Future Market Insights (FMI) has published a new research study on the automotive bioplastic market that contains global industry analysis for 2014 – 2021 and opportunity assessment for 2022 – 2029.
The research study covers the latest trends, market influencing factors, key success factors, forecasting factors, macroeconomics factors, key information, and past market scenario. The report examines the automotive bioplastic market and delivers critical insights for the forecast period of 2022-2029.
The global automotive bioplastic market is estimated to be valued at US$ 687.5 Mn in 2022 and is expected to increase at a CAGR of 10.7% during the forecast period. As per the comprehensive analysis provided in the report, the global automotive bioplastic market is anticipated to witness considerable growth in the coming years owing to the steady increase in the adoption of bioplastic materials for various car components.
Application wise, the interior segment is expected to hold prominent value share of the global automotive bioplastic market. This segment includes seats, dashboard, air-duct, HVAC, and other related interior components.
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Automotive bioplastic materials tend to reduce dependency on fossil resources, according to FMI’s analysis. Automotive bioplastic materials are not as affected by oil price instability the way petroleum-based materials are. Automotive bioplastics help reduce the dependency on limited fossil resources, which is a key growth driver for market, with fuel prices projected to surge significantly over the coming years.
Rising Demand for Electric Vehicles to Create High Growth Opportunities
Increasing environmental awareness and inconsistent fuel prices have influenced consumers, particularly in developed countries of North America and Europe, to opt for electric car models, such as plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV).
Growing urban population, incentives for use of electric vehicles, reducing battery prices, strengthening transportation infrastructure in developed and emerging countries, and inter-governmental steps for electric vehicles are further driving the adoption of electric cars. This, in turn, is anticipated to contribute to the demand for automotive bioplastic materials during the forecast period.
Governments have put immense pressure on automotive manufactures to reduce vehicle weight to achieve fuel economy. Nowadays, weights of vehicle modules in newer vehicles are much lighter than conventional ones, which had metal bodywork. It has been observed that these were nearly twenty percent heavier than today’s modules.
Companies are heavily investing in research & development and manufacturing strategies to reduce the weight of several body components. OEMs prefer bioplastic-based materials over conventional raw materials (steel) for specific applications as these help reduce the weight of the vehicle significantly and have other technological advancements over other materials.
The report highlights some of the prominent market players, who have established themselves as leaders in the global automotive bioplastic market. Few examples of key players in the automotive bioplastic market are Mitsubishi Chemical Corporation, Total Cobion PLA, NatureWorks LLC, Solvay Group, Eastman Chemical, Arkema Group, Braskem, Evonik Industries AG, BASF SE, and Dow Chemical Company, among others.
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Automotive Bioplastics Market by Category
By Material :
- Bio PA
- Bio PET
- Bio PBS
- Bio PP
- Bio PE
By Vehicle :
- Passenger Car
- Electric Cars
By Application :
- Engine Surrounding
By Region :
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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