A 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 2019-2029.
The global automotive bioplastic market is estimated to be valued at $521m in 2019 and is expected to increase at a CAGR of ~11% during the forecast period. 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.
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 report’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.
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.