Global Automotive Lightweight Material Market Overview
Lightweight materials are the material helps to decrease the weight of the product and reduces the total energy consumption in the vehicle. Lightweight materials support in the attainment of better energy efficiency and contributing to energy independence of the nation. The global automotive lightweight material products market touched USD77.3 Billion in the year 2015, and it is anticipated to rise at a compound annual growth rate (CAGR) of 13.7% during 2015- 2021.
Market Size & Forecast
At present, the North American automotive lightweight material market has the largest market share in the global automotive lightweight material market. With the introduction of corporate average fuel economy (CAFE) standards applied for all the light-duty vehicles manufactured during 2017-2025, the demand for light weight material is projected to increase exponentially in near future. As a result, the light weight material market in the region is expected to expand at a CAGR of 5.6% to reach USD 36.23 Billion in 2021.
After North America, Europe automotive lightweight body panel market is the second largest market in the global automotive lightweight material market. Factors like need for advance fuel economy, desired low CO2 emission and stringent government regulation to drive the lightweight material market in the region.
In coming years, Asia-Pacific automotive lightweight material market is predicted to be the fastest growing market in the industry. Asia-Pacific accounted for more than 50% share of the global production in 2015. The market is driven by increasing demand for passenger cars and LCV in the region. In addition to that, India and China being the car manufacturing hub for most of the global brands to fuel the Asia-Pacific Market for its lightweight automotive body parts demand.
By Vehicle Type
On the basis of region, the global automotive lightweight material market is segmented are as follows:
Growth drivers and challenges
Advancement in technology, increasing number of vehicle across the globe and increase in the personal disposable income of the people are some factors driving the growth of the global automotive lightweight material market during the forecasted period. Environmental regulation and standard enforced by state governments to reduce the CO2 emission and need of developed technology are the main challenges faced by the global automotive lightweight material market in the present state.
In addition to this, increasing deaths in road accident, where heavyweight body parts are the main cause for serious body injury and high cost associated with lightweight materials affect the demand of the global automotive lightweight material market in future.
The major key players of the global automotive lightweight material market are as follows:
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