Automotive Plastics Market is Expected to Reach the Value CAGR 13.5% of During the Forecast Period 2022-2029
The surge in adoption of lightweight materials due to stringent emission by government and other public organizations, and continuous improvements in recycling processes accelerate the market growth. The rise in demand from consumers for high-performance, lightweight, and fuel-efficient vehicles, and OEMs’ inclination towards thermally stable plastics further influence the market. Additionally, rapid industrialization, expansion of various end use industries, research and development activities, and introduction of new safety features and luxury components positively affect the automotive plastics market. Furthermore, use of bioplastics in vehicle production and use of anti-microbial plastics/additives in vehicle car production extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
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