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.
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
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.
The global green composites market is further classified on the basis of region as follows:
Our in-depth analysis of the global green composites market includes the following segments:
By Fiber Type
By End Use Industry
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth owing to the growing environmental concerns across the world, and increasing demand for the product from construction, marine and automotive industries.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022-2031.
Lack of standardization in manufacturing technologies is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the high manufacturing output of industries in the region, namely construction, automotive, and aerospace & defense.
The major players in the market are ALPAS Srl, TECNARO GmbH, MCG Biocomposites LLC, GreenGran BN, Procotex SA Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by fiber type, end use industry, and by region.
The wood fibers segment is anticipated to hold largest market size and is estimated grow at a notable CAGR over the forecast period and display significant growth opportunities.
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