Automotive Bioplastic Market : A Strong Growth Outlook from 2023 to 2035
Research Nester has released a report titled “Automotive Bioplastic Market – Global Demand Analysis & Opportunity Outlook 2035” which delivers detailed overview of the global automotive bioplastic market in terms of market segmentation by material type, application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global automotive bioplastic market is segmented by material type into bio-polyamides (Bio-Pa), natural fibers, poly-lactic acid, polybutylene succinate (PBS), bio-based polypropylene (Bio-PP) and others, out of which, the bio-based polypropylene (Bio-PP) segment is anticipated to hold the largest market share owing to the benefits it possesses over other plastic types, along with greater applicability in vehicles, such as bumpers, lateral sidings, dashboards, battery covers, air ducts, air conditioning systems and pressure vessels amongst others.
The global automotive bioplastic market size is estimated to reach ~USD 2,300.0 Million by the end of 2035 by growing at a CAGR of ~10% over the forecast period, i.e., 2023 – 2035.Increasing urbanization and the rising disposable income of individuals, which is contributing to the growing sales and production of vehicles worldwide is anticipated to promote towards the growth of the global automotive bioplastic market. In the statistics by International Organization of Motor Vehicle Manufacturers (OICA), sales of both commercial and passenger vehicles peaked to 91 million in the year 2019 from 75 million in the year 2010. Further, production of vehicles peaked to 91 million in the year 2019 from 77 million in the year 2010.
Regionally, the global automotive bioplastic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in North America and Europe is anticipated to grow significantly on the back of the continuous investments by the vehicle manufacturers present in the region for their requirement to develop advance technologies or materials that contribute to the advancements in vehicular design and technology, coupled with the presence of several large vehicle manufacturing companies in the regions and the increasing awareness amongst the vehicle manufacturers in the nations for the growing vehicular GHG emissions.
Growing Need Amongst Vehicle Manufacturers to Reduce Vehicle Curb Weight
In the statistics by the United States Environmental Protection Agency (EPA), GHG emissions in the United States contributed by the transportation sector constituted the major share of 28%.
The statistics portray the growing concern amongst the vehicle manufacturers for the growing GHG vehicular emissions, which on the other hand is raising the need to reduce the overall curb weight of the vehicle. To step up with a feasible and economic solution, vehicle manufacturers are investing readily to develop solutions, such as he use of bioplastics in automotive, as bioplastics reduces the overall curb weight of the vehicle drastically, thereby lowering the vehicle emissions. Such a factor is anticipated to drive the growth of the global automotive bioplastic market over the forecast period.
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However, the concern for the high production costs of bioplastics, which also impacts the cost of production of the automotive parts made with bioplastics, therefore hampering the overall profitability of the manufacturer of the vehicle, is anticipated to restrict the growth of the global automotive bioplastic market.
This report also provides the existing competitive scenario of some of the key players of the global automotive bioplastic market, which includes company profiling of AGRANA Beteiligungs-AG (VIE: AGR), Anellotech, Inc., Archer Daniels Midland Company (NYSE: ADM), BASF SE (ETR: BAS), BioSphere Plastic LLC, Mitsui Chemicals, Inc. (TYO: 4183), MetGen Oy, Danimer Scientific, Covestro AG (ETR: 1COV) and Sojitz Pla-Net Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive bioplastic market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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