Biocomposites Market: Key Development, Agreements & New Product Launches

The use of biocomposites has become crucial in the building & construction and transportation end-use industries as they are light in weight, resistant to moisture, and biodegradable. The biocomposites market is projected to reach USD 36.76 billion by 2022, growing at a CAGR of 14.44% from 2017 to 2022.

Agreements and new product launches accounted for the major share of the developmental strategies adopted by the key players of the biocomposites market between 2011 and 2017. These strategies were adopted by the leading companies to enhance their product portfolios and to strengthen their presence in developed as well as emerging countries.

Between 2011 and 2017, agreements and new product launches accounted for 42% and 49%, respectively, of the overall strategies adopted. Market players concentrated mainly on consolidations through these approaches, with the intention of increasing their market shares and enhancing their sustainability.

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The major players profiled in this report include FlexForm Technologies (US), Tecnaro GmbH (Germany), Trex Company, Inc. (US), Fiberon LLC (US), Meshlin Composites ZRT (Hungary), UPM (Finland), Jelu-Werk J. Ehrler GmbH & Co. KG (Germany), Green Bay Decking (US), and Universal Forest Products, Inc. (US). These companies adopted various organic and inorganic growth strategies, such as agreements, acquisitions, and expansions, to increase their global presence and to enhance their position in the biocomposites market.

Trex Company, Inc. (US), Fiberon LLC (US), and Green Dot Holding (US) are the major companies that have adopted the maximum number of growth strategies between 2011 and 2017 in the biocomposites market. Trex Company is one of the major manufacturers of biocomposites for end-use industries, including building & construction. The company accounted for the largest share of all the developmental activities undertaken in the global biocomposites market between 2011 and 2017. The company follows dynamic growth strategies, especially agreements and new product launches, to strengthen its product portfolio and geographical presence. For instance, in May 2013, the company entered into a distribution agreement with Replas (Australia). The agreement helped Trex Company expand its market share in eastern Australia.

Fiberon is a prominent player in the global biocomposites market, primarily serving the building & construction end-use industry. The company has been majorly focusing on expansions, agreements, and new product launches in the biocomposites market between 2011 and 2017. For instance, in January 2015, it signed a new distribution agreement with BlueLinx Corporation (US). According to the agreement, BlueLinx will distribute Fiberon products to 14 new areas in the US.

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Structural Core Materials Market Leaders Research Insight and New Revenue Pockets

The global structural core materials market is projected to grow from USD 1.52 billion in 2017 to USD 2.32 billion by 2022, at a CAGR of 8.8% during the forecast period. APAC is estimated to be the fastest-growing structural core materials market during the forecast period. In this region, key countries, namely, China, Japan, India, and Malaysia are witnessing a gradual increase in the use of structural core materials in wind energy, aerospace, transportation, and other industries. The growth of the structural core materials market can be attributed to the rising demand for superior performance materials and environmentally friendly products from the wind energy and aerospace industries. China leads the structural core materials market in APAC, accounting for more than half of the demand for structural core materials in the region. A high number of wind energy installations in 2016, increasing number of commercial airplane deliveries, and high-speed rail projects are driving the demand for structural core materials in the country.

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Based on type, the foam segment is expected to lead the structural core materials market, as it is used in various applications such as wind energy blades, wind turbines, and nacelles. Among the various types of foam, the most commonly used is PVC. PVC is one of the most widely used and manufactured plastics globally, mainly due to its low cost and versatility of the material itself. PVC is used in the transportation and marine industries and in sports goods among others.

Based on outer skin type, GFRP is expected to lead the structural core materials market. GFRP panels provide a strong scratch resistant surface, chemical resistance, durability, and is lightweight. It is preferred over other building materials as it saves maintenance cost and is cheaper than other outer skins. Some of the major applications of GFRP include wind blades, walls, and ceilings. CFRP is the fastest-growing segment. CFRP and honeycomb-based sandwich panels are mostly used in the aerospace industry in applications which includes interior fittings, cockpit doors, low-temperature tanks, insulating covers, radomes, helicopter rotor blades, and hull and wing components for sporting aircraft.

Based on end-use industry, the wind energy segment of the structural core materials market is estimated to grow at the highest rate during the forecast period. Nowadays, wind blades are made by combining structural core materials and glass-reinforced polyester/epoxy to make them lightweight. Foam and balsa are the two most commonly and widely used structural core materials for making blades. Renewal of Wind Production Tax Credit (PTC) in the US and increasing number of wind installations have aided in the growth of the wind energy industry since the last year, thereby driving the structural core materials market.

