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Global Bio-Composites Market Trends and Forecast
Lucintel finds that the future of the global bio-composites material market looks promising with opportunities in building and construction, automotive, industrial & consumer goods end uses. The global bio composites market is expected to reach an estimated $7 billion by 2030 with a CAGR of 2% from 2023 to 2030. The major growth drivers for this market are increasing demand for wood plastic composites (WPC) in the construction industry due to its wood finish like appearance and durability, and growing use of natural fiber composites (NFC) in automotive interiors due to its aesthetics and growing concern for passenger safety.
Bio-composites are composed of renewable raw materials such as natural fibers (e.g., flax, hemp) or agricultural by-products (e.g., straw, corn husks) combined with biodegradable resins like PLA or PHA. These are beneficial to the environment because they are renewable and can decompose. In terms of cost, priced-based competition is between bio-composites and traditional composites made of petrochemical resins or synthetic fibers. The pricing trends of these products depend on some factors such as presence of raw materials, availability of processing technologies and market demands although it has become expensive due to specialist processes in the first couple of production stages. Nevertheless, advancing technology and growing preferences for sustainability have resulted in bio- composites being cheaper than conventional materials.
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Lucintel forecasts that building and construction will remain the largest segment over the forecast period due to increasing demand for moisture resistance, low maintenance, non-toxic, and durable products.
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Polyethylene resin bio-composites will remain the largest resin type over the forecast period due to durability, near-zero moisture absorption, excellent chemical inertness, and ease of processing.
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Asia Pacific is expected to remain the largest region and witness the highest growth over the forecast period due to increasing demand for WPC decking, fencing, and railing in the building and construction industries of China, India, and Japan.
Country wise Outlook for the Global Bio Composites Market
The bio composites market is witnessing substantial growth globally. Major players in the market are expanding their operations and forming strategic partnerships to strengthen their positions. Below image highlights recent developments by major bio composites producers in key regions: the USA, France, Germany, China, and Japan.
Emerging Trends in Global Bio-Composites Market
Emerging trends in bio-composites are shaping its future applications and market dynamics:
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Government Support to Innovate and Commercialize the Use of Bio-Based Composites: The market growth is being boosted by the regulatory support that is currently increasing for sustainable materials. This has led to the adoption of bio-based and biodegradable composites in industries such as automotive, construction, and consumer goods.
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Advancements in Material Science: On-going R&D activities are leading towards better properties and performance of bio-composites. Examples include improved physical strength, longer durability, combined with compatibility with present manufacturing processes widening their use across different industries.
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Focusing on Sustainability: Environmental concerns have resulted into an immense shift towards sustainable materials of which renewable resource-based bio-composites have begun gaining popularity as a green substitute to traditional materials
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Market Expansion: Growing awareness about environmental impact among consumers and businesses globally has led to increased uptake of bio-composites. Market expansion has been particularly strong in developed regions with strong emphasis on sustainable practices and tight environmental regulations.
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Collaborations and Partnerships: Collaboration along the entire value chain including partnerships between manufacturers, research institutions, end-users is fast tracking innovation and commercialization of bio-composite technologies. Through this collaborative approach technical challenges can be addressed as scale production increases to meet rising market demand.
These trends underscore the highly dynamic nature of the global market for bio-composites as it is driven by sustainability goals; technological advancements; regulatory support; expanding applications; and industry-wide collaborations.
A total of 121 figures / charts and 118 tables are provided in this 212-page report to help in your business decisions. A sample figure with insights is shown below.
Recent Developments by the Bio-Composites Market
Recent developments in global bio-composites by highlight ongoing innovations and advancements across different sectors
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Advancements in Material Innovation: Manufacturers are increasingly using natural fibers like hemp, flax, jute, and kenaf and bio-based resins obtained from materials such as soybean oil and corn starch in making composites. Research has been underway to improve the performance and versatility of bio-based composite materials. These developments aim at improving the mechanical properties, reducing weight, as well as enhancing the sustainability profile of bio-composites.
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Growing Demand in Automotive and Construction: One of major users of bio-composites are automotive and construction sectors. The latter uses bio-composites specifically for interior panels, decking among other structural components because they have a long lifespan and are environment friendly Simultaneously, vehicle-maker use compo-bio for lightening their automobile’s weight while increasing its fuel efficiency so that they can meet stringent environmental regulations.
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Focus on Circular Economy and Recycling: There is an emerging trend towards developing fully recyclable or biodegradable bio-composites at end-of-life stage. In order to minimize any negative environmental impacts via closed-loop systems as well as sustainable sourcing approaches thus promoting a circular economy strategy manufacturers adopt these options.
