Pune, India, July 2019, MRFR Press Release/- Market Research Future has Published a Cooked Research Report on the Global Plastic Component Market for Heavy-Duty Vehicles.
The Global Plastic Component Market for Heavy-Duty Vehicles is expected to grow with a volume of 281,470.8 Thousand Units by 2025 with a CAGR of 11.41% during the forecast period (2019–2025). Market Research Future (MRFR) in the report envelop segmentation and drivers for a better glimpse of the market in the coming years. The plastic component market for heavy-duty vehicles include tractors, loaders, scraper, excavators, trucks, combine harvester, and buses. Plastic use in heavy-duty vehicles is adopted in all parts of a vehicle including the fascia, the bumpers, and rear bumpers. The market is mainly driven due to an increase in demand for heavy-duty vehicles in end-use industries and an increase in use for plastic components in heavy-duty vehicles. However, the rise in environmental concerns and plastic prices are expected to hamper the growth of the global plastic component market for heavy-duty vehicles during the forecast period.
The prominent players profiled in the global plastic component market for heavy-duty vehicles are Continental AG (Germany), DowDuPont Inc. (US), Magneti Marelli S.p.A. (Italy), FLEX-N-GATE CORPORATION (US), Toyoda Gosei Co., Ltd (Japan), Samvardhana Motherson Group (India), ElringKlinger AG (Germany), Hartford Technologies, Inc. (US), and Abbott Ball Company Inc. (US), and SMB Bearings (UK). Mergers, acquisitions, contracts, product development, and expansions are the key strategies these companies employ to stay ahead of the rest.
In November 2018, Continental AG acquired Cooper Standard Automotive Inc. under its chassis and safety business segment. Cooper Standard Automotive Inc. produces rubber and plastic sealing, fuel and brake lines, and fluid transfer hoses. This acquisition enhanced its plastic molded component business and expanded its presence in North America, further.
In June 2018, TOYODA GOSEI Co., Ltd acquired Pecval Industria Co., Ltd, a manufacturer of automotive interior and exterior parts in Brazil. This acquisition enhanced its plastic component products and increased its market presence in Brazil.
Extensive research on the global plastic component market for heavy-duty vehicles segments the market by component type, material, and vehicle type has been conducted.
On the basis of component type, the global plastic component market for heavy-duty vehicles can be segmented into engine covers, transmission covers, intake air modules, oil pan modules, cam cover modules, cluster panels/dashboard, bumpers, seating, wheels and tires, doors, interior and exterior trims, and others. The seating segment dominated the market with a share of 25.9%, accounting for 35,561.0 thousand units in 2018; it is projected to exhibit a CAGR of 10.39%. The wheel & tire segment was the second largest with a share of 16.4% in 2018, sized at 22,455.4 thousand units; it is projected to exhibit the highest CAGR of 12.40% during the forecast period.
On the basis of material, the global plastic component market for heavy-duty vehicles has been segmented as polyvinyl chloride (PVC), polyurethane (PU), polypropylene (PP), polyethylene (PE), polyamide (PA), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), and others. The Polypropylene (PP) segment dominated the market in North America with a share of 24.7%, accounting for 53,374.3 tonnes in 2018; it is expected to register the highest CAGR of 4.87% from 2019 to 2025. The Acrylonitrile Butadiene Styrene (ABS) segment was the second largest with a share of 19.0% in 2018, sized at 41,047.5 tonnes; it is projected to exhibit a CAGR of 6.53% during the forecast period.
On the basis of vehicle type, the global plastic component market for heavy-duty vehicles comprises tractors, loaders, scrapers, excavators, trucks, combine harvester, and buses. The trucks segment dominated the market in North America, accounting for 8,949.0 thousand units in 2018 and is projected to register a CAGR of 3.94%. The tractors segment was the second largest with a share of 27.1% in 2018, sized at 4,536.1 thousand units; it is projected to exhibit a CAGR of 3.61%.
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Geographic analysis of the global plastic component market for heavy-duty vehicles spans across Asia-Pacific, Europe, North America, and Rest of the World.
Asia-Pacific is leading the market with its market size of 101,836.9 thousand units in 2018. The regional market volume can go up to 221,282.9 thousand units by 2025 with an impressive 12.31% CAGR during the forecast period. The growth of the region can be attributed to the growing construction and developing infrastructure, along with heavy investments by the leading companies, such as BASF, Samvardhana Motherson Group, and Toyoda Gosei Co. to strengthen their presence in this region. China is leading in Asia-Pacific with a CAGR of 12.76% during the forecast period.
North America has the second largest market share in the global plastic component market for heavy-duty vehicles. The growth of the region can be attributed to the stringent government regulations and an increase in demand for improved fuel efficiency and an increase in demand for lightweight components. Additionally, major construction and infrastructure activities in the region that require heavy-duty vehicles, such as bulldozers, front loaders, dump trucks, backhoes, graders, trenchers, cranes, excavator and construction trucks are expected to increase the demand for plastic components for heavy-duty vehicles during the forecast period. The US is leading in North America plastic component market for heavy-duty vehicles. The US is enriched with the presence of many global and domestic plastic component manufacturers, such as DowDuPont, FLEX-N-GATE CORPORATION, Hartford Technologies, Inc., and Abbott Ball Company Inc. Furthermore, the increase in government regulations and sales of heavy-duty vehicles due to growing construction industry are expected to raise the demand for plastic components for heavy-duty vehicles in the country.