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Green Composites Market By Type (Bio-Based Composites, Recycled Composites, and Biodegradable Composites); By Application (Construction, Automotive, Packaging, Consumer Goods, and Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032

Green Composites Market Overview and Definition

Green composites market revenue will reach approximately USD 22.8 billion in 2022. Further, our green composites market insights show that the market is expected to grow at a CAGR of approximately 3.4% during the forecast period and reach a value of approximately USD 31.9 billion by 2032.

The green composites market is likely to reach a valuation of USD 162.73 billion by 2030 end, growing at a CAGR of 7.3%. The market reached a valuation of nearly USD 85 billion in 2020. Green composites are composite materials that are made using environmentally friendly raw materials and production processes. They are becoming increasingly popular as a result of growing concerns about the environmental impact of traditional composites and the increasing demand for sustainable products.

The growing demand for natural resins with benefits such as low-cost, sustainable build, and lightweight remain key drivers of growth. Agriculture waste products such as stem, leaf, stalk, or fruit remain leading contenders for composites. Growing fuel prices, diminishing resources like fossil fuels, minerals and stringent environmental regulations around the world, key shifts in sectors such as automotive remain promising drivers of growth. 

Overall, the green composites market is expected to grow significantly in the coming years, providing ample opportunities for market players. The development of new and innovative green composite materials and the increasing use of bio-based resins and fibers are expected to further drive the market growth.


Green Composites Market Key Drivers

The green composites market is driven by a number of factors, including:

Growing demand for sustainable products: Increasing environmental awareness and the need for eco-friendly products is driving the demand for green composites. Consumers are becoming increasingly conscious of the impact of their choices on the environment, and this is driving the demand for green composites as a more sustainable alternative to traditional composites.

Increase in government regulations: Governments around the world are imposing regulations aimed at reducing carbon emissions and promoting the use of sustainable products. This is driving the demand for green composites, which are seen as a more environmentally friendly alternative to traditional composites.

Growing use of bio-based resins and fibers: The use of bio-based resins and fibers in the production of green composites is increasing due to their renewable and biodegradable nature. This is helping to reduce the environmental impact of composite production and making green composites a more attractive option for manufacturers and consumers.

Need for lightweight and high-performance materials: The demand for lightweight and high-performance materials is growing in various end-use industries, such as the automotive and construction industries. Green composites are increasingly being seen as a viable alternative to traditional composites due to their superior properties and lower environmental impact.

Technological advancements: Advances in technology are enabling the development of new and innovative green composite materials, which are helping to drive the growth of the green composites market.

Green composites have replaced conventional composites in several key sectors including electronics, transportation, household, material handling and storage, and building and construction. For example, today laptop cases, and mobile cases are largely made from green composites, with companies advertising this development front and centre to gain advantage from green branding. Sports equipment like ball, snowboard, bicycle equipment, seat post, and boats are also manufactured using green composites. 

Furthermore, in automotive, green composites are widely used to manufacture door panels, engine cover, car spoiler, hand-breaks, interior carpet, and body panels, among others. In building and construction, green composites are used to build bridge railing, false ceiling, windows, doorframes, wall, floors, and mobile structures. In households, green composites are used to manufacture chairs, suitcases, pipes, partitions, coffee tables, among others. Green composites also remain key to manufacturing biogas containers, fuel containers, storage silos, and post-boxes in material handling and storage sector. The promising growth of green composites in a wide range of applications remains the primary driver of growth. 

Growing size of landfills, and toxic waste remains a major concern for sutainable development globally. According to the Environment Protection Agency in the US (EPA), 75.4% of all plastics used in the US end up in landfills in the US. Furthermore, only 3.14 million metric tons of plastic, out of a total of 34.5 million metric ton was recycled in 2015. The rest of 91% remains a unchecked and troublesome worry for the environment. 

Similarly, globally, about 12% of all municipal waste generated came from plastics in municipal solid waste. Moreover, plastics due to their nature remain non-biodegradable and lower intensity take up significant space in landfills, and can linger around for hundreds of years. This is contrast to essential use of plastics in a wide range of end-applications including automotive, aviation, shipping, manufacturing, and packaging, among others. 


Green Composites Market Challenges

The green composites market faces several challenges, including:

High production costs: The production of green composites is often more expensive than the production of traditional composites due to the use of bio-based resins and fibers, which are more expensive than traditional petroleum-based resins.

Limited availability of bio-based resins and fibers: The availability of bio-based resins and fibers can be limited, which can impact the production of green composites and limit the growth of the market.

Lack of awareness and understanding: Despite growing environmental awareness, there is still a lack of awareness and understanding about green composites, which can impact their adoption. This can be due to the lack of information about their properties and applications, as well as the lack of awareness about their benefits compared to traditional composites.

