Green Composites Market size was over USD 30.07 Billion in 2023 and is likely to reach USD 76.07 Billion by the end of 2036, growing at around 7.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of green composites is assessed at USD 32.07 Billion. Governments around the world are introducing regulations to reduce carbon emissions and encourage the use of environmentally friendly materials. These regulations and initiatives consist of tax benefits, subsidies, and incentives for industry players to adopt eco-friendly sustainable solutions such as green composites. For instance, the European Union has set a goal of reducing greenhouse gas emissions by 55% by 2030, and using eco-friendly composite materials can help achieve these goals.
Consumers are becoming increasingly aware of the environmental impact of the products they use. Therefore, nowadays consumers are highly watchful of what they are purchasing and consuming. As a result, there is a growing demand for sustainable and environmentally friendly products, including eco-friendly composite materials. Also, manufacturers and producers are responding to this demand of customers and as a result, they implementing green composites in their products as per customer preference. Research shows that 60% of consumers worldwide consider sustainability when making purchasing decisions.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
7.4% |
|
Base Year Market Size (2023) |
USD 30.07 Billion |
|
Forecast Year Market Size (2036) |
USD 76.07 Billion |
|
Regional Synopsis |
|
End Use Industry (Healthcare, Packaging, Aerospace & Defense, Construction, Automotive)
Green composites market from the construction segment is predicted to observe nearly 30% growth rate between 2023 – 2036. Green composites can be used in a variety of architectural applications such as walls, roofs, and floors. In addition, the demand for green composite materials in the construction industry is expected to grow in the coming years due to factors such as stricter environmental regulations, growing awareness of sustainability, and the need for energy-efficient buildings. Environmentally friendly composite materials are also used to retrofit and refurbish existing buildings as they help improve energy efficiency and reduce carbon footprint. For instance, a project in the Netherlands refurbished a historic building with green composite insulation panels, saving up to 70% of energy.
Fiber Type (Wood, Non-Wood Fibers)
The wood fiber segment in the green composites market is poised to hold the largest CAGR of 60% by the end of 2036. The use of wood fiber composites in various industries such as packaging, construction is estimated to boost the segment’s growth in the market. The use of wood fiber composites in the construction industry is increasing due to their advantages such as high strength, durability, and lightweight. Reducing vehicle weight with wood fiber composites can improve fuel efficiency and reduce carbon emissions.
Our in-depth analysis of the global green composites market includes the following segments:
|
Fiber Type |
|
|
End User Industry |
|
APAC Market Forecasts
In Asia Pacific, the green composites market is poised to observe the largest share of 33 percent by the end of 2036. The market is expanding with the high manufacturing output of industries in the region, mainly construction, automotive, and defense. Population growth and urbanization in the region are increasing the demand for eco-friendly materials in these industries, creating opportunities for eco-friendly composites.
North American Market Statistics
The green composites market in the North America region is expected to grow significantly in the near future. This can be credited to stringent government initiatives to regulate the use of low-emission products in the region. In addition, the strong footprint of market players is also forecasted to propel market growth in the region in the future. In addition, the increasing demand for high-performance composite materials, followed by the growing aerospace industry in the region, is projected to elevate the growth of the market in the North America region. As per the International Trade Administration U.S. Department of Commerce, the aero trade balance increased to USD 77,590 million in 2019 from USD 54,937 million in 2010.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?