The global automotive bioplastics market share is estimated to clock a revenue of USD 2,103.28 million by 2033. Our chemicals and materials industry experts opine that automotive bioplastics providers can expect a CAGR of 10.7% through 2033, with a present valuation of USD 761.06 million in 2023.
Key Trends in the Automotive Bioplastics Market
| Attributes | Details |
|---|---|
| Automotive Bioplastics Market Size, 2023 | USD 761.06 million |
| Automotive Bioplastics Market Size, 2033 | USD 2,103.28 million |
| Value CAGR (2023 to 2033) | 10.7% |
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The emergence of bio-based plastic for the automotive industry has led to green transformation in the global industry. The automotive bioplastics market, in the historical period, has been driven by the surging public consciousness around the need to protect the environment and lower reliance on fossil fuels and other conventional sources of energy.
| Attributes | Details |
|---|---|
| Automotive Bioplastics Market Size (2018) | USD 457.81 million |
| Automotive Bioplastics Market Size (2022) | USD 687.5 million |
| Automotive Bioplastics Market (CAGR 2018 to 2022) | 8.2% |
Factors that catalyzed the market growth in the previous period include:
In the upcoming years, the market is anticipated to be positively influenced by the following factors:
North America is expected to have a significant market share in the assessment period. The United States is projected to have a ruling share in the region. The country's growth is strongly driven by the surging vehicle population, suggesting that Americans prioritize vehicle ownership, especially cars. According to the latest statistics from Forbes Media LLC, personal as well as commercial vehicle registrations in the United States surged by 3.66%, demonstrating an uptick in car ownership. Many households in the United States had at least one vehicle in 2021, whereas 22.1% of American households had three or more vehicles.
Due to increased ownership, concerns over cost, environmental impact, and sustainability have increased. This has resulted in innovations in the automotive industry to address the issues, giving rise to the important usage of bioplastics in automobiles. The automotive industry has been encouraged to develop bio-based plastic materials for cars due to safety, lightweight, fuel economy standards, style, public appeal, and new regulations for curbing GHG emissions. The automotive industry is a significant end-user of bioplastics. The consumption growth of bioplastics used in the automotive industry in the United States is projected to see a prominent rise in the predicted period.
The analysis of the Europe market for automotive bioplastics indicates that Europe is projected to have a sizeable market portion in the upcoming years. Within Europe, Germany accounts for a prominent market presence. Apart from that, FMI analysts have spotted that the United Kingdom is expanding significantly through 2033. Several European companies are focusing on developing sustainable solutions from an entirely self-controlled supply chain. Moreover, leading players in the market are building up their internal expertise in materials development with several partners.
In October 2020, Röchling Automotive introduced a bioplastic Röchling-BioBoom, which is a patented PLA-based biopolymer that contains 90% renewable raw materials. Thus offering an economical and ecological alternative to conventional materials like polyester (PET, PC, PBT) and polyolefins, polystyrene, and polyamides. Such transformations in the industry are expected to facilitate the development of eco-friendly vehicles and thus help direct the automotive industry toward sustainability.
As per the market assessment of automotive bioplastics, the Asia Pacific region is expected to expand vigorously over the forecast period. Within this region, the contribution of China and India, which are expanding at notable CAGRs, is quite prominent. Manufacturers create more sustainable materials and fulfill demand patterns in Asian growth markets. The region has been instrumental in the large-scale commercialization of automotive bioplastics. Still, parameters like government policies, industry infrastructure, and feedstock availability have led to varied results in different Asian countries.
The increasing commercial importance of bio-based solutions has led to their application in the automotive sector. Apart from this, the future capacity additions of automotive bioplastics are projected to bolster the market development. There have been increasing legislations and concerns about lowering CO2 emissions, which is expected to fuel the uptake of bio-based plastics and polymers as it has less carbon footprint than fossil plastics. Plant-based fibers also help lower the weight of certain pieces of equipment by 20 to 25%, thus enhancing the automotive’s performance.
As per the latest market analysis of automotive bioplastic, the market in Japan is expected to have a noteworthy global share. The Japanese car manufacturers are considered to be leaders when it comes to utilizing bio-plastics in their cars. Key factors that make Japan a fertile ground for the development and introduction of bio-based materials include environment-conscious consumers and new product innovations. An automotive powerhouse like Toyota is committed to deploying bioplastics in applications like radiator end tanks and vent louvers. Bio-based research projects by Japanese players are expected to consolidate the market over the forecast period.
