ID: MRFR/AM/6628-CR | 180 Pages | Author: Sejal Akre | October 2020
The Plastic Component Market for Heavy-Duty Vehicles is projected to register a CAGR of 11.41% to reach approximately USD 10 billion from 2020-2030.
Due to their adaptability, ease of manufacturing, moldability, light weight, waterproof properties, and low cost, plastics, also known as polymers, are used to make a wide array of products ranging from paper clips to spaceships. Traditionally, natural gas and petroleum have been used to make them. Manufacturers are now using renewable sources as a result of diminishing polymer sources. It is also produced from renewable biomass sources such as corn starch, sawdust, vegetable fats and oils, and food waste. Additionally, growing knowledge of the harm that polymers to the environment encourages producers to create recyclable goods. The major driving factor of the market is the surge in demand for high-performance plastic packaging solutions for product protection.
During the projection period, it is predicted that rising plastic use in the construction, automotive, and electrical & electronics industries will boost market expansion. Plastic is increasingly being used as a substitute for metals, such as aluminum and steel, in the production of automobile components in response to regulations aiming to lower gross vehicle weight in order to increase fuel efficiency and eventually reduce carbon emissions. The development of the building sector in developing nations like Brazil, China, India, and Mexico has also significantly increased the demand for plastics. Because of loosened FDI regulations and demands for better public and industrial infrastructure, there has been an increase in foreign investment in certain domestic construction markets.
Numerous industries, including food & beverage, consumer goods, automotive, and electrical & electronics, are experiencing an increase in product demand. product consumption is being driven by the food and beverage industry's rising demand for packaging materials. Food producers prefer to utilize packaging that prevents contamination and minimizes food quality deterioration. The need is being fueled by plastic's capacity to serve as a shield between food products and the outside world.
Regulations regarding product use are anticipated to have an impact on market growth. As polymers are harmful to environment because it has grown, strict government laws and other measures have been implemented. Many businesses and governments have worked to adopt more environmentally friendly and non-plastic alternatives in an effort to lessen the environmental damage brought on by the use of plastic. Conventions against the use of plastic and the shift toward non-polymer items jointly hinder the market growth. For example, presidents of state, environment ministers, and other delegates from 175 nations approved a historic decision to eliminate plastic waste and create an international legally binding pact by the end of 2024 in March 2022 at the UN Environment Assembly held in Nairobi.
In the automotive business, electric cars are regarded as a technological revolution. Comparing these vehicles to their internal combustion competitors, they give the best performance. Electric vehicles outperform gas-powered alternatives in terms of energy independence, efficiency, and reliability. Additionally, since electric cars need lightweight materials and have minimal engine power, their ability to pull is likely to be limited. Consequently, the growing demand for electric vehicles presents a chance for the heavy-duty vehicle the market to expand.
The Plastic Component Market for Heavy-Duty Vehicles segmentation, based on component type, engine covers, transmission covers, intake air modules, oil pan modules, cam cover modules, cluster panels/dashboards, bumpers, seating, wheels & tires, doors, interior & exterior trims, and others. The Plastic Component Market for Heavy-Duty Vehicles growth was prominently high under the seating category in 2021 due to ongoing advancements in vehicle semi-structural component functionality, seating trim aesthetic quality, and safety relevance.
The Plastic Component Market for Heavy-Duty Vehicles segmentation, based on material is polyvinyl chloride, polyurethane, polypropylene, polyethylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, and others. In 2021, polyethylene accounted for the largest market share of the market. It is mostly utilized in the packaging industry, which includes geo-membranes, plastic bags, plastic films, and containers and bottles. There are numerous varieties of polymers of PE, including HDPE, LDPE, and LLDPE, depending on their molecular weight. Low molecular weight polymers of PE, for example, are used in lubricants; medium molecular weight polymers are utilized as wax and are miscible with paraffin, and high molecular weight polymers are frequently used in the plastics sector.
Based on vehicle type, the market is divided into tractors, loaders, scrapers, excavators, trucks, combine harvester, and buses. The buses category dominated the market for contact lenses in 2021. The market for automotive plastic components has been significantly impacted by the increasing production of buses to achieve cost-effectiveness in manufacturing and provide vehicles at cheap prices to consumers.
By region, the Plastic Component Market for Heavy-Duty Vehicles has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America is projected to exhibit the highest CAGR during the review period.
Asia Pacific dominated the market share in 2021. The rapidly expanding industrial sector is anticipated to fuel demand for plastic in the electrical & electronics, automotive, construction, and packaging sectors. Due to technology transfer from Western markets into the industry, recent years have seen a rise in automotive production in both China and India.
North America accounted for the second-largest market share in the market in 2021 driven by rising product demand from the packaging, healthcare, and pharmaceutical industries, as well as the electrical and electronic industries. The region has used recycled plastics more frequently as a result of worries about plastic pollution and the advancement of recyclable technologies.
The market includes tier-1, tier-2, and local players. The key market participants generally pursue new semiconductor metrology and inspection market categories. In manufacturing, specialized robots programmed for a particular work environment are generally preferable to standard robots. For instance, in February 2022, In Ruwais, United Arab Emirates, Borouge opened its fifth polypropylene factory (PP5). Increasing polypropylene manufacturing, this development will assist the business in providing services to the infrastructure, advanced recyclable packaging, and other industrial sectors.
Prominent players in the Plastic Component Market for Heavy-Duty Vehicles research include 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), Abbott Ball Company Inc. (US), SMB Bearings (UK), among others.
Component Type Outlook
Vehicle Type Outlook
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the Plastic Component Market for Heavy-Duty Vehicles report segmented by component type, material, and vehicle type by value (in US dollars). Also, to understand the consumption/ demand created by consumers of Plastic Component Market for Heavy-Duty Vehicles forecast between 2022 and 2030
To identify and infer the drivers, restraints, opportunities, and challenges in the Plastic Component Market for Heavy-Duty Vehicles growth
To find out the factors which are affecting the Automotive Plastic Component Market for Heavy-Duty Vehicles size among consumers
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 10 Billion|
|Forecast Units||Value (USD Boillion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Component Type, Material, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||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), Abbott Ball Company Inc. (US), SMB Bearings (UK)|
|Key Market Opportunities||The rise in the adoption of electric vehicles|
|Key Market Drivers||Market demand for plastic to rise due to the packaging industry.|
The plastic component market forecast period is 2020-2030
The market is expected to register a CAGR of ~11.41% over the next 10 years, according to the plastic component market research.
North America is expected to register the highest CAGR during 2022-2030
Asia Pacific held the largest share in 2030
The market size is expected to be USD 10 billion by 2030
Continental AG (Germany), DowDuPont Inc. (US), Magneti Marelli S.p.A. (Italy), FLEX-N-GATE CORPORATION (US), and Toyoda Gosei Co. Ltd (Japan) are the major companies operating in the market.
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