The global automotive bioplastics market was worth US$ 687.5 Million in 2022 and is expected to reach US$ 1.44 Billion by the year 2029 at a CAGR of 10.7% between 2022 and 2029.
The present-day scenario is such that manufacturers of automotives or automotive components are opting for biodegradable plastics in the interest of safeguarding the environment.
Additionally, lightweight vehicles are being asked for. This factor is also expected to take the automotive bioplastics market by storm in the forecast period. Bio-based PA or PE are there to adhere to safety standards while producing high-quality automotive components.
Amongst the regulations imposed, execution of BS VI, Euro 6, and various other emission standards have compelled the manufacturers to curtail HC + Nox emissions from the diesel cars. Bioplastic helps in addressing these needs with reducing the vehicles’ weight.
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At the same time, fluctuation in the prices of raw materials is expected to hamper the automotive bioplastics market going forward.
Future Market Insights has walked through these facts with future perspectives in its latest market study entitled ‘Automotive Bioplastics Market’. It has its line of expertise in the form of analysts and consultants to deploy a 360-degree approach across macros and micros.
“With growing awareness regarding protection of environment, the demand for biodegradable plastics is expected to soar in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Automotive Bioplastics Market
- North America holds the largest market share with the US being subject to stern regulations regarding environmental protection and emissions.
- Europe holds the second-largest market share with Germany leading from the front. This could be reasoned with country being a hub of automotives with greater demand for lightweight automotive components.
- The Asia-Pacific is expected to grow at a remarkable rate in the automotive bioplastics market with countries like India witnessing an exponential increase in consumption of automotives.
Competitive Automotive Bioplastics
- Total Carbion PLA, in September 2020, did announce strategy of expanding the manufacturing capacity regarding bioplastics by opening the new Europe-based plant with manufacturing capacity of close to 100K tons/annum.
- Mitsubishi Chemical Corporation, in March 2019, did announce that it would start using straws for producing bioplastics at facilities operated by Keikyu Corporation by making use of BioPBSTM technology.
- AGRANA Beiteiligungs AG, in the year 2020, did announce that it had completed acquisition of Maroquin Organic International plc; which would aid in expansion of organization’s production segment.
- Anellotech Inc., in the year 2020, did announce that it would look through investments from R Plus Japan Ltd. to develop recycling technologies.
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Key Companies Profiled
- 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
- BASF SE
- Dow Chemical Company
- Eastman Chemical Company
What does the Report state?
- The research study is based on material (Bio PA, Bio-PTT, Bio PET, Bio PBS, Bio PP, Bio PE, and likewise), vehicle (passenger car (compact, mid-size, luxury, and SUVs), LCV, HCV, and electric cars (BEV, HEV, and PHEV), and application (exterior (bumper, tailgate/liftgate, hood, body hardware, and likewise), interior (seats, dashboard, air ducts, HVAC, and others), engine surrounding (engine covers/valve covers and fuel hoses/lines), and 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
- Others
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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