Automotive Elastomers Market To Expand Industry Growth At USD 51.3 Billion By 2030
San Francisco, 16 Sep 2022: The Report Automotive Elastomers Market Size, Share & Trends Analysis Report By Type (Thermoset, Thermoplastic), By Application (Tire, Interior, Exterior, Under The Hood), By Vehicle Type, By Region, And Segment Forecasts, 2022 - 2030 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.