Posted 4/11/2024, 10:00:00 PM
Biocomposites Market to Soar Nearly 5X to $150B by 2033, Driven by Sustainability Demand
- Global biocomposites market expected to grow from $31.41 billion in 2023 to $149.95 billion in 2033 at a CAGR of 16.92%
- Driven by demand for sustainable products in construction, packaging, automotive and consumer goods industries
- Asia Pacific to witness highest growth due to infrastructure development, increasing consumer spending, and sustainability concerns
- Wooden fiber composites segment accounted for largest 68.53% market share in 2023
- Transportation end-use industry dominated with 36.29% market share and $11.40 billion revenue in 2023