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Government Support and Regulations: Governments across the globe are now supporting the use of bio based materials through policies, incentives, regulations aimed at cutting carbon emissions as well as encouraging sustainable manufacturing practices. These moves encourage adoption of biomaterials by replacing conventional materials with bio-composite products.
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Industry Collaborations and Partnerships: Collaboration between industry players, research institutions, and government bodies is speeding up the development & commercialization process for bio-composites. Joint ventures & partnerships seek expansion of production facilities; market reach enhancement or optimization of manufacturing processes that produce these materials.
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Consumer Awareness and Preference: This change in consumer perception about product impact on the environment has led to preference for green or eco-friendly products that are made from sustainable sources. As a result many companies now include biomaterials in their product portfolio to cater for the environmentalists among us.
Strategic Growth Opportunities for Bio- composites Market
The sustainable development of the bio composites market is being influenced by technological advancements, eco-friendly materials legislations and growing demand for environmentally friendly products. The following are the key growth avenues:
Growth Initiatives in Automotive Sector:
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Market Demand: High recycling of carbon footprint by automakers encourage them to adopt bio-composites in dashboard, door panels and trims.
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Opportunity: The composite materials are light weight, exhibit high strength similar to that of the traditional ones besides they have a reduced environmental impact which complies with consumers’ needs as well as regulatory requirements.
Building and Construction Applications:
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Market Demand: Bio-based alternatives for decking, cladding and insulation therefore contribute to energy efficiency requirements and sustainable building practice.
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Opportunity: The growth of green building certification schemes and regulations prefer material that has bio-based sources hence creating a platform for innovation in sustainable construction practices.
Packaging & Consumer Goods:
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Market Demand: Biodegradable packaging materials made from bio composites are preferred for consumer goods like furniture among others reducing reliance on fossil fuel components.
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Opportunity: An increasing awareness amongst consumers about their ecological impacts contributes towards higher demand for bio based packages leading to opportunities in developing bio plastics or composite materials.
In conclusion, the bio composites markets is set for a strategic growth driven by regulatory support, innovations as well as changing preferences towards sustainable substitutes. To benefit from these increasing opportunities that has been generated within this dynamic and green conscious market; companies needs to invest more on R & D; make use of supply chain collaborations as well as adapt themselves to contemporary market forces.
Global Bio-Composites Market Drivers and Challenges
The bio composites market is propelled by increasing environmental consciousness and stringent regulations favoring sustainable materials in industries like automotive and construction. These composite materials offer a renewable alternative to traditional plastics, reducing carbon footprints and enhancing recyclability. However, challenges such as cost competitiveness against conventional materials and variability in material properties hinder widespread adoption. Addressing these challenges requires continuous innovation in manufacturing processes and material formulations to improve performance and reduce costs, thereby aligning with evolving environmental standards and meeting market demands effectively
The key drivers for the bio-composites market
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Environmental Concerns: The major driver of this is the increased consciousness about environmental sustainability and eco-friendly materials. Their biodegradability as well as the fact that they can be renewed make bio-composites a good alternative to conventional materials like plastics and metals.
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Government Regulations and Policies: Bio-composites are adopted due to supportive laws and policies aimed at reducing carbon footprints and promoting sustainable materials.
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Growing Demand in End-Use Industries: Automotive, construction, consumer goods, packaging are some of the industries which are increasingly embracing bio-composites due to their light weight property, strength and aesthetics.
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Advancements in Technology: With technological advancements in processing bio-based materials and improvements in composite formulations, performance and versatility of bio-composites have been improved too.
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Cost Competitiveness: As production technologies improve and scale increases, the cost of bio-composites is becoming more competitive compared to traditional materials.
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Consumer Preference: Changes in consumer behavior towards sustainable products as well as corporate goals on sustainability are driving demand for bio-composites across many consumer markets.
The key challenges in the bio-composites market
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Cost of Production: Currently, bio-composites often have higher production costs than conventional materials because the raw materials are hard to find and technologies used in processing are not well developed..
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Performance Standards: Bio-composites can be difficult to use in demanding applications such as when it comes to durability, fire resistance, mechanical properties and consistency of performance.
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Supply Chain Limitations: Constraints on scalable or voluminous manufacturing may emanate from constraints with a consistent supply of bio-based raw materials that include natural fibers or biopolymers.
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Technical Limitations: Some limitations may be associated with moisture resistance, dimensional stability or fit with existing manufacturing processes for some bio-composites, thus limiting their adoption on a large scale.
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Market Acceptance and Awareness: In contrast to traditional materials, the market share for bio-composites is still relatively small despite increased awareness. Educating industries and consumers about the benefits and applications of bio-composites remains a challenge.
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Competitive Landscape: Other than traditional sources of supply for these products or green-changed elements such as recycled plastics or advanced alloys which offer similar advantages other emerging sustainable materials pose threats to bio-composites.
