Green Composites Market
Green Composites Market - Global Industry Research Analysis, Size, Share, Growth, Trends, Opportunities, and Forecast, 2020-2030Request Sample Request Discount
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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. 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.
Green Composites Market: Key Drivers
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. The natural fibres or green composites remain key to sustainable development for the future. The biodegradable green composites can serve as key ingredients for major sectors like manufacturing. Furthermore, these can be degraded within a year to produce soil. Their high tensile properties and ease of fabrication makes them ideal alternatives to plastic composites made from petrochemicals earlier.
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: Segmentation
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.
The closed moulding systems are likely to register the fastest CAGR during the 2022-2030 period, as these can be used with a wide variety of techniques including compression moulding, injection moulding, pultrusion, vaccum infusion, hot pressing, and vacuum infusion moulding. These wide range of techniques make way for high-scale, and fast-produced output, keeping costs down, and making way to cater to large end-sectors. Furthermore, with a wide range of techniques closed moulding systems also make way for less waste, and quality end-products making them a significant prospect in the green composites market.
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: Key Players
The green composites market landscape is a competitive, and innovative arena. The recent advancements in green composites, and their unmatched abilities spoke volumes about the commitment of global entities including governments, and private corporations towards sustainable future. Key companies in the market continue to invest in strategic initiatives including mergers, acquisitions, product launches, among others to increase their global footprints. Some key players in the global green composites market are Toray Industries, Inc. (Japan), Owens Corning (US), Mitsubishi Chemical Holdings Corporation (Japan), Teijin Limited (Japan), SGL Group (Germany), Hexcel Corporation (US), and Nippon Electrical Glass Co.
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