Automotive Vacuum Forming Products Market: Introduction
- Rise in demand for light weight products from global automakers has boosted the plastic product industry coupled with the development of novel production techniques
- Vacuum forming, also known as vacuum molding, is a form of thermoforming process in which a heated sheet of plastic material is placed over a mold that is moved toward the sheet and pressed against it to create a seal. In next step, vacuum is applied to draw out the air between mold and the sheet so that the plastic conforms to the mold shape. After the curing temperature is achieved and the part is formed, air is blown back into the mold in order to separate the formed part.
Key Drivers of Automotive Vacuum Forming Products Market
- Automakers are continuously striving to update their vehicle models to enhance their performance and make them compliant with government-imposed regulations. This trend has fueled the adoption of plastic parts in vehicles, which are lighter than metallic parts, offer better corrosion resistance, and also possess high durability. These changing demands of automakers have compelled auto parts manufacturers to acquire various plastic forming capabilities to sustain in the market. Automotive parts such as exterior body panels, interior panels, trays, and other such components are manufactured by vacuum forming, as it is suitable for manufacturing large products with minimum tooling costs. These benefits of vacuum forming process have increased its popularity among auto mobile parts manufacturers, thereby propelling the global automotive vacuum forming products market.
- Tailpipe emissions such as carbon dioxide, nitrogen oxides, hydrocarbons, carbon monoxide, and sulfur dioxide cause respiratory illnesses, heart conditions, and mental illness, which results in increased healthcare burden. Rise in awareness about vehicle emissions, increase in fuel prices, and availability of government subsidies on the sale of electric vehicles is increasing across the globe. The Global EV Outlook 2019 report of International Energy Agency stated that sale of electric cars witnessed 40% year-on-year growth in 2019 with a total sale of 2.1 million electric cars worldwide. These electric vehicles drive the demand for light weight plastic parts, as vehicle weight is important factor affecting the battery capacity and driving range of electric vehicles. Hence, a rise in the demand of lightweight vehicle parts amidst growing sale of electric vehicles is propelling the global automotive vacuum forming products market.
Restrains of Automotive Vacuum Forming Products Market
- A major restrain of the vacuum forming is that this process is suitable only for batch production of large parts. As the number of products manufactured per year increases, the cost of production by vacuum forming also increases, which in turn is prompting automobile parts manufacturers to opt for alternative processes including injection molding. These limitations are hampering the global automotive vacuum forming products market.
Impact of COVID-19 pandemic on Automotive Vacuum Forming Products Market
- Recent outbreak of COVID-19 pandemic affected supply chains of automakers and auto-component manufacturers, thus creating a shortage of raw materials, which in turn reduced vehicle production. This decrease in vehicle production and sales of vehicles hindered the global automotive vacuum forming products market. However, sales of automobiles and electric vehicles are anticipated to rebound, as governments have lifted the restriction on industrial activities, which in turn is estimated to propel the automotive vacuum forming products market in the near future.
Asia Pacific hold Significant Share of Global Automotive Vacuum Forming Products Market
- Asia Pacific held a significant share of global automotive vacuum forming products market owing to expansion of the auto parts industry in countries such as India and China. For instance, India’s Ministry of Commerce & Industry stated that the auto parts industry in the country expanded at 7.6% in last five years to reach a value of US$ 49.3 billion in 2019. This expansion of the auto parts industry amidst favorable government policies, and expanding automobile market is further boosting the automotive vacuum forming products market in Asia Pacific.
Key Players Operating in Automotive Vacuum Forming Products Market
The global automotive vacuum forming products market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global automotive vacuum forming products market are:
- Advanced Plastiform, Inc.
- Allied Plastics Inc.
- Bridgewood UK
- Gemini Group, Inc.
- Global Thermoforming
- Insulink Packaging Solutions Pvt. Ltd.
- Maini Precision Products Ltd.
- Profile Plastics, Inc.
- Ray Products Company Inc.
- Sarik Vacform
- Sensical Inc.
- Universal Plastics Group, Inc.
Global Automotive Vacuum Forming Products Market: Research Scope
Global Automotive Vacuum Forming Products Market, by Part
- Dashboard Assemblies
- Interior Panels
- Seating Parts
- Engine Bay Paneling
- Exterior Body Panels
- Air Ducts
- Headlight Covers
Global Automotive Vacuum Forming Products Market, by Material
- Acrylonitrile Butadiene Styrene (ABS)
- Acrylic - Perspex (PMMA)
- Polystyrene (HIPS)
- Polycarbonate (PC / LEXAN / MAKROLON)
- Polypropylene (PP)
- Polyethylene (HDPE)
Global Automotive Vacuum Forming Products Market, by Product Category
Global Automotive Vacuum Forming Products Market, by Vehicle Type
- Passenger Vehicle
- Utility Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
- Buses & Coaches
- Off-road vehicles
Global Automotive Vacuum Forming Products Market, by Sales Channel
Global Automotive Vacuum Forming Products Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.