The plastic materials market for electric & hybrid vehicles is projected to grow at a CAGR of
27.82% during the forecast period, to reach a market size of USD 1.49 billion by 2021. The
market is driven by factors such as the increasing sales of electric & hybrid vehicles, stringent
fuel emission regulations, supporting government policies for alternate fuel vehicles, light
weighting of vehicle and others. Addition to that, the growth of automotive plastic market in
BRIC countries is also creating a new revenue pocket for tier1 players and oems. The
automotive industry is shifting its base to BRIC countries. Majority of the global automobile
giants operating in the market have set up their manufacturing units in these regions, which
will eventually drive the demand for automotive plastics.