Plastic Component Marketwith a growth rate of CAGR of 11.41% Forecast by 2027
According to the latest report, the global plastic component market size for heavy-duty vehicles is predicted to grow from 137,143.0 Thousand units in the year 2018 to 281,470.8 Thousand units by the end of 2025 with a growth rate of CAGR of 11.41% during the forecast period. The rising penetration of plastic components in heavy-duty vehicles such as loaders, excavators, tractors, buses, heavy trucks, loaders and combine harvesters is due to the rise in demand for lightweight vehicles and relates light weight components in-vehicle applications.
There are two types of plastic components, one is thermoplastic and the other is thermosetting. The thermoplastic category includes polyamide(PA), acrylonitrile butadiene styrene (ABS), and polycarbonate (PC), on the other hand, thermosetting includes polyurethane (PU). These are the main plastic components materials in heavy-duty vehicle applications. These plastics are widely used in the manufacturing of several components for heavy-duty vehicles. Engine cover, seating wheel and tires, cam cover module, transmission cover, cluster panel/dashboard, windows and windshield, electronics, intake air modules, doors, and interior and exterior trim are the major components that require plastics.
This report contains all the information on the global plastic component market trends for heavy-duty vehicles research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global plastic component market analysis for heavy-duty vehicles and forecast to 2025 is also included in the report.
Major Key Players
Global Plastic Component Market for Heavy-Duty Vehicles, MARKET SIZE, 2018–2025
Source: MRFR Analysis
Covid 19 Analysis
The outbreak of the global pandemic covid 19 has impacted the supply chain of the automotive industries, with discontinuation in the facilities of production around the world. The lockdown phase is predicted to affect the plastic component market value for heavy-duty vehicles as the growth of this market is directly affecting the production of vehicles. The decrease in the production of vehicles is predicted to adversely affect the global lightweight material market.
The governments of developing countries across the globe have fuel economy regulations for vehicles. These acts have pressurized the automotive OEMs to raise the uses of lightweight materials including plastics, composites, and metals. The advanced lightweight material increases the fuel efficiency of a vehicle and guarantees the performance and safety of the vehicle and passenger.
A reduction of 10% in the mass of the vehicle can ameliorate fuel economy by 6 to 8%. Manufacturing, assembly, selection of materials, and effective designs are likely to boost the plastic component market growth for heavy-duty vehicles.
Electric vehicles are considered as a revelation in technology in the automotive industry. These types of vehicles offer the best performance as compare to the internal combustion counterparts. Electric vehicles are energy independent, more efficient, and far better than the alternative of gas.
Moreover, electric vehicles have low engine power, they require lightweight material which is likely to drive the engine’s capacity of pulling. Hence, the rise in demand for electric vehicles brings forth an opportunity for the growth of the plastic component market for heavy-duty vehicles.
The high material costs of titanium, magnesium, and carbon fiber-reinforced composites are likely to hinder the growth of the global plastic component market for heavy-duty vehicles. The price of 1kg carbon fiber reinforced polymers (CFRP) can go up to 3900% which is more than steel. The price of titanium can go up to 900% which is more than normal steel. Glass fiber reinforced plastics (GFRP) can go up to 400% which is again more than normal steel.
The high-cost lightweight materials need high maintenance. The maintenance of carbon fiber parts in the vehicle is quite difficult and physical damage requires the help of ultrasonic, acoustic emission detection, or x-ray imaging to be identified. In order to decrease the weight, several OEMs are developing monocoque out of single materials which provide structural strength and lightweight, but in case of an accident, the monocoque requires replacements which is very costly. Hence, it can be considered as a major challenge for the plastic component market for heavy-duty vehicles.
Cumulative Growth Analysis
The construction industry is the major contributor of the plastic component market for heavy-duty vehicles market in terms of revenue in the majority of the countries. This sector generates approx 10% of the GDP, mostly in small and micro enterprises in developing countries of Europe. Hence the (EU) European union is endlessly working to rise investments from the private sector and government sector in the construction industries.
Value Chain Analysis
According to the latest report, the global plastic component market for heavy-duty vehicles has been segmented on the basis of material, component, vehicle type, and region. Based on component, the global plastic component market outlook for heavy-duty vehicles is segmented into engine covers, intake air modules, transmission covers, cam cover modules, cluster panels/dashboard, oil on modules, bumpers, seating, wheels and tires, interior and exteriors trims, doors, and others. The seating segments id predicted to dominate the global plastic component market for heavy-duty vehicles due to the continuous improvements in the safety relevance, the aesthetic quality of seating trim, and the function of the semi-structural components in vehicles.
Based on materials, the global plastic components market revenue for heavy-duty vehicles marker has been segmented into polyvinyl chloride (PVC), polyurethane (PU), polypropylene (PP), polyethylene (PE), polyamide (PA), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), and others. Based on the vehicle type, the global plastic components market for heavy-duty vehicles market has been segmented into loaders, buses, trucks, combine harvest or, tractors, excavators, and scrapers.
The market is segmented on the basis of the material, component, vehicle type, and region. The global plastic component market for heavy-duty vehicles market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into engine covers, intake air modules, transmission covers, cam cover modules, cluster panels/dashboard, oil on modules, bumpers, seating, wheels and tires, interior and exterior trims, doors, and others.
Based on the propulsion types, the market is segmented into loaders, buses, trucks, combine harvest or, tractors, excavators, and scrapers.
According to the reports, on the basis of the region, the global plastic component market for heavy-duty vehicles market is segmented into Asia Pacific, North America, Europe, and the rest of the world. The Asia Pacific is predicted to account for the maximum plastic component market shares for the heavy-duty vehicles market during the forecast period with a 74.26% share. China was the largest global market in the year 2018 with a volume of 59,385.2 Thousand units.
The key manufacturers of the global plastic component market industry for heavy-duty vehicles are continuously investing in R&D in order to upgrade the PP, PU, ABS, and PC/ABS resins for the automotive applications of seats. The developments of thermoplastic resins are predicted to provide a quality and flexible design with a lightweight and excellent impact performance in the vehicles.
The following report comprises of –
|Market Size||2030 : Significant Value|
|CAGR||2030 : Substantial CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component, Material and Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Hartford Technologies, Inc. (US), SMB Bearings (UK), and Abbott Ball Company Inc. (US)|
|Key Market Opportunities||Electric vehicles are considered as a revelation in technology|
|Key Market Drivers||
Between 2019 and 2025, the market can surge at a high CAGR by 2025.
The market can attain at a considerable high valuation by 2025.
Hartford Technologies, Inc. (US), SMB Bearings (UK), and Abbott Ball Company Inc. (US) are some key players of the market.
In 2018, the plastic component market for heavy-duty vehicles market valued at USD 137,1432 Mn.
The rapid expansion of construction industry in APAC can impel the regional market growth.