Bioplastics are a class of polymers that are derived from renewable sources such as cornstarch, sugarcane, potato starch, and other plant-based materials. Unlike conventional plastics that are derived from petroleum, bioplastics offer several advantages, including reduced greenhouse gas emissions, decreased dependence on fossil fuels, and potential biodegradability.
The Automotive Bioplastics Market is poised for growth as automakers strive to create more sustainable vehicles that meet evolving environmental standards. While challenges remain, the potential benefits of reduced carbon emissions, improved fuel efficiency, and decreased plastic waste make bioplastics a compelling option. As technology advances and the demand for eco-friendly alternatives continues to rise, the automotive industry is likely to witness a transformative shift toward bioplastics, driving us closer to a greener and more sustainable future on the road.
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.
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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
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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
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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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