Plastic Component Market Size, Competitive Landscape, Regional Outlook and COVID-19 Impact Analysis 2022

 

Plastic Component Market For Heavy-Duty Vehicles Market-Overview

The increase in heavy-duty vehicles such as tractors and loaders is likely to profit the Plastic Component Market for heavy-duty vehicles in 2022. The automotive components reports are made by Market Research Future, which includes market options for progress. An 11.41% CAGR is estimated to bolster the global market in the forecast period.

The expansion of the construction industry is estimated to create new options for development in the plastic component market for heavy-duty vehicles. The establishment of appropriate transport routes is anticipated to fortify the growth of the plastic component market for heavy-duty vehicles shortly.

The thermoplastic category primarily includes polyamide (PA), acrylonitrile butadiene styrene (ABS), and polycarbonate (PC); while thermosetting include polyurethane (PU). They are the main materials for plastic components in heavy-duty vehicle applications. Such plastics are widely incorporated in the manufacturing of various components for heavy-duty vehicles. Some of the components that require plastics to manufacture are engine cover, transmission cover, intake air modules, oil pan module, cam cover module, cluster panel/dashboard, bumper, seating, wheel & tire, door, interior & exterior trim, windows & windshields, and electronics.

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The growing agriculture and construction industries are likely to drive the demand for heavy-duty vehicles over the forecast period. However, the growing awareness about the inability of plastic components to biodegrade naturally is likely to be a major restraint on the global plastic components for heavy-duty vehicles market over the forecast period. If incinerated, plastic components release carbon monoxide and other toxic gases into the environment. Due to this, end users in the market are likely to demand biodegradable plastics over the coming years. This is likely to remain a major opportunity for players in the plastic components for heavy-duty vehicles market over the forecast period.

Heavy-duty vehicles include tractors, loaders, scrapers, excavators, heavy trucks, combine harvesters, and buses. The rising penetration of plastic components in heavy-duty vehicles is due to the high demand for lightweight vehicles and associated lightweight components in vehicle applications. There are two varieties of plastics, namely, thermoplastic and thermosetting.

Competitive Analysis

The significant players of the plastic component market for heavy-duty vehicles are FLEX-N-GATE CORPORATION (US), Toyoda Gosei Co., Ltd (Japan), Hartford Technologies, Inc. (US), DowDuPont Inc. (US), Magneti Marelli S.p.A. (Italy), Samvardhana Motherson Group (India), ElringKlinger AG (Germany), Continental AG (Germany), Abbott Ball Company Inc. (US), and SMB Bearings (UK).

Plastic Component Market Segmental Analysis

The segmental study of the plastic component market for heavy-duty vehicles has been segmented based on vehicle type, component, material, and region. Based on the vehicle type, the plastic component market for heavy-duty vehicles is segmented into scrapers, excavators, trucks, tractors, loaders, combine harvester, and buses. Based on the component, the plastic component market for heavy-duty vehicles is segmented into transmission covers, oil pan modules, interior and exterior trims, bumpers engine covers, intake air modules, cluster panels/dashboard, cam cover modules, doors, , seating, wheels and tires, and others.

Based on the material, the plastic component market for heavy-duty vehicles market consists of acrylonitrile butadiene styrene (ABS), polyurethane (PU), polyvinyl chloride (PVC), polypropylene (PP), polyamide (PA), polyethylene (PE), polycarbonate (PC), and others. On the basis of regions, the plastic component market for heavy-duty vehicles is segmented into Asia-Pacific, North America, Europe, and other key global regions.

Detailed Regional Analysis

The regional review of the plastic component market for heavy-duty vehicles is segmented into Asia-Pacific, North America, Europe, and other key global regions. The regional market in the Asia-Pacific is projected to hold the principal segment in the plastic component market for heavy-duty vehicles for the duration of the forecast with promising share. The national market in China was the major market in 2018, with a substantial output level.

The evolution in the plastic component market for heavy-duty vehicles in the regional market for the Asia-Pacific can be accredited to Japan, China, and India. These countries were the foremost nations are capitalizing greatly to reinforce their existence in the region to grasp a major modest benefit. Furthermore, the regional market in North America is anticipated to possess the subsequent principal share, shadowed by the regions of Europe and the other noteworthy regions in the plastic component market for heavy-duty vehicles.

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