The global green composite market revenue was around US$ 2 billion in 2022 and is estimated to reach US$ 3.6 billion by 2031, growing at a compound annual growth rate (CAGR) of 7% during the forecast period from 2023 to 2031.
Green composites, also known as biocomposites, are constructed using a bipolar matrix and natural fiber reinforcement. Wood flour, Jute, sugarcane bagasse, rice husk, and oil palm fiber are a few examples of natural fibers used in green composites. The matrix utilized in this is crucial for keeping the fibers together, transferring stresses, and protecting them from mechanical damage and environmental deterioration.
Market Driving Factors
Regional Analysis
Asia Pacific is estimated to dominate the market in terms of the largest revenue during the projection period. This is due to the strong manufacturing output in particular the aerospace and defence, automotive, and construction sectors. Furthermore, the largest automotive and construction sectors in the world are found in this region, particularly in China and India. As a result, green composites are used extensively in these sectors. Urbanization and population increase in this region are driving up demand for eco-friendly and sustainable materials in these sectors, opening doors for eco-friendly composites. Additionally, the usage of green composites is encouraged by the local governments in this region.
North America is anticipated to dominate the market during the projection period. This is done by the strict government attempts to control the usage of low-emission items in this region. Furthermore, the large number of industry players is also anticipated to drive the market. In addition, the automobile sector represents a major sector in this region, particularly in the United States and Canada. Automakers looking for lighter materials that increase fuel efficiency and lower CO2 emissions. General Motors, Ford, and Tesla are just a few of this region's automakers who already use green composites in their cars, which is further projected to support the market's expansion.
Segmentation Insights
Fiber Type Insights
The wood segment is estimated to dominate the market in terms of the highest CAGR. This will be due to the rising demand for environmentally friendly products and the use of wood fiber composites in numerous sectors including packaging, automotive, and construction furthermore, due to their benefits, including durability, high strength, and lightweight, this segment is increasingly being used in the building industry.
End User Industry Insights
The construction segment dominated the market during the forecast period. This is attributed to the factors like tightening environmental regulations, rising sustainability awareness, and the requirement for energy-efficient structures. Green composites are widely employed in retrofits and renovations of existing buildings because they increase energy efficiency and lower carbon footprint. For instance, a historic building in the Netherlands was renovated using green composite insulation panels, which resulted in energy savings of up to 70%.
Prominent Companies
Segmentation Outline
The global green composite market segmentation focuses on Fiber Type, End User Industry, and Region.
By Fiber Type
By End User Industry
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL GREEN COMPOSITE MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: GREEN COMPOSITE MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL GREEN COMPOSITE MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL GREEN COMPOSITE MARKET, BY FIBER TYPE
5.1 OVERVIEW
5.2 WOOD
5.3 NON-WOOD FIBERS
6 GLOBAL GREEN COMPOSITE MARKET, BY END USER INDUSTRY
6.1 OVERVIEW
6.2 HEALTHCARE
6.3 PACKAGING
6.4 AEROSPACE & DEFENSE
6.5 CONSTRUCTION
6.6 AUTOMOTIVE
6.7 OTHERS
7 GLOBAL GREEN COMPOSITE MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL GREEN COMPOSITE MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 TECNARO GMBH
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 ALPAS
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 MCG BIOCOMPOSITES LLC
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 GREENGRAN BN
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 PROCOTEX CORPORATION
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 STEMERGY
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 BAST FIBERS LLC
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 GREEN COMPOSITES PVT LTD
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 UPM-KYMMENE CORPORATION
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 WIENERBERGER AG
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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