Quality and performance concerns: There are still some concerns about the quality and performance of green composites compared to traditional composites. This can impact their adoption and limit the growth of the market.

Limited recycling options: The recycling of green composites is often more complex and challenging than the recycling of traditional composites, which can limit their adoption and impact their growth.

Green Composites Market : Report Scope

Base Year Market Size

             2021

Forecast Year Market Size

             2022-2032

CAGR Value

              7.3%

 

Segmentation

  • By Application
  • By Component
  • By Type
  • By Geography

 

Challenges

  • High Costs
  • Limited availability of bio-based resins
  • Quality and Performance Concerns
  • Limited recycling options

 

Growth Drivers

  • Growing demand for sustainable products
  • Increase in government regulations
  • Growing use of bio-based resins and fibers
  • Need for lightweight and high-performance materials
  • Technological advancements

Green Composites Market Segmentation

The green composites market can be segmented into several categories, including:

Type: Based on type, the market is segmented into bio-based composites, recycled composites, and biodegradable composites. Bio-based composites are made using bio-based resins and fibers, while recycled composites are made using recycled materials. Biodegradable composites are made using biodegradable resins and fibers, which break down over time when exposed to the environment.

Application: Based on application, the market is segmented into construction, automotive, packaging, consumer goods, and others. Construction is a major application for green composites due to the increasing demand for sustainable building materials, while the automotive industry is also a major user of green composites due to the need for lightweight and high-performance materials.

Region: Based on region, the market is divided into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is expected to be the largest market for green composites due to the growing demand for sustainable products and the presence of a large number of manufacturers in the region. Europe and North America are also expected to be significant markets due to the increasing demand for sustainable products and the presence of established players in these regions.

The green composites market report is segmented into open moulding, and closed moulding system by technique of production. Both these are likely to witness significant growth, thanks to promising end-use of green composites globally. Green composites can be manufactured in open moulding, as well as in closed moulding systems, which remains a promising driver of its growth. The open moulding processes involves spray layup, hand layup, and filament winding. 

This process is ideal for hardening, and curing the material of any deficiencies. The design option from this process remain limitless, promising a wide end-use, and growth. The open moulding systems remain limited to specialised applications. The low-volumes limitations of its scaling make it ideal for specialised end-use, as costs remain a significant barrier to its growth. 


Green Composites Market Regional Outlook

The green composites market report is divided into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America, and Europe region promises to hold the highest total revenues during the forecast period. The key sustainability initiatives in Europe, and lack of alternatives to fossil fuels, remain key drivers of growth in the region. The Asia Pacific region is likely to hold the fastest CAGR during the forecast period, thanks to large manufacturing industry, increased awareness of soil degradation, and promising green composite alternatives to fossil fuel produced conventional composites. 


Green Composites Market Notable Developments

In November, 2022, researchers from North Carolina state university developed a green composite that can self-heal. This material does not need to be removed from service in key applications like aircraft wings, and wind-turbine blades. The maintenance, and removal of such parts posed a major challenge to wind turbine and aircraft operators, increasing costs of operation. Furthermore, it also posed a potential danger to human lives. The conventional challenge of regular changing of parts occurred due to glue that binded composites together, which often begins to peel away. The researchers used a 3D printing pattern of thermoplastic healing onto the reinforcement material to instil the process of self-healing.

Green Composites Market Key Players

  • Owens Corning (US)
  • Mitsubishi Chemical Holdings Corporation (Japan)
  • Teijin Limited (Japan)
  • SGL Group (Germany)
  • Hexcel Corporation (US)
  • Nippon Electrical Glass Co.
  • Toray Industries, Inc. (Japan)

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Booklet
  • Publication date: 19th January 2024
  • Base year: 2022
  • Forecast year: 2023-2033
  • Format: PDF, PPT,Word,Excel

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Frequently Asked Questions(FAQ)

The green composites market refers to the production, sales, and use of composites that are made from renewable or sustainable resources and have lower environmental impacts compared to traditional composites made from petroleum-based materials.

Green composites provide several benefits, including lower carbon footprint and reduced use of non-renewable resources, improved recyclability, and potentially lower manufacturing costs.

Green composites are used in a variety of applications, including automotive, construction, consumer goods, and packaging.

Factors driving growth in the green composites market include the increasing demand for sustainable materials and products, the growing awareness of environmental concerns, and the development of advanced green composite technologies.

Challenges facing the green composites market include the high costs associated with producing green composites, the limited availability of sustainable raw materials, and the technical complexities associated with manufacturing and processing green composites.

Key trends in the green composites market include the development of more efficient and cost-effective green composite technologies, the integration of green composites with other sustainable materials and technologies, and the use of green composites in emerging applications and industries.

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