Biocomposites Market size is valued at USD 22,303.8 Million in 2021 and is expected to grow at a significant CAGR of 14.4% during the forecast period 2022 to 2028. The global market provides a detailed overview and that can be segmented By Fiber Type, Polymer Type, Product, and End User. By fiber, the biocomposites market has been segmented into Wood Fiber Composites and Non-wood Fiber Composites. The wood fiber composites segment is likely to be the largest and fastest-growing segment in terms of fiber type. Based on polymer type, biocomposites market is segmented into Natural Polymer Composites, Synthetic Polymer Composites. Among these, the natural polymer composites segment is expected to have the fastest-growing market during the forecast period 2022-2028. Based on Product, the biocomposites market is segmented into Hybrid Biocomposites, Green Biocomposites. The Hybrid biocomposites segment accounts for the largest share in 2021. Green Biocomposites is the second-largest share during the forecast period 2021-2028. Based on the end-user has been segregated into Building & Construction, Transportation, Consumer Goods, and Others. The building & construction segment is expected to dominate other segments in the Biocomposites market. The Transportation segment is expected to witness the highest CAGR during the forecast period according to precision business insights.
In December 2021, Decorators, Inc., a subsidiary of Universal Forest Products, Inc., acquired Ultra Aluminum Manufacturing Inc. It is one of the prominent producers of Aluminum railing, fencing, and gates.