Plastic Component Market Future Demand,  Analysis And Outlook To 2032

Plastic Component Market Overview:

The global Plastic Component 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 Component 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 Component Market.

Based on this platform, future projections for the Plastic Component Market’s growth trajectory over the forecast period are provided in the report. A comprehensive analysis of the leading players in the Plastic Component 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 Component Market are assessed in the report. The impact of the COVID-19 pandemic on the Plastic Component Market is also assessed in the report.

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. 

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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 Component 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 Component Market over the forecast period.

Plastic Component Market Competitive Leader board:

Plastic Component Market Segmentation

By Component Type

By Material

By Vehicle Type

Plastic Component Market for Heavy-Duty Vehicles Regional Analysis:

Asia Pacific accounted for close to 75% of the global Plastic Component Market in 2018 and is likely to retain the dominant share over the forecast period.

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