According to the study at Future Market Insights (FMI), the global automotive plastic market is expected to secure US$ 28.5 Million in 2022 and reach US$ 45 Billion by 2032. During the forecast period from 2022-2032, the market is likely to display a CAGR of 4.67%. The growth of the market can be attributed to the manufacturers’ increasing focus on reducing vehicle weight. Players in the industry are taking various initiatives to strengthen their position in the market during the assessment period. For instance, in 2021, Covestro AG rolled out a new product, recycled Polyethylene Terephthalate (rPET). The recycled PET has been optimized for 3D pellet printing. This technology is also called fused granulate fabrication (FGF). It allows for speedy and economically viable additive manufacturing of large-size parts. Governments across the globe are focusing to curb emissions and introduce fuel economy regulations for vehicles. Implementations of such regulations have forced automotive OEMs to boost the application of lightweight materials like plastics. Advanced plastics aid in ensuring the fuel economy of a vehicle while assuring safety and performance. For instance, the U.S is regulated by the National Highway Traffic Safety Administration (NHTSA) and EPA. As per the regulations, the rule establishes standards that would demand an industry-wide fleet average of approximately 49 mpg for passenger cars and light trucks in the model year 2026, by increasing fuel efficiency by 8% annually for model years 2024 and 2025 and 10% annually for the model year 2026. On the contrary, safety issues associated with the consumption of plastic are expected to hamper the automotive plastic market during the forecast period. Ban on plastic application is projected to limit the industry for automotive polymers as they create disposable issues that harm the environment. Such factors are expected to hinder the market in the forecast period. Key Takeaways from the Study: • • • • •
The global automotive plastic market is expected to secure US$ 28.5 Billion by 2022 The global automotive plastic market is anticipated to display a CAGR of 4.67% by 2032 The global automotive plastic market is projected to hold a value worth US$ 45 Billion by 2032 China is expected to have claimed 69% of the global automotive plastic market revenue The Interior Furnishing segment is likely to have claimed about 30% of the global automotive plastic market revenue in 2021