Australia is emerging as a promising market for bioplastics over the assessment period. Bioplastics’ demand in Australia is increasing owing to its comparable strength to metals for a fraction of its weight. It is also more recyclable, as the material can be reused in other vehicles once the existing vehicle becomes obsolete. With such significant developments in the market, bioplastics have a shining future in the vehicle manufacturing industry. Many big names like Toyota and Ford are expected to capitalize on the emerging benefits of using bioplastics in automobiles. Such a high level of attention and commitment toward sustainability is projected to bring innovations in bioplastic applications.
Principal Consultant
The bio-based polyamide accounts for more than 45% of the overall market share. It is an extensively used material type that is used in the production of automotive plastic components. Bio-based polyamide helps enhance applications with a greater potential for wear and tear. Additionally, bio-based polyamides boast of a better environmental profile due to their composition of bio-based or renewable raw materials like castor oil, thus resulting in reduced GHG emissions.
Deployment of bio-based polyamides in automotive assists in saving money on gas and lower carbon emissions, typically driving the use of polyamides in e-mobility. With the help of bio-polyamide structures in manufacturing, manufacturers can save up to 50% of fuel. Qualities like mechanical and thermal efficiency, minimal moisture absorption, high chemical resistance, and other features are expected to boost the preference for bio-based polyamide in the years ahead.
EVs generate prominent revenue for automotive bioplastics. They are finding high adoption in developed countries of North America and Europe due to fluctuating fuel prices and expanding environmental awareness among the citizens. Surging incentives for EVs, rising urban population, and lowering battery prices are some of the prominent drivers of this segment. Apart from this, inter-governmental initiatives for EVs and invigorating transportation infrastructure in emerging and developed countries are expected to boost the adoption of EVs. All these factors are contributing to the uptake of EVs as a mode of transportation.
The market is populated with established players who have expertise in complex manufacturing technologies. Additionally, automotive bioplastic market manufacturers are striving for improved efficiency of their bioplastics-made automotive components by way of research and development efforts. Therefore, new investments in the research area are expected to spur market development. Due to these efforts, the market is witnessing new product launches with operational benefits.
Leading manufacturers in the market are constantly focusing on expanding their production volumes to serve the robustly expanding demand for bioplastics throughout the world. Other bioplastic companies market strategies in the automotive industry include product differentiation, mergers and acquisitions, partnerships, and collaborations.
Key Developments Shaping the Market
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The automotive bioplastics market is expected to generate a revenue of USD 761.06 million in 2023.
The market is expected to expand at a CAGR of 10.7% through 2033.
Bio-based polyamide is observing high sales in the automotive bioplastics market.
Electric cars are witnessing high adoption from consumers.
Evonik Industries AG, Arkema Group, and Braskem are the key competitors in the market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material 5.1. Bio PA 5.2. Bio-PTT 5.3. Bio PET 5.4. Bio PBS 5.5. Bio PP 5.6. Bio PE 5.7. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle 6.1. Passenger Car 6.1.1. Compact 6.1.2. Mid Size 6.1.3. Luxury 6.1.4. SUVs 6.2. LCV 6.3. HCV 6.4. Electric Cars 6.4.1. BEV 6.4.2. HEV 6.4.3. PHEV 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Exterior 7.1.1. Bumper 7.1.2. Tailgate/Liftgate, Hood 7.1.3. Body Hardware 7.1.4. Others 7.2. Interior 7.2.1. Seats 7.2.2. Dashboard 7.2.3. Air Ducts 7.2.4. HVAC 7.2.5. Others 7.3. Engine Surrounding 7.3.1. Engine Covers/Valve Covers 7.3.2. Fuel Hoses/Lines 7.4. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Mitsubishi Chemical Corporation AS 18.2. Total Corbion PLA 18.3. Teijin Group (1/3) 18.4. NatureWorks LLC 18.5. Denso Corporation 18.6. Solvay Group 18.7. Toray Industries Inc. 18.8. Evonik Industries AG 18.9. Arkema Group 18.10. Braskem 18.11. Novamount S.P.A. 18.12. RTP Company 18.13. BASF SE 18.14. Dow Chemical Company 18.15. Eastman Chemical Company 19. Assumptions & Acronyms Used 20. Research Methodology
Automotive
February 2024
REP-BR-81
306 pages
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Automotive Bioplastic Market
