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.
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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.
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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.
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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.
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