“Global Automotive Lightweight Material Market Analysis & Opportunity Outlook 2021”
The global automotive lightweight material market is segmented into material type such as plastic, steel, aluminium, fiberglass, carbon, leather, rubbers, magnesium, high strength steel and others. Further, steel is the most common material used in building cars due to its light weight, high strength, low cost and easy availability. Moreover, performing operations on steel is very easy and this factor is anticipated to foster the growth of this segment over the forecast period. Apart from this, aluminium is also a common material used in building luxury vehicles. High cost of aluminium and difficult to work on aluminium are major factors which are restraining the use of aluminium in mid & low range cars.
Global automotive lightweight material market is expected to register a 13.7% CAGR over the forecast period. Moreover, the global automotive lightweight material market was valued at USD 77.3 Billion in 2015 and is expected to reach at remarkable revenue by the end of 2021. The market is poised to display substantial growth during the forecast period owing to increasing production of vehicles and rising concerns regarding excessive consumption of fuels all across the globe.
The North America automotive lightweight material market experienced significant growth in 2015. Further, North America automotive lightweight material market is expected to witness significant growth during the forecast period. Strong manufacturing infrastructure, large number of automobile manufacturers and technological advancements in automobile industry are some of the major factors which are anticipated to drive the growth of North America automotive lightweight material market over the forecast period. Furthermore, Asia Pacific region is also expected to showcase substantial growth during the forecast period owing to increasing production of cars, trucks and other vehicles in this region.
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Growing Demand for Lightweight Vehicles
Lightweight materials are used in building vehicles to reduce mass of body structures of vehicles in order to improve fuel efficiency of automobiles. Further, increasing fuel consumption and carbon emission are some major factors which are fuelling the demand for fuel efficient vehicles which in turn expected to increase the consumption of lightweight materials in future.
Favourable government initiatives and programmes
Governments of developed countries are supporting ongoing research to improve the fuel efficiency vehicles. In U.S., around 60% of oil consumption is due to internal combustion engine vehicles running on road. Government’s initiatives to improve the fuel efficiency and reduce emission are expected to increase the demand for automotive lightweight materials over the forecast period. Although, rapid fluctuations in raw material prices and high cost of some lightweight materials such as carbon fiber are some of the factors that are likely to inhibit the growth of the Automotive Lightweight Material Market in the near future.
The report titled “Global Automotive Lightweight Material Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global automotive lightweight material market in terms of market segmentation by vehicle type, by material, by component and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive lightweight material market which includes company profiling of Henkel Corporation, Toray Industries Inc., Owens Corning Corporation, ArcelorMittal S.A, Saudi Basic Industries Corporation, BASF SE, Momentive Company, ThyssenKrupp AG, PPG Industries Inc. and Covestro AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive lightweight material market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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