Sep 27, 2018
Innovations in High Performance Composites and Thermoplastics to Safeguard Automotive Engine Cover Market from Declining over 2017-2022, Says Fact.MR
by Team Fact.MR
The latest study presented by Fact.MR on the global automotive engine cover market forecasts passive growth outlook for the global market for automotive engine cover market over the five-year projection period, 2017-2022. Through 2022, the global revenue of automotive engine cover market will possibly reach beyond US$ 1 Bn, witnessing sluggish expansion at a CAGR of less than 3% from the valuation attained in 2017. However, the report also points to the ongoing innovations in automotive engine covers, which may forestall the market decline over the next few years.
To help OEMs meet the vehicle emission control and fuel efficiency standards, Autoneum – the leading automotive industry supplier, has recently launched a range of lightweight acoustic automotive engine covers, extending their existing solutions under the thermal management and automotive engine cover offerings. The material tused in the manufacturing of this modern multifunctional engine cover is fiber-foam. With an objective to regulate the logistical costs and eliminate the chances of scratches incurred on automotive engine covers during transit, one of the automotive engine cover materials company - Albis Plastics – recently developed a series of automotive engine covers that do not need to be painted. The materials used here include metals and resins.
According to the regional insights revealed by the global automotive engine cover market report, Asia Pacific (excluding Japan) and Europe will remain the key regional markets for automotive engine cover throughout the forecast period. While APEJ is slated to demonstrate a slightly higher revenue of around US$ 325 Mn that is likely to expand at the highest CAGR through 2022, Europe will closely trail as the second most significant market for automotive engine cover manufacturers. The report estimates high impact of a few prominent factors on the dominance of APEJ in the global automotive engine cover market, including booming automotive production and sales, and tightening government regulations regarding fuel efficiency and emission control.
“Zooming focus on fuel viability and explorer security is likely to support the sales of automotive engine cover within APEJ,” says the expert research analyst, Fact.MR.
An extensive analysis of the global automotive engine cover market on the basis of material types uncovers that composite materials are most likely to continue enjoying the maximum revenue share in automotive engine cover market. Although the revenue sales of automotive engine cover made from composites are poised to surpass the valuation worth US$ 400 Mn towards the end of 2022, a higher CAGR of around 4% estimated for thermoplastics indicates the presence of a relatively higher attractiveness index of thermoplastics over composites in the near future.
A constant shift from metals and plastics to composites and thermoplastics - targeting high functional properties and superior fuel efficiency – will continue to drive innovations in both the material types used in automotive engine cover market. High performance thermoplastics such as PET (or polyester) are likely to emerge as a preferred material for automotive engine cover manufacturing, attributed to high corrosion resistance, superior endurance, significant design freedom, high integration flexibility, and recyclability.
Automotive engine cover market assessment by the type of technology concludes that the adoption of injection molding technology for manufacturing automotive engine cover will attract over 40% revenue to the global market by 2022 end. Superior ability to support complex products manufacturing, lower part cycle time, light weight, recyclability, an excellent strength-to-weight ratio, and appealing surface finish will enable injection molding to remain the top technology choice among manufacturers of automotive engine cover.
Being the most appropriate manufacturing technology for thermoplastics and composite materials, injection molding will continue dominance through 2022, predicts Fact.MR in the report.
Considering the type of vehicle, the revenue generation from the deployment of automotive engine cover will remain the highest in compact passenger cars, followed by mid-sized passenger cars over 2017-2022. The report predicts emerging opportunities for automotive engine cover manufacturers in luxury passenger cars and heavy commercial vehicles over the next few years. According to the global automotive engine cover market evaluation based on the sales channel, aftermarket sales currently contribute over 60% share to the total market value. However, aftermarket is likely to lose its revenue share to OEMs in the upcoming years – which is attributed to an increasing number of long-term contracts between key players in the automotive engine cover market and leading automakers.
For further insights on the performance of automotive engine cover market, get in touch.