Demand for high-performance automotive bioplastics is growing as manufacturers adapt to greenhouse gas regulations and renewable raw material prices

The global automotive bioplastics market size is likely to grow from USD 761.06 million in 2023 to USD 2103.28 million in 2033. This estimated growth is estimated to be driven by a compound annual growth rate (CAGR) of 10.7% in the global automotive bioplastics market over the next decade.

Industries such as automotive and transportation are increasingly using bioplastics to develop automotive parts, which is driving market growth. To add to the growing momentum, the market is seeing the emergence of new raw materials such as bio-waste, algae, and CO2 taken from the atmosphere. This is expected to drive innovation in product composition and capabilities.

The automotive bioplastics market is additionally driven by new research exploring new possibilities for bioplastics. The latest research and development work by scientists at the Institute for Bioplastics and Biocomposites (IfBB) at the University of Applied Sciences Hannover is a good example. Scientists at the university are developing bioplastics that can withstand the stresses and high temperatures in the automotive industry.

The aim of the project is to prove that bio-based formulations can be high-performance plastics. It is supported by the German Federal Ministry of Food and Agriculture. In the run-up to the project, it was reported that bio-based composites are compatible with difficult applications at high temperatures when properly refined and processed.

Key players are collaborating to create new opportunities for brand owners and plastic manufacturers to consider biopolymers as a low-carbon substitute for fossil-based plastics for sustainable and durable applications. The automotive industry is expected to benefit from such improved bioplastic grades.

This market continues to face competition from conventional plastics due to the reliable supply of raw materials for their production, improved functionalities and subsequent processing, and greater economies of scale.

“The growing interest in bioplastics among automotive manufacturers committed to switching to sustainable processes is expected to drive the adoption of automotive bioplastics in the coming years. However, market participants should consider improving product characteristics, technological processes, raw material availability and profit margins to gain an advantage in the market competition.” says Future Market Insights analyst.

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Key findings from the automotive bioplastics market report:

In 2022, the value of the automotive bioplastics market was USD 687.5 million.
Europe is expected to become a significant market for automotive bioplastics in the coming period.
Australia is emerging as a growth market for automotive bioplastics.
The electric car segment is expected to have a significant market share in the coming years.
Bio-based polyamide material is a highly preferred bioplastic in the automotive industry.

Key Events in the Automotive Bioplastics Market

In March 2020, Floreon and Clariant announced their collaboration to expand their high-performance biopolymer applications to more markets. This development is expected to meet demanding material requirements and expand the potential applications of biopolymers.

Mitsubishi Chemicals has created a plant-based bioengineered plastic, DURABIO, which was awarded two bio-based product certificates in December 2022.

In October 2022, Braskem invested USD 60 million to increase its capacity to produce a sugarcane-based bioplastic brand called “I’M GREEN” by 30%.

Anellotech announced in August 2022 that it is continuously converting solid plastic waste into olefins using its Plas-TCat catalytic pyrolysis technology.

Key players in the automotive bioplastics market include:

Mitsubishi Chemical Corporation AS
Total Corbion PLA
Teijin Group (1/3)
NaturaWorks LLC
Denso Corporation
Solvay Group
Toray Industries Inc.
Evonik Industries AG
Arkema Group
Braskem
Novamount SPA
RTP Company

Automotive Bioplastics Market Research by Category

By material:

Bio PA
Bio-PTT
Bio-PE
Bio-PBS
Bio PP
Bio-PE

By vehicle:

Passenger car
LCV
Hepatitis C
Electric cars

By application:

External
Interior
Engine environment

By region:

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

Old source: https://finance.yahoo.com/news/automotive-bioplastics-market-reach-us-143000505.html

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award winner and member of the Greater New York Chamber of Commerce) offers in-depth insights into the factors driving market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a vast team of 400 analysts worldwide, FMI provides global, regional and local expertise on various industry disciplines and trends in over 110 countries.

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