Automotive Molding Market Size, Share, Growth, and Industry Analysis, By Type (Body Molding, Door Molding and Window Molding), By Application (Passenger Cars and Commercial Vehicles) and Regional Insights and Forecast To 2031

Updated On: 08 April 2024

AUTOMOTIVE MOLDING MARKET REPORT OVERVIEW

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global automotive molding market size was USD 19830 million in 2022 and will touch USD 22020 million by 2028, exhibiting a CAGR of 1.8% during the forecast period.

Automotive molding, commonly referred to as car body molding, encompasses decorative and protective features meticulously positioned on a vehicle's exterior. These moldings, crafted from diverse materials such as polyvinyl chloride, serve a dual function by enhancing the vehicle's visual appeal and offering crucial protective attributes. They are designed to resist scratches, withstand various weather conditions, and provide a glossy finish that seamlessly complements the car's overall aesthetic. These moldings play a vital role in both form and function, including side body molding, lower body molding, door moldings, window moldings, footrest molding, and mudflaps, each contributing to the vehicle's overall design and protection.

Automotive molding is pivotal in vehicle manufacturing, contributing significantly to weight reduction and improved fuel efficiency. The prevalent use of injection molding, a high-pressure plastic injection technique, ensures efficiency, cost-effectiveness, and the mass production of high-quality components. Key advantages encompass the rapidity of injection molding, boosting productivity, cost-effectiveness in comparison to steel, and heightened durability of plastics. This versatile process extends to crafting diverse vehicle elements, interior components, and engine parts. Its application spans across vehicle types, including electric vehicles (EVs), plug-in hybrids (PHEVs), and traditional automobiles, showcasing its role in advancing automotive technology and design.

COVID-19 Impact: Market decline due to pandemic by slowed moldings production amid reduced vehicle demand

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The pandemic has significantly impacted the automotive market, resulting in a notable decline in vehicle demand. This downturn has sent ripples throughout the supply chain, adversely affecting the production of automotive parts, including essential components particularly moldings. As consumer preferences shifted towards essential spending amid economic uncertainties, the automotive sector experienced a dip in sales, prompting manufacturers to curtail production. Consequently, the reduced demand for vehicles translated into a diminished need for associated components, leading to a slowdown in the manufacturing of automotive moldings. The intricate interdependence within the automotive ecosystem underscores how fluctuations in consumer demand can significantly influence the entire production chain, compelling industry stakeholders to navigate the challenges posed by evolving market dynamics.

LATEST TRENDS

"Driven by smart integration and material demand injection molding propels the market"

In the automotive sector, injection molding technology transforms as automakers integrate sensors, electronics, and smart components into vehicles. This drive propels advanced techniques such as insert molding, broadening plastics' applications in manufacturing. Injection molding now facilitates rapid prototyping and handles lower production volumes. The industry experiences increased demand for high-performance materials, including reinforced plastics and high-temperature variants. Robotics and AI advancements play a pivotal role, in automating various stages of the injection molding process to enhance efficiency and reduce costs. Furthermore, the integration of 3D printing into injection molding processes rises, serving as a valuable tool for prototyping and providing designers greater flexibility in their creative processes.

AUTOMOTIVE MOLDING MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into Body Molding, Door Molding and Window Molding.

Body Molding: A decorative and protective feature on the vehicle body, body molding includes components such as side body molding, lower body molding, and mud flaps. These moldings must be scratch-resistant, weather-resistant, and possess the same gloss as the vehicle body. Commonly, polyvinyl chloride is used as a material for body molding.

Door Molding: This type of automotive molding protects door panels from scratches and dents. Made from various materials such as plastic and metal, door moldings are designed to match the colour and style of the vehicle. They come in different sizes and shapes, depending on the make and model of the vehicle.

Window Molding: Utilized to seal vehicle windows, window molding is made from materials such as rubber and plastic. It aims to prevent water and air from entering the vehicle. Similar to door moldings, window moldings come in different sizes and shapes based on the make and model of the vehicle.

• By Application

Based on application the global market can be categorized into Passenger Cars and Commercial Vehicles.

Passenger Cars: The largest application segment in the automotive molding market is passenger cars. Various moldings, including body molding, door molding, and window molding, are utilized in passenger cars to enhance aesthetics and provide protection. The demand for automotive moldings in passenger cars is driven by the growing emphasis on lightweight and fuel efficiency in the automotive industry. The market for automotive moldings in passenger cars is anticipated to witness significant growth, particularly due to the rising demand for smart and connected vehicles.

Commercial Vehicles: Commercial vehicles represent another key application segment in the automotive molding market. Moldings in commercial vehicles serve both aesthetic and functional purposes, such as protecting the vehicle body and sealing windows. The market for automotive moldings in commercial vehicles is expected to benefit from the increasing demand for light commercial vehicles (LCVs) equipped with advanced features. Additionally, the demand for automotive moldings in commercial vehicles is influenced by the expansion of the automotive industry.

DRIVING FACTORS

"Growing demand for lightweight and fuel-efficient vehicles will boost the market"

The surging interest in lightweight and fuel-efficient vehicles serves as a pivotal catalyst propelling the global automotive molding market growth. Escalating consumer demand has spurred innovation, resulting in the emergence of novel molding techniques and materials tailored to accommodate the need for lighter components, notably aluminium and carbon fibre. This shift in demand reflects an industry-wide acknowledgement of the importance of fuel efficiency and reduced vehicle weight in addressing environmental concerns and enhancing overall performance. Manufacturers in the automotive molding sector are compelled to adapt and advance their technologies to meet this evolving market preference, ultimately contributing to the industry's responsiveness to environmental sustainability and the pursuit of energy-efficient transportation solutions.

