The global automotive bioplastics market value is likely to jump from US$ 761.06 million in 2023 to US$ 2,103.28 million by 2033. This estimated growth is expected to be driven by a CAGR of 10.7% in the global automotive bioplastics market over the next decade.
Industries like automotive and transport are increasingly using bioplastics to develop automotive parts, thus fueling the market growth. To add to the surging momentum, the market is observing the emergence of new feedstocks like biowaste, algae, and CO2 taken from the atmosphere. This is expected to drive innovations in the product composition and its capabilities.
The market for automotive bioplastics is further driven by new research studies investigating new bioplastics potentialities. Recent research and development efforts by the Institute for Bioplastics and Biocomposites’ (IfBB) researchers at Hannover University of Applied Sciences is a good case. The researchers at the university are developing bioplastics that can endure stresses and high temperatures in the automotive industry.
The project aims to prove that bio-based formulations can be high-performing plastics. The German Federal Ministry of Food and Agriculture backs it. In the run-up to the project, it is reported that bio-based composites are compatible with challenging high-temperature applications with apt refinement and processing.
Key players are collaborating to create new possibilities for brand owners and plastic producers to consider biopolymers as a low-carbon footprint substitute for fossil-based plastics for durable as well as durable applications. The automotive industry is expected to benefit from such improved grades of bioplastics.
The market still needs to be challenged by conventional plastics due to the latter’s reliable feedstock supplies, improved functionalities and subsequent processing, and enhanced economies of scale.
“Increasing interest in bioplastics by automotive manufacturers as they pledge to turn to sustainable processes is expected to favor the uptake of automotive bioplastics in the upcoming years. However, market participants should consider improving the product characteristics, technological processes, feedstock availability, and profit margins to have the upper hand in the market competition,” says analyst at Future Market Insights.
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Key Takeaways from the Automotive Bioplastics Market Report:
- In 2022, the automotive bioplastics market accounted for US$ 687.5 million.
- Europe is anticipated to be a prominent market for automotive bioplastics in the upcoming period.
- Australia is emerging as a budding market for automotive bioplastics.
- The electric cars segment is projected to have a significant market in the upcoming years.
- Bio-based polyamide material is a highly preferred automotive bioplastic.
Key Developments Taking Place in the Automotive Bioplastics Market
In March 2020, Floreon and Clariant reported about their collaboration to extend its high-performance biopolymer applications to more markets. This development is expected to meet the demanding material requirements and further the potential applications of biopolymers.
Mitsubishi Chemicals created a plant-based bioengineering plastic DURABIO, which obtained two bio-based product certifications in December 2022.
In October 2022, Braskem invested US$ 60 million to extend its capacity of a sugarcane-based bioplastics brand called ‘I’M GREEN’ by up to 30%.
Anellotech reported in August 2022 that it continuously processes its solid plastic waste into olefins utilizing its Plas-TCat catalytic pyrosis technology.
Key Players in the Automotive Bioplastic Market Include
Mitsubishi Chemical Corporation AS
Total Corbion PLA
Teijin Group (1/3)
NatureWorks LLC
Denso Corporation
Solvay Group
Toray Industries Inc.
Evonik Industries AG
Arkema Group
Braskem
Novamount S.P.A.
RTP Company
Automotive Bioplastics Market Research by Category
By Material:
- Bio PA
- Bio-PTT
- Bio PE
- Bio PBS
- Bio PP
- Bio PE
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
- The Middle East and Africa
Old Source: https://finance.yahoo.com/news/automotive-bioplastics-market-reach-us-143000505.html
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