Automotive OE Bumper Cover Sales to Hit USD 98 Billion by 2033; Thermoplastic Polymer Segment to Hold 32% Share: Fact.MR
FACT.MR
6 min read
FACT.MR
Expansion of the automotive OE bumper cover market is being accelerated by the product's lower cost due to advancements achieved in plastic bumper covers and the high usage of bumpers as a result of strict government laws and safety standards.
Rockville, March 15, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global automotive OE bumper cover market is expected to garner US$ 98 billion by 2033, expanding at a CAGR of 7.6% from 2023 to 2033.
An automotive bumper cover is a fascia or cover made of plastic or metal that is positioned over the bumper rail bar of a vehicle. According to the definition, the bumper cover is a non-structural part of the car's body. With the use of clips, it is secured to the vehicle's fenders and bulkhead. Its major objective is to enhance both car and pedestrian safety in case of a collision.
While the contact of a metal bumper rail with a pedestrian during a collision can cause the pedestrian to sustain serious injuries, a flexible and energy-absorbing bumper cover can diffuse the crash energy throughout the surface.
One of the key reasons propelling the expansion of the automotive OE bumper cover market is the increase in the demand for SUVs and crossovers on a global scale. The rise in off-road driving indulgence and surge in vehicle production across the world also have a positive impact on the demand for deep-down bumpers that protect trail drives, which has an additional impact on the automotive OE bumper cover market.
Due to the presence of Chinese businesses with cheap pricing and the accessibility of synthetic plastic raw materials in the region, Asia Pacific dominates the market for automobile OE bumper covers. Due to the region's experience with plastic technology, Europe is regarded as the second-largest market. Growth of the automotive sector in Europe, particularly companies such as Delphi Automotive, Valeo, and GKN, has had a beneficial effect on this regional market.
Over the coming years, developing nations such as South Africa and India are anticipated to accelerate industry expansion.
Toyota and Suzuki teamed up in August 2019 to create new vehicles, technologies, and platforms for India. It will include new bumpers, an interior design, color possibilities, and a new grille.
Key Takeaways from Market Study
The global automotive OE bumper cover market amounted to US$ 47.2 billion in 2023.
Worldwide demand for automotive OE bumper covers is projected to surge at a CAGR of 7.6% during the forecast period (2023 to 2033).
The global market is estimated to touch US$ 98 billion by the end of 2033.
Passenger vehicles accounted for more than 50% market share in 2022.
These leading players are implementing various inorganic and organic growth methods such as joint ventures, strategic alliances, mergers and acquisitions, and partnerships to expand their business operations and geographical footprint.
In March 2021, The Plastic Industry Association (PLASTICS) and Ultra-Poly Corp., a pioneer in plastic recycling, evaluated a method to collect plastic car bumpers and recycle them into recycled polyolefins (TPOs) that demonstrate 85% to 90% of the elasticity of the original plastic material.
Sumitomo Chemical, a renowned chemical business with its headquarters in Japan, announced the opening of a new mechanical waste processing facility in September 2022. This facility would employ waste plastics derived from end-of-life automobiles. The business anticipated stepping up its efforts in the future to commercialize the creation of recycled polymers for use in automotive applications.
Key Companies Profiled
Plastic Omnium SA
Magna International, Inc.
Futaba Industrial co., ltd.
Toyoda Gosei Co., ltd.
Hyundai Mobis Co., ltd.
Faurecia SA
Toray Industries, Inc.
Toyota Boshoku corporation
Plastic Omnium
Smp Deutschland GmbH
Winning Strategy
The automotive OE bumper cover market is being favorably impacted by rising consumer emphasis on vehicle and driver safety, technological improvements, rapid urbanization, increased vehicle sales, shifting customer preferences, and a rise in disposable income. Also, during the projected time, automotive OE bumper cover manufacturers will benefit from innovative designs and manufacturing techniques.
Mahindra introduced the upgraded Bolero in May 2021 in India. The new Mahindra Bolero has a dual-tone paint scheme, with red body color, and a silver finish on the front bumper and grille.
Key Segments of Automotive OE Bumper Cover Industry Research
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive OE bumper cover market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (thermoplastic, thermoset, metal), design (standard, deep down, roll pan), process (injection molding, reaction injection molding, vacuum forming), and vehicle (passenger vehicles, commercial vehicles), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Key Questions Covered in the Automotive OE Bumper Cover Market Report
What will be the estimated size of the Market in 2023?
At what rate will the global Automotive OE Bumper Cover sales grow until 2033?
Which are the factors hampering the Automotive OE Bumper Cover demand?
Which region will spearhead the growth in the global industry during 2023-2033?
Which are the factors driving sales in the Automotive OE Bumper Cover Market during the forecast period?
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