"Market-driven innovation in molding is creating lighter, safer and more advanced vehicles for the future"

The automotive industry is undergoing a transformative shift, embracing advanced materials and composites to enhance the strength, durability, and safety of vehicle components crucial for electric vehicles (EVs) and autonomous vehicles. Composites play a key role in weight reduction, performance improvement, design flexibility, and corrosion resistance. Lightweight materials such as advanced high-strength steels, aluminium alloys, and carbon fibre composites are pivotal for reducing overall vehicle weight, improving fuel efficiency, and curbing greenhouse gas emissions. Ongoing research explores nanoparticle integration with polymers, metals, and ceramics, creating stronger and lighter materials. Graphene shows promise as a lightweight material for EVs, while titanium alloys, with impressive strength-to-weight ratios and corrosion resistance, emerge as contenders for electric vehicle components. These advances in automotive molding technology drive innovation, fostering the creation of lighter, safer, and technologically advanced vehicles.

RESTRAINING FACTORS

"Rising automotive design complexity poses a challenge for the molding sector"

The burgeoning complexity in automotive designs poses a substantial challenge for the automotive molding market. This intricacy stems from the increasing utilization of advanced materials, composites, and the integration of sensors and electronics. These elements demand more intricate molding techniques and processes. With vehicles progressing toward incorporating smart and connected components, the demand for sophisticated and multifaceted moldings is on the ascent. Addressing this challenge requires continuous development and implementation of advanced molding technologies. These technologies play a pivotal role in ensuring that automotive components not only keep pace with but also exceed stringent requirements for strength, durability, and safety. Consequently, the automotive molding market must evolve to meet the demands of a rapidly advancing automotive landscape, marked by innovations that underscore the industry's commitment to cutting-edge design and technology.

AUTOMOTIVE MOLDING MARKET REGIONAL INSIGHTS

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"Asia Pacific's market dominance stems from a strong focus on passenger vehicle manufacturing"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The Asia Pacific region stands as a focal point in the global automotive molding market share due to its significant concentration in passenger vehicle manufacturing. Renowned as the home to some of the globe's premier vehicle manufacturers, this region is witnessing remarkable growth in the automotive sector. This growth encompasses the production of various vehicles, including passenger cars, three-wheelers, and two-wheelers. The dynamic landscape of the automotive industry in the Asia Pacific region is characterized by robust expansion, fueled by factors such as technological advancements, market demands, and evolving consumer preferences. The region's strategic positioning as a manufacturing hub for diverse vehicles underscores its pivotal role in shaping the automotive molding market. The ongoing developments and innovations in this vibrant automotive landscape contribute to the Asia Pacific region's dominance in the realm of automotive molding.

KEY INDUSTRY PLAYERS

"Key industry players invest in sustainability to address growing environmental concerns effectively"

The automotive molding market is undergoing a notable shift towards sustainability and recycling, driven by various key industry players. One key aspect is the increased utilization of post-consumer recycled resins (PCR) by industry players. This strategic move aims to minimize energy consumption and decrease the overall environmental impact of automotive production. Auto manufacturers are actively reducing carbon footprints by incorporating more plastic injection molded parts into vehicle designs. Furthermore, the market is dedicated to waste minimization and recycling, focusing on eliminating scrap waste from the production process and investing in zero waste initiatives. The adoption of recycled resins not only contributes to waste reduction but also aligns with energy efficiency goals, as virgin resins demand three times more energy for production. Sustainable design principles, emphasizing environmentally optimal materials and improved operational practices, underscore the industry's commitment to addressing environmental concerns through responsible practices in automotive molding.

List of Market Players Profiled

• Tata AutoComp Systems (India)
• YFPO (China)
• MINTH Group (China)
• Zhejiang Xinatong (China)
• Ningbo Huaxiang Electronic (China)
• Jiangnan Mould & Plastic Technology (China)
• Toyoda Gosei (Japan)
• Nishikawa Rubber (Japan)
• FALTEC (Japan)
• Kinugawa (Japan)
• Shiroki Corporation (Japan)
• Inoac Corporation (Japan)
• TPR (Japan)
• Hwaseung (South Korea)
• Plastic Omnium (France)
• Hutchinson (France)
• SaarGummi (Germany)
• CIE Automotive (Spain)
• Flex-N-Gate (U.S.)
• Cooper Standard (U.S.)
• Dura Automotive (U.S.)
• Magna (Canada)

INDUSTRIAL DEVELOPMENT

December 2023: Toyoda Gosei Co., Ltd. has expanded the production capacity of its subsidiary, Toyoda Gosei Irapuato Mexico, S.A. de C.V., in Mexico to reinforce its automotive product manufacturing network in the vital North American market. The facility's enlargement and the incorporation of new production equipment aim to address the increasing demand for larger painted products like rear spoilers and bumper peripheral parts, with production commencing in December 2023. This upgrade provides an opportunity to introduce cutting-edge, energy-saving machinery, including molding machines that reduce CO2 emissions by approximately 40% compared to previous models, aligning with environmentally friendly manufacturing practices.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.