunities across Europe, the Asia Pacific (APAC), North America, Latin America, and the Middle East and Africa. Of these, the APAC region will dominate the market over the forecast period. Factors boosting the market growth include the region’s flourishing automotive industry, increasing construction activities, and India & China being the manufacturing hub for green composites.
The global green composites market in North America is predicted to hold the second-largest share during the forecast period solely for the surging demand for green composites. The US is the key contributor in the region.
The global green composites market in Europe is predicted to have a healthy growth over the forecast period for the increasing non-residential and residential projects directed by the government. The UK, Germany, and France are the key contributors in the region.
The global green composites market in Latin America is predicted to have remarkable growth over the forecast period for economic development in Brazil, growing construction industry, and favorable government policies.
Meanwhile, the global green composites market in the MEA will have the smallest share over the forecast period for political instability, lack of technological development, lack of education, and lack of awareness.
Key Players
Leading players profiled in the global green composites market report include UPM Biocomposites (Germany), TECNARO GMBH (Germany), Procotex SA Corporation NV (Belgium), MCG Biocomposites LLC. (USA), GreenGran BN (The Netherlands), Flex Form Technologies (USA), and ALPAS SRL (Italy). Industry players have implemented multiple strategies to strengthen their position in the market and also cater to the burgeoning needs of the customers. These strategies comprise acquisitions, mergers, collaborations, extensive research and development activities, joint ventures/partnerships, contracts, strategic alliances, geographic expansions, new product development and launch, and others.
