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Meeting Demand: Heavy-Duty Vehicles and Their Impact on the Plastic Component Market
The use of heavy-duty vehicles is closely tied to the activities of various industries. For example, the construction industry's growth is influenced by economic expansion, population increases, favorable interest rates, and ongoing public sector investments. In developing countries experiencing rising immigration and urbanization, there is a need for more residential buildings and proper transport routes, supporting the growth of heavy-duty vehicles used in construction. These vehicles include bulldozers, front loaders, dump trucks, backhoes, graders, trenchers, cranes, excavators, and construction trucks.
In many North American countries, the construction industry significantly contributes to revenue, accounting for approximately 10% of the GDP, particularly in micro and small enterprises in the US. Initiatives like the construction 2020 plan focus on three main areas: promoting open trade in building materials, simplifying recognition of qualifications for foreign architects, and providing increased support services for small and medium-sized construction companies.
Similarly, the agriculture sector is expected to thrive due to rising government initiatives for ensuring food security, a growing population, and increased investments in agricultural infrastructure to meet global food demand. North American countries contribute significantly to agricultural production due to the availability of vast agricultural lands. Manufacturing companies are continuously developing heavy-duty vehicles for the agriculture sector. For example, in 2019, Deere & Company (John Deere) introduced two new models, the 6230R and 6250R, in its lineup of 6R Tractors, designed to offer customers faster, stronger, and smarter tractors suitable for various applications in the agriculture industry.
The growth of the heavy-duty vehicles market is directly linked to the growth of the industries where these vehicles are extensively used, leading to an increased demand for plastic components. The preference for plastic components over metals, aimed at improving vehicle mileage, is anticipated to further boost the demand for plastic components in heavy-duty vehicles. Consequently, the impact of the growing demand for heavy-duty vehicles in various industries on the North America plastic component market for heavy-duty vehicles is expected to shift from moderate to high during the forecast period. The dynamics of these industries, coupled with the focus on efficiency and sustainability, are poised to shape the trajectory of the plastic component market in the heavy-duty vehicle sector in North America.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | The rise in the adoption of electric vehicles |
Plastic Component Market Highlights:
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.
Global Plastic Component Market for Heavy-Duty Vehicles Research Overview
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.
COVID-19 Impact Analysis on Automotive Plastic Component Market
When COVID-19 spread ly last year, it showed that it was harmful. The pandemic COVID-19 outbreak has disrupted production facilities all over the world, affecting the automotive industries' supply chain. Since the expansion of this market has a direct impact on the manufacturing of vehicles, it is anticipated that the lockdown phase will have an impact on the value of the heavy-duty vehicle the market. The market for lightweight materials is expected to suffer as a result of the decline in vehicle production.
Plastic Component Market for Heavy-Duty Vehicles Dynamics
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.
Market Key Drivers
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Market demand for plastic to rise due to the packaging industry
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.
Market Key Restraints:
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Rigid plastic use regulations to impact growth
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.
Market Key Opportunities:
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The rise in the adoption of electric vehicles
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.
Plastic Component Market for Heavy-Duty Vehicles Segmentation
Insights by Component Type
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.
Insights by Material
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.
Insights by Vehicle Type
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.
Global Plastic Component Market for Heavy-Duty Vehicles Share, by Region, 2021 (%)
Plastic Component Market for Heavy-Duty Vehicles Overview, by Region
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 Analysis
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 Analysis
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.
Plastic Component Market for Heavy-Duty Vehicles Competitive Landscape
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.
Scope of the Plastic Component Market for Heavy-Duty Vehicles Report
Component Type Outlook
- Engine Covers
- Transmission Covers
- Intake Air Modules
- Oil Pan Modules
- Cam Cover Modules
- Cluster Panels/Dashboard
- Bumpers
- Seating
- Wheels and Tires
- Doors
- Interior & Exterior Trims
- Others
Material Outlook
- Polyvinyl chloride (PVC)
- Polyurethane (PU)
- Polypropylene (PP)
- Polyethylene (PE)
- Polyamide (PA)
- Acrylonitrile butadiene styrene (ABS)
- Polycarbonate (PC)
- Others
Vehicle Type Outlook
- Tractors
- Loaders
- Scrapers
- Excavators
- Trucks
- Combine Harvester
- Buses
- E-Commerce
Region Outlook
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East
- Africa
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Plastic Component Market for Heavy-Duty Vehicles Forecast & Size:
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
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the Plastic Component Market for Heavy-Duty Vehicles growth
Market Influencing Factors:
To find out the factors which are affecting the Automotive Plastic Component Market for Heavy-Duty Vehicles size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
Company Profiling:
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.
Intended Audience
- Manufacturers
- Raw material suppliers
- Retailers, wholesalers, and distributors
- Governments, associations, and industrial bodies
- Investors and Trade Experts
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