Rockville , March 28, 2023 (GLOBE NEWSWIRE) -- The global automotive plastic bumper market size is set to expand at a CAGR of 4% from 2023 to 2033. It is likely to surpass a revenue of US$ 13.1 billion by 2023. In 2033, the global automotive plastic bumper market will top a valuation of US$ 19.4 billion.
With ongoing expansion of automotive industry, the need for lightweight and fuel-efficient vehicles has increased. It is attributed to ability of lightweight vehicles to help reduce emissions and enhance safety.
Automotive plastic bumpers are ideal solutions for making lightweight vehicles. They are light, durable, and resistant to corrosion. Hence, they are painted to match the color of the car and provide an aesthetic look.
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As per a report released by the Office of Energy Efficiency and Renewable Energy, a 10% reduction in vehicle weight will result in a 6 to 8% gain in fuel economy. Fuel efficiency of a vehicle might be increased by up to 50%.
It can be done by using lightweight materials in place of conventional steel and cast iron components. The USA fleet's usage of lightweight components and highly efficient motors, made possible by new materials, might result in yearly fuel savings of more than 5 billion gallons by 2030.
Need for fuel efficient and low emission vehicles is driving demand for plastic bumpers. These bumpers are made from lightweight materials.
They can hence reduce the weight of the vehicle, thereby reducing emissions. Plastic bumpers offer superior impact protection, as compared to metal bumpers. It makes them an ideal choice for safety conscious consumers.
Hence, plastic bumpers are recyclable, making them an eco- friendly option than traditional metal bumpers. It would further provide an opportunity for automakers to reduce their carbon footprint.
Passenger cars are one of the most popular types of vehicles on the road today. High sales of these cars would lead to rising demand for automotive plastic bumpers.
Due to high need for safety and presence of strict emission regulations worldwide, demand for lightweight vehicles is surging. Automakers have hence started to focus on making passenger cars lightweight and fuel efficient. It will further push up demand for automotive plastic bumpers.
Increasing demand for cars in developing countries such as India, China, and South Korea will be a key driver of growth in Asia Pacific. These countries are nowadays mandating the use of light materials such as plastics, in automotive bumpers.
It is hence leading to increased demand in the region. Rise of car customization trend is also creating a surging demand for aftermarket products. It is likely to contribute to growth in the region.
Key Takeaways:
- Asia Pacific is set to account for lion’s share in the global automotive plastic bumper market during the forecast period.
- By vehicle type, the passenger car segment held around 50% of share in the global market in 2022.
- The USA is likely to dominate the North America automotive plastic bumper market throughout the forecast period.
- Japan is expected to surpass a significant valuation in the Asia Pacific automotive plastic bumper market between 2023 and 2033.
- Based on distribution channel, the OEMs segment is set to hold a sizable portion of the global automotive plastic bumper market by 2033.
Growth Drivers:
- Rising usage of polypropylene material owing to its cost-effective nature would provide an opportunity to automotive plastic bumper manufacturers.
- Burgeoning demand for heavy commercial vehicles would stimulate demand throughout the forecast period.
Restraints:
- Automotive plastic bumpers have a short life span, as compared to other types of bumpers.
- Environmental contamination might rise as a result of widespread usage of automotive plastic bumpers.
- Automotive plastic bumpers are very difficult to decompose as they take millions of years, which might hinder demand.
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Competitive Landscape:
Manufacturers are focusing on developing new and innovative solutions to meet rising demand from their client base. Their strategies include investing in research and development activities to discover lightweight, durable, and recyclable solutions. Companies are also increasing their focus on expanding into new regions to gain a competitive advantage.
For instance,
- In February 2023, Toray Industries, Inc. declared that it has created a quick integrated molding method for carbon fiber reinforced plastic (CFRP) mobile parts. A thermosetting prepreg skin with exceptional mechanical qualities is sandwiched between a light, thin carbon fiber-reinforced foam (CFRF) core in this material.
- In July 2021, Samvardhana Motherson Automotive Systems Group BV (SMRPBV) and Marelli Automotive Lighting signed a Memorandum of Understanding (MoU). They aim to investigate a potential new technology relationship centered on intelligent lit external body elements. The alliance plans to concentrate on bumpers and front grilles, as well as other illuminable auto parts.
Key Companies Profiled by Fact.MR
- Faurecia SA
- Futaba Industrial Co. Ltd.
- Toray Industries Inc.
- Compagnie Plastic Omnium SA
- Benteler International AG
- Flex-N-Gate corporation
- Montaplast GmbH
- Warn Industries Inc.
- Samvardhana Motherson Automotive Group B.V
More Valuable Insights on Automotive Plastic Bumper Market
In the latest study, Fact.MR offers a detailed study on global automotive plastic bumper market for the forecast period of 2023 to 2033. This study also highlights key drivers promoting the sales of automotive plastic bumper through detailed segmentation as follows:
By Material Type:
- Polypropylene (PP)
- Polycarbonate (PC)
- Polybutylene Terephthalate (PBT)
- Acrylonitrile Butadiene Styrene (ABS)
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
By Price Range:
- Low (Below US$ 300)
- Mid (US$ 300 to 500)
- High (Above US$ 550)
By Distribution Channel:
- Original Equipment Manufacturers (OEMs)
- Aftermarket
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East Asia
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Key Questions Covered in the Automotive Plastic Bumper Market Report
- What is the projected value of the automotive plastic bumper market in 2023?
- At what rate will the global automotive plastic bumper market grow until 2033?
- Which are the factors hampering the growth in the automotive plastic bumper market?
- Which region is expected to lead in the global automotive plastic bumper market during 2023 to 2033?
- Which are the factors driving the automotive plastic bumper market during the forecast period?
- What is the expected market value of the automotive plastic bumper market during the forecast period?
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