Transparency Market Research observes that the competitive landscape in the global automotive OE bumper cover market is highly fragmented. Players have made a consistent effort toward designing innovative solutions for bumper covers. Some of the integral players in the global automotive OE bumper cover market are Compagnie Plastic Omnium SA, Samvardhana Motherson Group, and Magna International Inc. The report suggests that vacuum foaming, specialized type of thermoforming process, will gain momentum as it has a low processing cost. Companies such as Renault as using this technique for manufacturing automotive OE bumper covers that offer the safety any other but at a much affordable price. The need to cater to a wide range of clients within their expected price range will be the very premise of tackling cutthroat competition in the global market in the coming years.
The global automotive OE bumper cover market is estimated to be worth US$47.15 bn by the end of 2025 from US$30.44 bn in 2016. During the forecast years of 2017 and 2025, the global market is projected rise at a CAGR of 8.89%. Out of all the materials, the thermoplastic polymer has been popular among automobile manufacturers due their superior malleability. In terms of geography, the global market will be led by Asia Pacific. The booming automobile manufacturing sector of Asia Pacific is expected offer lucrative opportunities. China has a strong foothold in the Asia Pacific due to its competitive pricing of the products.
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Increased Automobile Production Builds Demand for Automotive OE Bumper Covers
Automotive bumper cover is a plastic or metal cover or fascia that is placed over the bumper rail bar. The bumper cover is a non-structural component of the vehicle body that is fastened to the fenders and bulk head of the vehicle by clips. The use of bumper cover facilitates safety to the vehicle and pedestrian during collision. During the collision the contact of metal bumper rail with a pedestrian can cause severe injury to the pedestrian thus a flexible and energy absorbing bumper cover is used to dissipate the collision energy across the surface and provide protection.
Increase in vehicle production is the major driving factor for the bumper cover market. The development of plastic bumper covers have considerably reduced the cost of the product thus helping it penetrate a wider market. Government regulations and safety standards have mandated the use of bumpers thus prompting the use of bumper covers. Stringent federal regulations of U.S. to withstand the damage up to 5mph and European Union law for the bumper cover design to prevent pedestrian leg form injury are few of the drivers that have led the development of bumper cover market. The increase in indulgence of off terrain driving has gained demand for the deep down bumpers providing protection in trail drives. The rise in demand of the SUV’s over the North American region and Europe is significantly driving the deep down bumper cover market.
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Plastic to be Preferred Material due to its Low Cost
Plastic will be a popularly used material for the production of the automotive OE bumper covers. Low cost of plastic, minimum maintenance, and effective pricing are expected to make plastic a leading material in the global market. Increasing investment in research and development of biodegradable plastics and development of aerodynamic bumper covers is also likely to benefit the global market in the coming years.
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