Plastic Component market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, and product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Plastic Component market by region.
The Global Plastic Component Market for Heavy-Duty Vehicles is earning much attention from several sectors, due to which it can assume a smooth run with 11.41% CAGR during the forecast period (2019-2025).
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. The Census Bureau reports the recovery of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Plastic components.
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Market Analysis Heavy-duty vehicles include tractors, loaders, scraper, excavator, heavy trucks, combine harvester, and buses. The increasing penetration of plastic elements in heavy-duty vehicles is due to the high demand for lightweight vehicles and related lightweight components in vehicle products. Thermoplastic and thermosetting are the two types of plastics. The thermoplastic category mainly includes polyamide (PA), acrylonitrile butadiene styrene (ABS), and polycarbonate (PC); while thermosetting includes polyurethane (PU). They are the most important materials for plastic components in heavy-duty vehicle applications. Such plastics are extensively incorporated in the manufacturing of various components for heavy-duty vehicles. The Global Plastic Component Market for Heavy-Duty Vehicles is earning much attention from several sectors, due to which it can assume a smooth run with 11.41% CAGR during the forecast period (2019-2025). During that time, its volume can develop from 137,143.0 Thousand Units in 2018 to 281,470.8 Thousand Units by the year 2025. Market Research Future’s (MRFR) detailed report on the market has its focus on segments, drivers, and competitive analysis of the entire market. This can give a peek into the future market demography and allow market players in having strategies planned accordingly.
Some of the components that need 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 consumption of vehicles is closely related to the growth of the functions of the end-use industries. For an instance, the construction industry is increasing due to the economic growth, continuous rise in population, favorable interest rates, and the ongoing investments in the public sector. Some of the heavy-duty vehicles used mostly in construction are bulldozers, dump trucks, backhoes, graders, trenchers, cranes, front loaders, excavators and construction trucks. The rise in immigration and growing urbanization in developing countries, which require more residential buildings and proper transport routes, are anticipated to support its growth during the forecast period. The construction industry is one of the major contributors in terms of revenue in most of the countries. For instance, the sector generates approximately 10% of the GDP, mainly in micro and small enterprises in European countries.
Thus, the European Union (EU), is continuously working to increase government and private sector investments in the construction industry. For instance, in 2013, the EU initiated the Construction 2020 plan to work on three main areas to improve international competition, a more open trade in building materials, a more straightforward recognition of the qualifications of foreign architects, and augmented support services for small and medium-sized construction companies. Though, rise in environmental concerns could restrict the growth of the Global Plastic Component Market for Heavy-Duty Vehicles. Due to the rise in use of plastic components in heavy-duty vehicles, plastic and other hydrocarbon molecules if incinerated, release carbon dioxide and carbon monoxide, which boost the amount of green-house gases in the environment, causing to global warming. Therefore, they hamper the market for plastic component for heavy-duty vehicles, globally.
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Market segmentation Global Plastic Component Market has been segmented by component, by material, by vehicle types and by regions. By Component Type, the Global Plastic Component Market is segmented into different segments like 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, and Others. By material the Global Plastic Component Market has been segmented into Polyvinyl chloride (PVC), Polyurethane (PU), Polypropylene (PP), Polyethylene (PE), Polyamide (PA), Acrylonitrile butadiene styrene (ABS), Polycarbonate (PC) and Others. By Vehicle type the Global Plastic Component Market has been segmented into Tractors, Loaders, Scrapers, Excavators, Trucks, Combine Harvester and Buses. On the basis of region the Global Plastic Component Market has been segmented into regions like Asia-Pacific covering (China, Japan, India and rest of Asia-Pacific), Europe covering (Germany, UK, France, Italy, and Rest of Europe), North America covering (US, Canada and Mexico), Middle east Africa and South Africa.
Regional Analysis: Global Plastic Component Market for Heavy-Duty Vehicles Market has been segmented into regions like Asia-Pacific, North America, Europe, and rest of the World. Asia-Pacific is anticipated to retain the major share in the Global Plastic Component Market for Heavy-Duty Vehicles during the forecast period with the 74.26% share. China was the major market in the year 2018, with a volume of 59,385.2 Thousand units. The growth in plastic component market for heavy-duty vehicles in Asia-Pacific can be ascribed to China, Japan, and India, where the prominent companies invest heavily to boost their presence in this region to take competitive advantage. Additionally, North America is anticipated to retain the second major share, followed by Europe and Rest of the World in the Global Plastic Component Market for Heavy-Duty Vehicles.
Major players The proposed spectators in the Global Plastic Component Market are Retailers, distributors, wholesalers, Plastic Component manufacturers, Investors and trade experts, Governments, associations, industrial bodies, etc. The major companies functioning in the Global Magnesium Chloride Market are concentrating on firming their global ways by entering into untouched markets. Heavy-duty vehicles are Continental AG (Germany), Magneti Marelli S.p.A. (Italy), FLEX-N-GATE CORPORATION (US), Ltd (Japan), ElringKlinger AG (Germany), and Abbott Ball Company Inc. (US), and SMB Bearings (UK), DowDuPont Inc. (US), Samvardhana Motherson Group (India), Toyoda Gosei Co., Hartford Technologies, Inc. (US), are some of the key players of global plastic component market.
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