Automotive bioplastics are gaining significant attention in the automotive industry as a promising solution to reduce environmental impact. Bioplastics are derived from renewable sources such as plants, algae, or bacteria, making them a sustainable alternative to traditional petroleum-based plastics.
In the automotive sector, bioplastics offer numerous advantages. Firstly, they help reduce carbon emissions by minimizing reliance on fossil fuels. Bioplastics can be used for interior components like dashboards, door panels, and upholstery, as well as exterior parts like bumpers and trims. Secondly, they are lightweight, contributing to fuel efficiency and reducing overall vehicle weight. This, in turn, enhances energy efficiency and lowers greenhouse gas emissions.
The global automotive bioplastic market is estimated to be valued at US$ 687.5 Million 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-PTT
- Bio PET
- Bio PBS
- Bio PP
- Bio PE
- Others
By Vehicle :
- Passenger Car
- LCV
- HCV
- Electric Cars
By Application :
- Exterior
- Interior
- Engine Surrounding
By Region :
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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