Green Composites Market Trends

Growth Drivers

• Growing Environmental Concerns Across the World - Growing environmental concerns around the world are driving the green composites market as consumers and industry seek sustainable and environmentally friendly alternatives to traditional materials. The United Nations Environment Program (UNEP) has identified green composites as a promising solution to environmental problems. UNEP recognizes the potential of green composites to reduce greenhouse gas emissions, reduce waste and improve resource efficiency.
• Increasing Product Demand from Marine, and Automotive Industries – Demand for environmentally friendly composite materials from various industries such as marine, and automotive industries due to their benefits in terms of sustainability, weight reduction, and performance enhancement is growing rapidly. Reportedly, with the help of lightweight materials such as green composites a 10% reduction in vehicle weight has the potential to improve fuel efficiency by 6% to 8%.  
• Growing Focus on Green Composites by Market Players – A large number of market players are substituting fossil feedstock with bio-based food ingredients materials. Therefore, manufacturers are focusing on incorporating biodegradable substitutes in their products as a result of the demand for green and sustainable products by consumers.

Challenges

• High in Cost - Green composites can be more expensive than traditional materials, making them less competitive in price-sensitive markets. Manufacturers need to find ways to reduce production costs and enhance economies of scale to make green composites more cost-effective.
• Lack of Standardization in Manufacturing Technologies
• Technical Limitations