The bio composites market presents a promising avenue for sustainable innovation in industries seeking eco-friendly alternatives. Overcoming challenges such as cost-effectiveness and material consistency requires ongoing technological advancements and strategic partnerships. Embracing these opportunities fosters environmental stewardship while meeting diverse industry needs, driving forward a sustainable future through continuous innovation and market adaptation.
Global Bio-Composites Suppliers and Their Market Shares
In this globally competitive market, several key players such as FlexForm Technologies LLC, Tecnaro GmbH, Trex Company Inc., Azek Building Products etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of major players Contact Us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies bio-composites companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the bio-composites companies profiled in this report includes.
These companies have established themselves as leaders in the global bio-composites industry with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the global bio-composites market are evolving, with the entry of new players and the emergence of innovative technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Bio-Composites Market by Segment
Bio-composites are experiencing robust growth across several key segments. There is a significant shift towards vehicle interiors, exteriors and structural components made of light weight, sustainable materials in automotive applications. In decking, cladding and insulation among others building and construction industry has embraced the use of bio-composites due to their strength as well as environmental friendly nature. The growth of consumer goods such as furniture, electronics, packaging and other items have been on the rise because the consumers are increasingly demanding for products that are environmentally sensitive with the use of bio-composites. As a way to reduce weight and enhance fuel efficiency in aircrafts’ interior parts and components; bio-composites have been used by aviation industries. Moreover many sectors are now striving to develop biodegradable or compostable packaging alternatives using biomass originated elements so that they can address the various existing ecological concerns regarding packaging; this is also being achieved through making them more disposable after use. These sustainability- driven trends suggest that modern industries have myriad applications for bio-composites based on both functionality and eco-friendliness. The study includes trends and forecast for the global bio composites market by end use, process, resin, fiber, and region as follows:
Bio-Composites Market by End Use [Value ($B) and Volume (Million Pounds) Shipment Analysis for 2018 – 2030]:
Bio-Composites Market by Process [Value ($B) and Volume (Million Pounds) Shipment Analysis for 2018 – 2030]:
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Extrusion
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Compression Molding
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Injection Molding
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Others
Bio-Composites Market by Resin [Value ($B) and Volume (Million Pounds) Shipment Analysis for 2018 – 2030]:
Bio-Composites Market by Fiber [Value ($B) and Volume (Million Pounds) Shipment Analysis for 2018 – 2030]:
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Wood Flour
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Flax
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Kenaf
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Hemp
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Jute
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Others
Bio-Composites Market by Region [Value ($B) and Volume (Million Pounds) Shipment Analysis for 2018 – 2030]:
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North America
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Europe
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Asia Pacific
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The Rest of the World
Features of Bio-Composites Market
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Market Size Estimates: Bio-composites market size estimation in terms of value ($M) and volume (M lbs)
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Trend and Forecast Analysis: Market trends (2018-2023) and forecast (2024-2030) by various segments and regions.
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Segmentation Analysis: Market size by end use, process, resin, fiber, and region
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Regional Analysis: Bio-composites market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
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Growth Opportunities: Analysis of growth opportunities in different end use, process, resin, fiber, and region for the bio-composites market.
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Strategic Analysis: This includes M&A, new product development, and competitive landscape for the bio-composites market.
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Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in bio-composites in the global market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ_
Q1. What is the bio-composites market size?
Answer: The global bio-composites market is expected to reach an estimated $7 billion by 2030.
Q2. What is the growth forecast for bio-composites market?
Answer: The bio-composites market is expected to grow at a CAGR of 2% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the bio-composites market?
Answer: The major growth drivers for this market are increasing demand for wood plastic composites (WPC) in the construction industry due to its wood finish like appearance and durability, and growing use of natural fiber composites (NFC) in automotive interiors due to its aesthetics and growing concern for passenger safety.
Q4. What are the major applications or end use industries for thermoplastic resin in global automotive composites?
Answer: Building & construction and automotive are the major applications industries for global bio composites market.
Q5. What are the emerging trends in bio-composites market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes government support to innovate and commercialize the use of bio-based composites, advancements in material science, focusing on sustainability, market expansion, and collaborations and partnerships.
Q6. Who are the key bio-composites companies?
Answer: Some of the key bio-composites companies are FlexForm Technologies, Tecnaro GmbH, Trex Company Inc., Azek Building Products, Procotex Corporation SA, Fiberon LLC, GreenGran BV, FiberGran GmbH & Co. KG, Universal Forest Products, Inc., Tamko Building Products, Advanced Environmental Recycling Technologies etc.
Q7.Which bio-composites material segment will be the largest in future?
