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Plastic Component Market 2020 Global Analysis, Opportunities and Forecast 2023

Mar 23rd 2020 at 11:53 AM

Market Synopsis:

The global plastic component market to surpass a 281,400 Thousand Units by 2025 in term of volume asserts Market Research Future (MRFR). The market is projected to capture a compound annual growth rate (CAGR) of 11.41% between 2019 and 2025). Demand for plastic component has significantly increased in the heavy-dusty vehicle manufacturing sector. Modern heavy-duty vehicles such as loaders, excavators, combine harvester, tractors, buses, trucks, and scraper have tremendous plastic content both interior and exterior. Plastic is used in making a wide range of automotive components.

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Global Plastic Component for Heavy Duty Vehicles Market: Segmental Analysis

MRFR’s report include a detailed segmental analysis of the market based on material, component type, and vehicle type.

By material, the market has been segmented into polyurethane (PU), polyethylene (PE), polycarbonate (PC), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), polyamide (PA), polypropylene (PP) and others. The Polypropylene (PP) segment accounts for a significant share of market. The segment is expected to remain highly profitable during the assessment period. Whereas, the acrylonitrile Butadiene Styrene (ABS) segment is expected to witness a relatively high growth rate over 2025.

By component type, the market has been segmented into transmission covers, oil pan modules, cluster panels/dashboard, seating, doors, engine covers, cam cover modules, interior and exterior trims, bumpers, wheels and tires, intake air modules and others. The seating segment represents the leading market share. In 2018, more than 35,500 thousand units of plastic seating were shipped. The wheel & tire segment accounts for the second largest market share and is expected to demonstrate a CAGR of 12.40% during the review period.

By vehicle type, the market has been segmented into loaders, excavators, combine harvester, tractors, buses, trucks and scrapers. The trucks segment and the tractor segment are expected to remain attractive during the assessment period.

Global Plastic Component for Heavy Duty Vehicles Market: Regional Analysis

Key regions discussed in the report include North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) and Latin America. Of these, APAC has emerged as the standout market for plastic components for heavy duty vehicles. The APAC plastic component market is likely to demonstrate a double-digit CAGR of 12.31% during the assessment period. The market’s growth is region is expected to be supported by strong industrial activity. Additionally, the need for infrastructural modernization coupled with the increased investment by foreign companies in various APAC countries is paving the way for market players. China’s rise as global manufacturing hub has encouraged foreign players to invest in the region. Such factors are supporting the market growth in the region.

North America is the second most important market for plastic component for heavy duty vehicles. This is mainly owing to the presence of favourable government regulations and growing need for higher fuel efficiency. Moreover, rising preference for lightweight components is creating opportunities for plastic components. Sectors such as construction and infrastructure are also expected to present attractive opportunities to market players during the forecast period. Strong demand for construction vehicles such as bulldozers, graders, cranes, construction trucks, front loaders, backhoes, excavator, dump trucks, trenchers etc. in countries such as the U.S., Canada and Mexico remains a favourable factor for the market in North America. Strong presence of various leading plastics component manufacturers in the US also gives a competitive advantage to the region.

Global Plastic Component Market: Competition Analysis

Key market players mentioned in MRFR’s report include DowDuPont Inc. (US), FLEX-N-GATE CORPORATION (US), Samvardhana Motherson Group (India), Hartford Technologies, Inc. (US), SMB Bearings (UK), Continental AG (Germany), Abbott Ball Company Inc. (US), Magneti Marelli S.p.A. (Italy), ElringKlinger AG (Germany), and Toyoda Gosei Co., Ltd (Japan).

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