Title: Automotive Bioplastic Market Will hit at a CAGR Value of ~11.0% from 2019 - 2029
1Automotive Bioplastic Market Expected to Witness
a CAGR Value of 11.0 through 2019-2029
Report Id REP-GB-10531 Published On 03 Oct
2019 Category Chemicals and Materials
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4Automotive Bioplastic Market
- VALLEY COTTAGE, N.Y/(GLOBE NEWSWIRE) -- Future
Market Insights (FMI) has published a new
research study on the automotive bioplastic
market that contains global industry analysis for
2014 - 2018 and opportunity assessment for 2019 -
2029. The 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 US 521 Mn 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
FMIs 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.
5Automotive Bioplastic Market
- 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 todays
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.
6Automotive Bioplastic Market
- Browse More https//www.globenewswire.com/news-
release/2019/10/07/1925831/0/en/Automotive-Bioplas
tic-Market-is-anticipated-to-grow-at-a-CAGR-of-11-
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