The bioplastics that are used in the automotive industry are usually referred to as the automotive bioplastics. The raw materials used in the manufacturing of bioplastics are usually from biological sources, such as corn starch, vegetable fats and oils, recycled food waste, woodchips, and others, instead of conventional sources, such as fossil fuel. Bioplastics possess several beneficial characteristics that make it suitable for use in the automotive industry. Bioplastics are known to have around 25% less weight than conventional plastics. As such when plastic attachments made of bioplastics are used in automotive vehicles, the overall curb weight of the vehicle reduces, thereby increasing vehicle efficiency.
The global automotive bioplastic market is thriving on the back of the growing sales and production of vehicles worldwide, backed by factors such as increasing urbanization and the rising disposable income of individuals. According to the statistics by International Organization of Motor Vehicle Manufacturers (OICA), sales of both commercial and passenger vehicles increased from 75 million in the year 2010 to 91 million in the year 2019, whereas production of vehicles increased from 77 million in the year 2010 to 91 million in the year 2019. CLICK TO DOWNLOAD SAMPLE REPORT
The global automotive bioplastic market is anticipated to achieve a moderate CAGR throughout the forecast period, i.e. 2021-2028. The 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. The bio-based polypropylene (Bio-PP) segment is anticipated to hold the largest market share on the back of the benefits it possesses over other plastic types. Moreover, bio-based polypropylene is used in various applications in vehicles, including air ducts, air conditioning systems, bumpers, lateral sidings, dashboards, battery covers and pressure vessels amongst others.
According to the statistics by the United States Environmental Protection Agency (EPA), transportation sector contributed to the major share of 28% for the GHG emissions in the United States.
Increasing concern for vehicular emissions around the globe has raised the necessity amongst the vehicle manufacturers to find out alternatives that help to reduce the weight of the vehicle. A minor reduction in the weight of the vehicle reduces the pressure on the engine and further helps save the energy which it spends to carry the weight of the vehicle. Further, light weight vehicles are known to be more energy efficient and are also more secured in terms of their accidental ratings. Such a factor is anticipated to drive the growth of the global automotive bioplastic market over the forecast period.
Several parts of the vehicle are non-recyclable, or their recyclability costs are more. The recyclability rate of bioplastics is high which provides a great competitive edge for the adoption of bioplastics in automotive instead of other conventional available alternatives. On the other hand, as bioplastics have favourable recyclability rate, hence, the concern for the environment generated from plastic wastes is also less, which is also anticipated to drive the growth of the global automotive bioplastic market.
The production costs of bioplastics are often very high as they are manufactured using raw materials sources from plants, which require huge arable land. Additionally, the fear amongst the farmers whether to grow food crops or cash crops, which might further affect the food grain stock, also hampers the production of cash crops. Such factors raise the cost of production of the raw materials required for the manufacturing of bioplastics, thereby impacting the cost of automotive parts manufactured from bioplastics, which is anticipated to limit the growth of the global automotive bioplastic market throughout the forecast period.
Our in-depth analysis of the global automotive bioplastic market includes the following segments:
On the basis of regional analysis, the global automotive bioplastic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in North America and Europe is anticipated to grow significantly owing to the presence of several large vehicle manufacturing companies in the regions who are continuously investing to develop advance technologies or materials that contribute to the advancements in vehicular design and technology. On the other hand, the growing awareness amongst the vehicle manufacturers in the nations for the growing vehicular GHG emissions is also anticipated to drive the growth of the automotive bioplastic market in the regions.
The global automotive bioplastic market is further classified on the basis of region as follows:
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization