Automotive Elastomers Market: Trends, Growth, and Forecast 2022-2030
Automotive Elastomers Market Overview The global automotive elastomers market size is expected to reach USD 51.3 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.4% from 2022 to 2030. An increase in consumer disposable income and strict regulations by the government to reduce pollution are expected to impel market growth. The COVID-19 pandemic had a negative impact on the market due to the suspension of automobile production and a decrease in vehicle demand due to worldwide financial instability. On a global scale, the outbreak disrupted the whole automotive supply chain. Since the automotive elastomers sector is entirely dependent on automobile sales, this outbreak hugely impacted this market. However, the market grew significantly in 2021, mainly due to the increased sales of electric vehicles, and is thus likely to stimulate the industry. Mergers & acquisi...