Automotive Bioplastic Market Regional Analysis:
North American Market Insights
North America industry is estimated to account for largest revenue share of 35% by 2035, The presence of many significant market players as well as consistent investment in technological improvements and materials that lead to advances in automotive design and technology in the region are fueling the growth. Moreover, rising awareness among vehicle makers in the countries about rising vehicular GHG emissions is also expected to fuel the regional expansion of the automotive bioplastic market. According to the Environmental Protection Agency, the greenhouse emissions from the transportation accounted to nearly 27 percent of all the United States greenhouse gas emissions.
APAC Market Statistics Insights
The Asia Pacific automotive bioplastic market, amongst the market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. Countries such as China, India, and Japan are likely to fuel expansion in the Asia Pacific automotive bioplastic market. China now possesses the world's largest vehicle market, and the Chinese government has established lofty goals for lowering carbon emissions and encouraging sustainability. As a result, there has been a surge in interest in bioplastics as a more ecologically friendly alternative to standard plastics. India is also a large automobile market, with substantial growth projected in the next years. The Indian government has initiated various sustainability programs, including the Swachh Bharat Abhiyan initiative, which aspires to keep India clean and waste-free. As a result, there is an increasing need for sustainable materials such as bioplastics.
Europe Market Forecast
Further, the market in Europe, amongst the market in all the other regions, is projected to hold the third largest share by the end of 2035. The growth of the market can be attributed majorly to an increasing number of cars, as well as developing awareness amongst the car drivers for the zero net emission by 2050 target. According to statistics from 2022, approximately 60% of all new passenger vehicles sold in the European Union emit less than 130 gms of CO2 per kilometer.
