Factors such as surge in demand for lightweight materials owing to the implementation of fuel standards such as Corporate Average Fuel Economy (CAFÉ) and stringent emission regulations coupled with rapid growth in vehicle electrification will drive the demand for automotive plastics.
The Automotive Plastics market size is USD 46.7 Bn in 2026.
The Automotive Plastics market is projected to grow at a CAGR of 8% by 2033.
Mature market such as Europe and North America are showing huge growth for vehicle electrification and hybridization. Furthermore, these regions are also adopting stringent measures to limit CO2 emissions and fuel efficiency, thus expanding the usage of plastics in automotive.
Companies are developing innovative products that can withstand higher temperature levels, especially in under the hood applications. Furthermore, with goals towards sustainability companies are entering into strategic collaborations with plastic recyclers and technology providers.