Plastic Component Market for Heavy-Duty Vehicles Demand Is Likely To Continue In Future And Is Expected To Grow During
The global plastic components for heavy-duty vehicles market is expected to exhibit a strong 11.41% CAGR over the forecast period from 2022 to 2030, according to the latest research report from Market Research Future (MRFR). The market is expected to grow from a volume of 137,143 thousand units in 2018 to 281,470.8 thousand units by 2030. The report provides a greatly detailed profile of the global plastic components for heavy-duty vehicles market and gives readers an all-inclusive overview of the market. The past, present, and future of the market are studied in the report, with detailed historical analysis, present statistics, and future projections. Historical statistics revealing the market’s historical growth trajectory are studied in detail in the report. Based on these statistics and a study of the major drivers and restraints affecting the market, future projections can be made for the plastic components for heavy-duty vehicles market. Based on this platform, future projections for the plastic components for heavy-duty vehicles market’s growth trajectory over the forecast period are provided in the report. A comprehensive analysis of the leading players in the plastic components for heavy-duty vehicles market is also provided in the report, which profiles the major players operating in the market. The major factors and trends affecting the global plastic components for heavy-duty vehicles market are assessed in the report. The impact of the COVID-19 pandemic on the plastic components for heavy-duty vehicles market is also assessed in the report.
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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. The thermoplastic category primarily includes polyamide (PA), acrylonitrile butadiene styrene (ABS), and polycarbonate (PC); while thermosetting includes 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.
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.
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Competitive Leaderboard:
Leading players in the global plastic components for heavy-duty vehicles market include SMB Bearings, Abbott Ball Company Inc., Hartford Technologies Inc., ElringKlinger AG, Samvardhana Motherson Group, Toyoda Gosei Co. Ltd., Flex-N-Gate Corporation, Magneti Marelli SpA, DowDuPont Inc., and Continental AG.
Segmentation:
The global plastic components for heavy-duty vehicles market is segmented on the basis of component type, material, vehicle type, and region.
By component type, the global plastic components for heavy-duty vehicles market is 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 trim, and others.
By material, the global plastic components for heavy-duty vehicles market is segmented into polyvinyl chloride, polyurethane, polypropylene, polyethylene, polyamide, acrylonitrile butadiene styrene, polycarbonate, and others.
By vehicle type, the global plastic components for heavy-duty vehicles market is segmented into tractors, loaders, scrapers, excavators, trucks, combine harvesters, and buses.
Regional Analysis:
Asia Pacific accounted for close to 75% of the global plastic components for heavy-duty vehicles market in 2018 and is likely to retain the dominant share over the forecast period.
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