Market Potential for Hemp Biocomposites

As more countries enact plastic bans, the market for biodegradable composite materials is growing exponentially. According to a report released by research firm Report Ocean , the biodegradable plant-based plastic market in Europe alone was valued at $0.8 billion in 2019 and is projected to reach $1.9 billion by 2027.

Environmental pollution caused by the dominance of plastic or plastic products has become a serious global problem. Experts believe that biodegradable plant-based composite materials, including those made from hemp fiber, can be a sustainable and environmentally friendly alternative to solve the above problem and also an incentive for further development of companies around the world.

More than 8.3 billion tons of plastic have been produced since the early 1950s, according to researchers cited by the United Nations Environment Programme. Of this amount, about 60% ended up either in landfills or in the environment. At the same time, more than 99% of plastics are "made from chemicals derived from oil, natural gas and coal - all non-renewable resources that negatively affect the environment. If current trends continue, the “plastic industry” could account for about 20% of global oil consumption by 2050.”

As more countries enact plastic bans, the market for biodegradable composite materials is growing exponentially. According to a report released by research firm Report Ocean , the biodegradable plant-based plastic market in Europe alone was valued at $0.8 billion in 2019 and is projected to reach $1.9 billion by 2027.

What makes hemp fiber unique is its natural plant characteristics, such as lightness and strength, which make it a likely potential replacement for fiberglass and other major plastics in applications ranging from construction to packaging to the transportation sector. However, hemp-based biocomposite technology is still at an early stage of use. Most of the "hemp biocomposites " currently on the market are actually a mixture of hemp fibers with other plastic compounds. At the same time, the concept of replacing fossil-based plastics with plant-based biocomposites is seen by a growing number of companies as a cost-effective and sustainable development option.

Using hemp fibers to produce biocomposites is, at least for now, a complex process. After decortication, hemp fibers must be free of lignin (an organic polymer found in hemp and other plants that makes them tough and "woody"), as well as pectin protein, wax deposits, and other biological compounds. The turning point for mass adoption of hemp-based biocomposite materials will come when a company that is "two or three levels" from a corporation the size of " General Motors ”, will start selling large volumes of hemp plastics to large enterprises.

The success of the mass application of hemp-based biocomposite materials depends on at least three factors: the development of the necessary technologies, a sufficient number of raw material suppliers, and the creation of a base of enterprises for the production of hemp plastics.