Albany, NY -- (SBWire) -- 03/26/2018 --New research report offers a comprehensive analysis of the "Automotive OE Bumper Cover Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025" The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.
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Global Automotive OE Bumper Cover Market: Overview
The global automotive OE bumper cover was worth US$30.44 bn in 2016 and is projected to be worth US$47.15 bn by the end of 2025, as the market promises to surge at a CAGR of 8.89% between 2017 and 2025. The steady rise for automotive OE bumper covers is attributable to growing importance toward vehicular safety. The bumper cover designs vary with upcoming models owing to which the manufacturer has to invest in new die molds and the manufacturing process require constant up-gradation.
The global market of OE bumper cover is segmented according to design type, material type, process type, vehicle type and geography. By design the bumper cover market can be classified under standard bumper cover, deep down bumper cover, and roll pan bumper cover. The standard bumper covers are the most widely used bumper covers with maximum market share. The deep down bumper covers are expected to grow in the forecast period owing to increased demand of SUV's and crossovers. The improved trade reforms and growing economy has necessitated the use of commercial vehicles thus surging the demand for roll pan bumper covers.
Better Resistance Offered by Thermoplastic Improves Demand for Material
By material the bumper cover market is segmented into thermoplastic, thermoset, and metals. The thermoplastic bumper covers use a variety of polymers and blends of polypropylene, acrylonitrile butadiene styrene, polybutylene terephthalate, and polycarbonate blends. As the thermoplastic material have better sun resistance and are more durable the bumper cover market has been dominated by this material. The easy processing of the thermoplastic material and there molding due to its elastic characteristics has elevated the preference to use this material for manufacturing bumper cover. The thermoset materials are the polyurethane and its blends. The thermoset material is tougher and is used on commercial vehicles. The metal bumper covers are used on heavy duty and off road commercial vehicle there use in the passenger cars are restricted due to observe pedestrian safety.
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By process type the vehicle market is classified under injection molding, reaction injection molding, vacuum forming and others. Injection molding has the highest market presence being a simpler and cost efficient process. Injection molding is used for manufacturing of thermoplastic bumpers, urethane blends can also be processed using injection molding. With increase in plastic bumper covers the demand for the injection molded bumpers is estimated to rise. The reaction injection process is widely used for the thermoset urethane bumpers. The reaction injection molded bumpers are mostly used on the commercial vehicles. Use of vacuum forming for manufacturing bumper cover is relatively new concept. The production cost of bumper cover manufactured from the vacuum forming is 10%-15% lower than injection molding thus considerably minimizing overall product and manufacturing cost. The market for vacuum formed bumper cover is projected to grow given the competitive pricing with same durable quality. Other manufacturing process include the extrusion, stamping, extrusion blow molding and blow molding and compression molding. Extrusion and stamping process are used for the manufacturing of metal cover bumpers.
By vehicle type, the bumper cover market is analyzed by segmenting into passenger vehicles and commercial vehicles. The passenger vehicle segment holds a stronger market position owing to increased production of passenger cars. The rise in commercial vehicle production in developing countries like China, India, Mexico and Brazil is formidable to surge the bumper cover market.
Emerging Economies of Asia Pacific Accelerate Uptake of Automotive OE Bumper Covers
Geographically the market is spread across regions segmented as North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. Availability of synthetic plastic raw materials in Asia Pacific region has boosted the bumper cover industry in the region. Presence of companies like China with competitive pricing is leading the bumper cover market in the Asia-Pacific region. Europe is the second largest plastic producing region globally with Germany as its prime player. This plastic technology experience has helped Europe sustain Europe in the bumper cover market.
Key players in the automotive bumper cover market include Compagnie Plastic Omnium SA, Magna International Inc, TONG YANG GROUP, NFT India Pvt. Ltd., TOYOTA BOSHOKU CORPORATION, SEOYON E-HWA, TOYODA GOSEI Co.,Ltd. , Montaplast GmbH, Magneti Marelli S.p.A. and LG HAUSYS,LTD.
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Global Automotive OE Bumper Cover Market Analysis, Demand and Growth Opportunities Till 2025
The global automotive OE bumper cover was worth US$30.44 bn in 2016 and is projected to be worth US$47.15 bn by the end of 2025, as the market promises to surge at a CAGR of 8.89% between 2017 and 2025.