Answer: Lucintel forecasts that building and construction will remain the largest segment over the forecast period due to increasing demand for moisture resistance, low maintenance, non-toxic, and durable products.
Q8: In bio-composites market, which region is expected to be the largest in next 7 years?
Answer: APAC is expected to remain the largest region and witness the highest growth over next 7 years
Q9. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 11 key questions
Q.1 What are some of the most promising potential, high-growth opportunities for the bio-composites market by end use (building and construction, automotive, industrial and consumer goods, and others), process (extrusion, compression molding, injection molding, and others), resin (polyethylene, polypropylene, polyvinyl chloride, polylactide acid, and others), fiber (wood flour, flax, kenaf, hemp, jute, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 Which regions will grow at a faster pace and why?
Q.4 What are the key factors affecting market dynamics? What are the drivers and challenges of the market?
Q.5 What are the business risks and threats to the market?
Q.6 What are the emerging trends in this market and the reasons behind them?
Q.7 What are the changing demands of customers in the market?
Q.8 What are the new developments in the market? Which companies are leading these developments?
Q.9 Who are the major players in this market? What strategic initiatives are being implemented by key players for business growth?
Q.10 What are some of the competitive products and processes in this area and how big of a threat do they pose for loss of market share via material or product substitution?
Q.11 What M & A activities have taken place in the last 5 years in this market?
Table of Contents
1. Executive Summary
2. Global Bio-Composites Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1: Macroeconomic Trends and Forecasts
3.2: Global Bio-Composites Market Trends and Forecast
3.3 Global Bio-Composites Market by Sub Segment
3.3.1: Global Wood Plastic Composites (WPC) Market by End Use
3.3.1.1: Building and Construction
3.3.1.1.1: Decking
3.3.1.1.2: Fencing
3.3.1.1.3: Railing
3.3.1.1.4: Others
3.3.1.1: Automotive
3.3.1.2: Industrial and Consumer Goods
3.3.1.3: Others
3.3.2: Global Natural Fiber Composites (NFC) Market by End Use
3.3.2.1: Automotive
3.3.2.2: Building and Construction
3.3.2.3: Others
3.4: Global Bio-Composites Market by Process
3.4.1: Extrusion
3.4.2: Compression Molding
3.4.3: Injection Molding
3.4.4: Others
3.5: Global Bio-Composites Market by Resin
3.5.1 Polyethylene
3.5.2: Polypropylene
3.5.3: Polyvinyl Chloride
3.5.4: Polylactic Acid
3.5.5: Others
3.6: Global Bio-Composites Market by Fiber
3.6.1: Wood Flour
3.6.2: Flax
3.6.3: Kenaf
3.6.4: Hemp
3.6.4: Jute
3.6.4: Others
4. Market Trends and Forecast Analysis by Region
4.1: Global Bio-Composites Market by Region
4.2: North American Bio-Composites Market
4.2.1: Market by End Use: Building and Construction, Automotive, Industrial and Consumer Goods and Others
4.2.2: United States Bio-Composites Market
4.3: Europe Bio-Composites Market
4.3.1: Market by End Use: Building and Construction, Automotive, Industrial and Consumer Goods and Others
4.3.2: German Bio-Composites Market
4.3.3: United Kingdom Bio-Composites Market
4.3.4: French Bio-Composites Market
4.3.5: Russian Bio-Composites Market
4.4: APAC Bio-Composites Market
4.4.1: Market by End Use: Building and Construction, Automotive, Industrial and Consumer Goods and Others
4.4.2: Chinese Bio-Composites
4.4.3: Indian Bio-Composites
4.4.4: Japanese Bio-Composites
4.5: ROW Bio-Composites Market
4.5.1: Market by End Use: Building and Construction, Automotive, Industrial and Consumer Goods and Others
4.5.2: Brazilian Bio-Composites
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Market Share Analysis
5.3: Operational Integration
5.4: Geographical Reach
5.5: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Bio-Composites Market by Application
6.1.2: Growth Opportunities for the Global Bio-Composites Market by Material Type
6.1.3: Growth Opportunities for the Global Bio-Composites Market by Resin Type
6.2: Emerging Trends in the Global Bio-Composites Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Mergers and Acquisitions
7. Company Profiles of Leading Players
7.1: FlexForm Technologies LLC
7.2: Tecnaro GmbH
7.3: Trex Company Inc.
7.4: Azek Building Products
7.5: Procotex Corporation SA
7.6: Fiberon LLC.
7.7: GreenGran BV
7.8: FiberGran GmbH & Co. KG
7.9: Universal Forest Products, Inc.
7.10:Tamko Building Products
7.11: Advanced Environmental Recycling Technologies
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
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In-depth interviews of the major players in this market
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Detailed secondary research from competitors’ financial statements and published data
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Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
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A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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