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SPRAY ADHESIVES MARKET : GLOBAL TRENDS & INDUSTRY INSIGHTS BY 2022

The spray adhesives market size is projected to reach USD 3.41 billion by 2022, at a projected CAGR of 4.6% between 2017 and 2022. Spray adhesives are known for their characteristics such as easy handling, low wastage, and faster application. They are used to bond a variety of substrates, including foam, fabric, metal, wood, and plastics.

New product launches and expansions and acquisitions were the key strategies adopted by the leading players to strengthen their positions in the spray adhesives market between 2014 and 2017. Some of the leading players operating in the spray adhesives market are Bostik SA (US), H.B. Fuller (US), Henkel (Germany), Quin Global (US), Sika AG (Switzerland), and 3M (US). These companies adopted strategies such as new product development, expansion, and acquisition to expand their product portfolios and extend their reach to new customers.

Bostik SA has a high brand value in the spray adhesives market. The spray adhesives provided by Bostik are used in transportation, construction, and furniture industries. In 2017, the company opened a new production facility in India to meet the growing demand for hot melt pressure-sensitive adhesives (HMPSA) in the country. In the same year, Bostik acquired a US-based company XL Brands, which manufactures adhesives for resilient and soft flooring. This acquisition will help Bostik to become one of the leaders in floor covering adhesives in the US. These developments have benefited Bostik in terms of increased distribution network and production capacity in developing markets.

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H.B. Fuller has five operating segments: Americas Adhesives, EIMEA (Europe, India, Middle East and Africa), Asia Pacific, Construction Products, and Engineering Adhesives. The Americas Adhesives, EIMEA, and Asia Pacific segments produce and supply industrial adhesives products for applications in various industries such as packaging, consumer goods, furniture, and textile. H.B. Fuller completed acquisition of the US-based Royal Adhesives & Sealants in October 2017. This allowed the company to expand its product offering in engineering, durable assembly, and construction adhesives. Royal Adhesives provides spray adhesives under the brand name, Silaprene.

The strategy of acquisition enables industry players to utilize their existing capacity and distribution network, while expansions help in increasing market reach and meet the rising demand from the global market. The Asia-Pacific market is experiencing high growth due to rising demand in emerging economies such as China and India. Many international and domestic industry players are investing in the region, making it the fastest-growing market for spray adhesives.

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Expansions and mergers & acquisitions are the key strategies adopted by leading players in the global agricultural films market.

The global agricultural films market is estimated to be USD 7.92 billion in 2017 and is projected to reach USD 10.57 billion by 2022, at a CAGR of 5.9% from 2017 to 2022. The market has been segmented on the basis of type, application, and region. Expansions and mergers & acquisitions are key growth strategies adopted by leading players to strengthen their positions in the global agricultural films market. The maximum number of strategic developments between 2014 and 2017 took place in Europe, followed by North America and Asia Pacific.

Key players operating in the global agricultural films market are BASF (Germany), Dow Chemical (U.S.), Berry Global (U.S.), The RKW Group (Germany), Trioplast Industrier AB (Sweden), Ab Rani Plast Oy (Finland), RPC Group (U.K.), Grupo Armando Alvarez (Spain), Kuraray (Japan), and Coveris (U.S.).

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The RKW Group (Germany) is a key player in the global agricultural films market. The company offers greenhouse film and silage film. The RKW Group provides films for medical, technical, consumer packaging, industrial packaging, agricultural, and other applications. The company has been focusing on expansions and mergers & acquisitions as a part of its strategic development activities. For instance, in May 2016, the company announced an expansion at its site in Saxony-Anhalt (Germany). The expansion helped the company strengthen its presence in Germany. In May 2014, the company acquired Biofol Film GmbH (Germany). The acquisition helped the company expand its product portfolio in the agricultural sector.

Berry Global Inc. (U.S.) is another key manufacturer of agricultural films. The company offers greenhouse film, silage film, and mulch film. The company designs films using advanced technologies to meet the environmental standards. The company has been focusing on mergers & acquisitions to strengthen its market position. For instance, in January 2017, the company completed the acquisition of AEP Industries Inc. (U.S.). AEP is a leading manufacturer of flexible plastic packaging films in North America. The acquisition helped the company expand its product portfolio and better cater to the needs of customers. 

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