Market Research Future projects a detailed study on the recent trends, various challenges faced and the segments of the market on which automotive lightweight materials is based. It is reported that there will be a striking upsurge at substantial CAGR by the end of year 2022. Automotive lightweight materials are generally used in automobiles for plummeting the weight and increasing the speed and fuel efficiency of the automotives.
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Market Drivers & Challenges
One of the foremost drivers for the growth of automotive lightweight material market is the rise in fuel efficiency that is achieved by the use of lightweight materials in automotive industry. The emergence of stringent regulations by the government for the control of carbon dioxide emissions is leading to the augmented adoption of lightweight materials for use in automobiles. Such factor thereby is driving the growth of the market rapidly and is expected to go on till the assessment period.
At the same time, the advantages offered by these automotive lightweight materials such as plummeting the weight and escalating the speed and fuel efficiency of the automotive vehicles. These are the key factors that are continuously influencing the market to expand rapidly by gaining a high valuation.
On the flip side, the augmentation of the global automotive lightweight material market can be restricted owing to the factors such as higher pricing of lightweight materials in automobiles such as carbon fibers and more.
The well-known players of automotive lightweight material market are listed as Covestro AG (Germany), ThyssenKrupp AG (Germany), ArcelorMittal S.A. (Luxembourg), Alcoa Inc., (U.S.), Owens Corning (U.S.), PPG Industries, Inc (U.S.), BASF SE (Germany), Toray Industries Inc.(Japan), Lyondellbasell N.V. (U.S.), Novelis .Inc.,(U.S.) and to name a few.
The world automotive lightweight material market has been segmented by the elements of material type, vehicles, and application.
In terms of material: Metals, composites, and plastics are the segments.
In terms of vehicles: Heavy commercial, light commercial vehicles, passenger vehicles and more are the segments.
The global market of automotive lightweight material is analyzed among the four mainregions, namely, North America, Europe, Asia-Pacific, and rest of the World.
Among these, Asia-Pacific region is likely to be the highest growing region in the automotive lightweight material market during the assessment period. The growth of this region can be attributed to factors such as the booming automotive industry as well as the rising awareness of the people regarding the control of emissions from the automobiles in this region. In addition to it, a well-spread awareness towards the benefits of lightweight materials in controlling the automobile emissions also offers an impetus to market growth in the region. Speedily sprouting economies such as Japan, China, and India are backed by their well-established automotive sectors, which accounts for significant contributors to the growth of the automotive lightweight material market in the APAC region.
North America automotive lightweight material market is speedily emerging as a profitable market. The factors such as the mounting demand for lightweight material for the manufacturing of aftermarket products of interiors as well as exterior body are some of the noteworthy driving forces behind the growth of the market here. The US, with the presence of a burgeoning automotive industry, occupies for a major contributor to the growth of the market.
The automotive lightweight material market in the European region occupies for the second-largest market, at a global level. The vigorous automotive industry in the region is observing a steady rise in the demand for the lightweight automotive component. With this, the automotive industry in key countries such as Germany, the U.K., France, and Italy is progressively consuming these lightweight material components for manufacturing many under-hood parts.
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