Biocomposites Market To Generate USD 103.6 Billion by 2030

Biodegradable polymer serves as the matrix material in biocomposites, which typically also contain bio-fibers as reinforcing elements. Moreover, biocomposites have the following characteristics: low cost, low density, high toughness, acceptable specific strength properties, good thermal properties, ease of separation, improved energy recovery, and biodegradability. 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. NFCs are frequently employed in car interior components such as windows, driver cabins, doors, and dashboards. On the other hand, WPCs are mostly used in the construction of seat bases, back shelf trims for the spare tire and trunk, headliners, and inside door trims. As a result, practically all European and North American OEMs have included them in their ambitious goals to reduce weight in order to comply with stringent environmental laws. This is due to the rising use of these materials in vehicles. Due to its fast industrialization, APAC also represented the greatest value share in the worldwide market. Essentially, the rising requirement for such materials from the automobile and consumer goods sectors is what is driving market expansion in the region. The market is also expected to be driven by the growing need in the building and construction sector for materials that are biodegradable, non-toxic, moisture- and thermally-resistant.

Furthermore, APAC is developing into a hub for producers of biocomposite materials, and it is anticipated that it will record a strong need for such materials in the years to come. Additionally, these materials are widely used in cooling tower units to prevent moisture-related corrosion. The demand for biocomposites across sectors is being fueled by the growing awareness of their benefits. For instance, they are utilized in the construction sector for roofing, doors, windows, decks, ornamental paneling, flooring, and wallboard framing.

Why Are Food and Beverage Companies Using Bio-Based PET?

“Around the world, one million plastic drinking bottles are purchased every minute.”, according to the United Nations Environment Programme (UNEP). Further, as per National Geographic society, in just 60 years, a massive 8.3 billion tonnes of plastic have been produced around the world, most of which has become trash. Additionally, plastic production will double by 2050 from the 448 million tonnes created in 2015. This is already leading to the really big issue of plastic pollution, which is spreading to waterbodies and the atmosphere as well, apart from land.

Apart from its durability, which restricts biodegradation, the depletion of oil and gas reserves is making petrochemical companies produce this material from bio-based feedstock. The raw materials for synthetic PET, terephthalic acid (TPA) and monoethylene glycol, are petroleum products; therefore, with the depleting oil and gas reserves because of overexploitation, their prices fluctuate. Therefore, petrochemical companies are now creating PET from only 70% synthetic TPA and 30% MEG derived from biological feedstock. Making these products even more eco-friendly, PepsiCo. and The Coca-Cola Company have created PET bottles entirely from plant-based materials, by sourcing even TPA from biological feedstock. This is because both these companies have their own iconic PET bottles, which is why it has become their responsibility, in part, to help reduce plastic pollution by creating eco-friendly variants of such polymers. The rising sales of packaged food and beverages, especially in developing countries, have increased the necessity of taking such steps.

Currently, Asia-Pacific (APAC) is the largest bio-based PET market because of its huge consumer base. This creates a high demand for processed food and beverages, especially considering the rising disposable income of the people of regional developing countries. As a result, plastic consumption in the form of food packaging is escalating in the region, which is prompting food and beverage companies to use biodegradable PET and other plastics in their packaging material. In other regions, the demand for this material is growing due to the implementation of stringent emission control laws, such as the Paris Agreement. It has been found that 6 kg of carbon dioxide are emitted by just 1 kg of plastic, which is why governments are forcing industrialists to increase their usage of bioplastics. Such measures are being complemented by those implemented to reduce the usage of fossil fuels altogether, which will further force manufacturers to source alternative raw materials for plastic production. Hence, with the rising concerns regarding plastic pollution and greenhouse gas emissions, the usage of bio-based PET and other plastics will surge.