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CHEMICALS AND ADVANCED MATERIALS

Green Composites Market Segmentation by Fiber Type (Wood, and Non-Wood Fibers); and by End Use Industry (Healthcare, Packaging, Aerospace & Defense, Construction, Automotive, and Others) – Global Demand Analysis & Opportunity Outlook 2031

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IN THE NEWS

  • November 2021- Weinerberger declared that it decided to spend about USD 70 million in 2021 to boost efficiency at its plants in Europe and North America. The company is already almost half-way toward its 2023 goal of cutting carbon dioxide emissions by 15% compared to levels last year.

  • June 2021- Procotex announced that it will acquire the short Carbon fiber business of ELG UK. The acquisition is pafrt of the company’s continuous innovative efforts towards a sustainable future.

Global Green Composites Market Highlights Over 2022 - 2031

The global green composites market is estimated to garner a large amount of revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed primarily to the growing environmental concerns associated with reduction of pollution and production of eco-friendly products across the world. According to the World Health Organization (WHO), air pollution is a leading environmental risk to health costing the world about USD 8.1 trillion in 2019, which is equivalent to 6.1% of the global GDP.

Along with this, increasing demand for the composites from construction, marine and automotive industries for producing products with superior mechanical properties, with lesser CO2 emissions, is also expected to drive market growth in the upcoming years. Furthermore, there is a surge in the number of market players who are involved in fossil-based feedstock by bio-based materials. The escalating emphasis of manufacturers to incorporate biodegradable alternative in their product lines is projected to offer profitable opportunities to the market in the near future.

Green Composites Market

The market is segmented by end use industry into healthcare, packaging, aerospace & defense, construction, automotive, and others, out of which, the healthcare segment is anticipated to hold the largest share in the global green composites market. This can be accounted to the growing use of green composites in development of hard tissue implants, such as, bone cement, artificial bone, spine instrumentation and others. Additionally, on the basis of fiber type, the wood fibers segment is assessed to occupy the largest share over the forecast period as these fibers are more effective in reducing the harmful effects of energy production on the environment. Apart from this, wood fibers provide robust and flexible insulation for floors and roofs, which in turn is also predicted to boost the market segment in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT

Major Macro-Economic Indicators Impacting the Market Growth

Chemicals (% of Value Added in Manufacturing)

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.

Global Green Composites Market Regional Synopsis

Regionally, the global green composites market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the high manufacturing output of industries in the region, namely construction, automotive, and aerospace & defense. In 2019, the construction output value in China reached a value of more than USD 4 trillion, up from USD 3.5 trillion in 2018 and USD 3 trillion in 2017 respectively.

Moreover, the market in North America is projected to acquire the largest share during the forecast period, which can be credited to stringent government initiatives to regulate the use of low-emission products in the region. In addition, strong footprint of market players is also expected to propel the market growth in the region in the future.

Green Composites Market Share

The global green composites market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global green composites market includes the following segments:

By Fiber Type

  • Wood Fibers
  • Non-Wood Fibers

By End Use Industry

  • Healthcare
  • Packaging
  • Aerospace & Defense
  • Construction
  • Automotive
  • Others

Growth Drivers

  • Growing Environmental Concerns Across the World
  • Increasing Demand for the Product from Construction, Marine and Automotive Industries

Challenges

  • Lack of Standardization in Manufacturing Technologies

Top Featured Companies Dominating the Market

  • ALPAS Srl
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • TECNARO GmbH
  • MCG Biocomposites LLC
  • GreenGran BN
  • Procotex SA Corporation
  • Stemergy SDN BHD
  • Bast Fibers, LLC
  • Green Composites Pvt. Ltd.
  • UPM-Kymmene Corporation
  • Wienerberger AG

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