Automotive Bioplastic Market Forecast with Potential Impact, Despite COVID-19 Pandemic, Finds FMI 2022 to 2029

Automotive Bioplastic Market

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. The global automotive bioplastic market is estimated to be valued at ~US$ 521 Mn in 2022 and is expected to increase at a CAGR of ~11% during the forecast period.

Future Market Insights (FMI) has forecasted the Automotive Bioplastics Market to grow with a year on year growth of 10.3% in 2022 reaching a value of about US$ 687.5 Mn by 2022 end.

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

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.

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.

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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
    • Bumper
    • Tailgate/Liftgate, Hood
    • Body Hardware
    • Others
  • Interior
    • Seats
    • Dashboard
    • Air Ducts
    • HVAC
    • Others
  • Engine Surrounding
    • Engine Covers/Valve Covers
    • Fuel Hoses/ Lines
  • Others

By Region :

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • Middle East and Africa

Table of Content

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Analysis and Recommendations

2. Market Definitions

2.1. Market Taxonomy

2.2. Market Definition

3. Key Market Trends

TOC continued…!

About FMI

Future Market Insights (ESOMAR certified 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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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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