Global Automotive Lightweight Material Market is valued approximately at USD 82.96 billion in 2018 and is anticipated to grow with a healthy growth rate of more than 7.4 % over the forecast period 2019-2026. Automotive lightweight materials are utilized for achieving weight reduction in automobiles and increasing their speed and fuel efficiency. These materials replace the traditionally utilized heavy generic materials for building the frame of the vehicles. This replacement offers advantages like decreased material consumption, increased strength, low corrosion rate and enhanced handling. Further, the booming automotive sector along with increase in trend for light weight vehicles has led the adoption of Automotive Lightweight Material across the forecast period. As per Statista 111 million light weight vehicles will be produced by 2023. Also, in 2018 the global volume sales of Automotive lightweight material were 74 kilotons which is expected to increase by 3.4% per year in 2019. Also, with the stringent emission and fuel economy regulations and growing government initiatives for weight reduction of automobiles is expected to fuel the demand for Automotive Lightweight Materials. Although, the high material cost and process cost hinders the market growth. However, the rising trend of vehicle electrification a potential market in the Asian region presents an opportunistic market for Automotive Lightweight Materials market.
The regional analysis of global Automotive Lightweight Material market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to increasing automotive market with the consumer preference towards light weight vehicles. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2019-2026. Factors such as increasing population along with increasing disposable income would create lucrative growth prospects for the Automotive Lightweight Material market across Asia-Pacific region.
Major market player included in this report are:
BASF SE (Germany)
Covestro AG (Germany)
LyondellBasell Industries Holdings B.V. (Netherlands)
Toray Industries, Inc. (Japan)
ArcelorMittal (Luxembourg)
ThyssenKrupp AG (Germany)
Novelis, Inc.
Alcoa Corporation (US)
Owens Corning (US)
PPG Industries (US)
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Material:
Metal
Composite
Plastic
Elastomer
By Application & Component:
Frame
Engine
Exhaust
Transmission
Closure
Interior
By Vehicle Type:
ICE
Electric & Hybrid
By Region:
North America
U.S.
Canada
Europe
UK
Germany
Asia Pacific
China
India
Japan
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year - 2016, 2017
Base year - 2018
Forecast period - 2019 to 2026
Target Audience of the Global Automotive Lightweight Material Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investor
