Automotive Bioplastic Market Size, Share and COVID-19 Impact Analysis, By Material (Bio Poly-Amide (PA), Bio Polyethylene Terephthalate (PET), Bio Polybutylene Succinate (PBS), Bio Polypropylene (PP), Bio Polyethylene (PE), Bio Poly-Trimethylene Terephthalate (PTT), and Others), By Application (Exterior, Interior, Engine Surrounding, and Others), By Vehicle (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, and Electric Vehicles), and Regional Forecast, 2024-2032.

The bioplastic used in the automotive industry is known as "automotive bioplastic". The raw materials used to produce bioplastics typically come from biological sources such as corn starch, vegetable and oil fats, recycled food waste, and others. These plastics have replaced car metal parts from the past few years because they are cheaper and lighter. Bioplastics components are environmental friendly and efficient as compared to traditional plastics in terms of recyclability. Also, the weight reduction due to the replacement of metal components did not affect the safety features of vehicle. In recent years, metallic materials have been replaced by bioplastics due to their flexibility, improved heat & barrier resistant and durability.

Increasing demand for cars, trucks, and other vehicles is expected to increase the bioplastic adoption in automotive application. Various vehicle parts are non-recyclable, or sometimes their recyclability cost is higher. The bioplastic recyclability rate is high, providing an edge for the adoption in the automobile industry. Bioplastics are lighter in weight compared to heavy metals, which is expected to rise in the global automobile bioplastic market. Increasing customer’s consciousness regarding environmental hazards caused by fossil fuels resulting in a huge demand for environment-friendly products, which is a key factor for expanding the market.

High costs associated with procurement and processing of bioplastics along with the stringent regulations is hindering the market growth. Key market players focus on developing value-added products to compete with their industry rivals. They are also engaged in increasing their geographic footprint and strategic expansion.

Impact of COVID-19 on Automotive Bioplastic Market

The COVID-19 pandemic has negative impact on automobile bioplastic market. The pandemic outbreak disrupted production activities and supply chains across the automotive sector due to the restrictions imposed by governments of various countries. COVID-19 forced various industries to shut down, temporarily reducing bioplastic demand affecting automobile bioplastic market growth. However, the gradual upliftment of restrictions and restoration of businesses are expected to grow the automotive market steadily.

Key Insights

The report will cover the following key insights:

• The Regulatory Scenario of automotive bioplastic market.


• Key developments in automotive bioplastic market.


• Impact of COVID-19 on automotive bioplastic market.

Analysis By Material Type

Based on type, the automotive bioplastic market has been segmented into Bio Poly-Amide (PA), Bio Polyethylene Terephthalate (PET), Bio Polybutylene Succinate (PBS), Bio Polypropylene (PP), Bio Polyethylene (PE), Bio Poly-Trimethylene Terephthalate (PTT) Others. Bio Polybutylene Succinate (PBS) segment is expected to gain significant market share in the forecast years, it is the largest used bioplastics in the automotive industry which boosts the automotive bioplastic market. Polyethylene Terephthalate (PET) is mostly used in interior materials of vehicles, such as covers and car seats, it’s demand will increase with a rise in importance given to car interiors, also demand for eco-friendly electric cars will boost the automotive bioplastic market.

Analysis By Application

The automotive bioplastic market has demanded various applications such as exterior, interior, engine surroundings, and others. The interior segment is further classified into door consoles & panels, interior lights, fabrics, seats, floor mats, seat cushions, and ventilation panels. The exterior segment is classified into exterior lights (headlamps), bumpers, doors, hoods, and trim. Out of these segments exterior segment is projected to gain the maximum market share in the forecasting years. The exterior of cars mostly affects the weight of a car. Bioplastics are used to reduce the weight of vehicle making it lighter, lowering their cost and increasing their ability to be recycled. All these factors are supposed to drive the demand for automotive bioplastic.

Analysis By Vehicle

Based on vehicle, the automotive bioplastic market has been segmented into passenger car, light commercial vehicle, heavy commercial vehicle and electric vehicles. The passenger car segment is expected to register notable growth in forecast period. Passenger cars includes cars, sport utility vehicles and personal trucks. Increasing bioplastic use in passenger cars will boost the automotive bioplastic market.

Regional Analysis

By region, the automotive bioplastic market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, the Asia Pacific region is projected to hold the significant share in forecast period. The demand for commercial vehicles and passenger cars is rapidly increasing in this region especially in developing countries such as India and China. Bioplastics are widely used in interior of passenger cars such as door consoles, interior lighting, seats and floor mats which boosts the automotive bioplastic market in Asia Pacific region.

North America and Europe are projected to gain the significant share in forecast years. Demand for electric vehicles increasing in these regions. Bioplastics reduces the weight of electric vehicles and offers excellent heat resistance which will propel the automotive bioplastic market. The market in the Middle East & Africa region is expected to grow slowly during the forecast period.

Key Players Covered

The report will include the profiles of key players such as Mitsubishi Chemicals, BASF SE, Anellotech, Inc., Arkema, Dow Chemical Company, Solvay, Mitsui Chemicals, RTP Company, Danimer Scientific, and Braskem.                                                                                     

Segmentation

Key Industry Developments

• In December 2022, Mitsubishi Chemicals developed a plant-derived bioengineering plastic "DURABIO" which acquired two Bio-based product certifications.


• In October 2022, Braskem has invested around USD 60 million in capacity expansion of its sugarcane-based bioplastics brand I'M GREEN by 30%.


• In August 2022, Anellotech announced that it has continuously processed solid, plastic waste into olefins using its Plas-TCat catalytic pyrosis technology.