Light Weight Body Panel Global Market — Overview
The Global Light Weight Body Panel Market is growing at a rapid pace. According to a recent study report published by the Market Research Future, The global market of Light Weight Body Panel will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2030, which will be a surplus growth at a moderate CAGR during the projected period.
Lightweight body panels play an important role in improving fuel economy and performance of vehicles by reducing the overall weight of the vehicle. The increase in the development of technology in automotive industry, and the global automotive production along with an increasing focus on light weighting of vehicles, are some of the factors which help in the market growth automotive light weight body panels. Manufacturers are mainly focusing on adopting lightweight body panels in vehicles to fulfil government regulations concerning greenhouse gas emissions.
Stringent government regulations to meet fuel emission standards, advancement in technology, increased focus of manufacturers on automotive light weighing vehicles, are some of the factors driving the market of automotive Lightweight body panels. However, high costs associated with light weighting materials are hindering its widespread adoption and this is likely to restrict market growth over the forecast period.
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Austem Company Ltd (Korea), ArcelorMittal S.A. ( Luxembourg), Hwashin Tech Co Ltd (South Korea), BASF SE (Germany), Alcoa Corporation (U.S.), Plastic Omnium (France), Magna International Inc(Canada), ThyssenKrupp AG (Germany), Kuante Auto Parts Manufacture Co. Limited(China) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Light Weight Body Panel Market.
There exists a rapidly rising demand for fuel efficient vehicle in the across the globe. With manufacturers focusing on development of lightweight components for automobiles specifically the increasing usage of carbon fibre and other lightweight material in order to enhance a vehicles fuel efficiency the market for Light Weight Body Panel is set to witness a steep increase in demand. On the other hand stringent government policies in the form of emission taxes and penalties and overall growing awareness regarding the environment is expected aid the growth of Light Weight Body Panels. With manufacturers investing in development of high end lightweight body panel to be integrated in vehicles to reduce overall weight of the vehicle, the market is poised for rapid growth during the forecast period.
Over the past decade, it has been experienced that the prices of crude oil per barrel is increasing very rapidly and also the availability the crude oil is decreasing day by day. Due to these factors, the mind-set of large pool of population is shifting their preference towards electric vehicles. In the last 3 to 4 years, the demand for electric vehicles in the United States is rapidly increasing and seen around 70% of year-over-year growth in the sales. Along with the United States, Norway has also put a step ahead and has shifted more focus towards electric vehicles. With fuel prices across the globe witnessing a significant surge, the demand for fuel efficient vehicle is also expected to witness a steep increase, thus ultimately positively impacting the lightweight body panel market.
Light Weight Body Panel Market — Segmentation
The Global Light Weight Body Panel Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Material: Comprises Metal, Polymer & Composites, Rubber and Other.
Segmentation by Component: Comprises Bumpers, Door panel, Roof and Other
Segmentation by Application: Comprises Commercial vehicle and Passenger vehicle
Segmentation by Regions: Comprises Geographical regions — North America, Europe, APAC and Rest of the World.
Light Weight Body Panel Market: Regional Analysis
Automotive lightweight body panel market in North America is expected to dominate the global market during the forecast period, owing to the presence of major manufacturers such as Ford Motor Company and Fiat Chrysler Automobiles N.V. Lightweight automotive body panel production, stringent regulations to meet fuel emission, are also some factors driving the market towards growth. Moreover, the region follows high automotive safety regulations. The growth in Asia-Pacific automotive lightweight body panel market is forecast due to the rise in production of automobiles and a subsequent rise in the demand for fuel efficient vehicles. Countries such as China, Japan, and South Korea contribute majorly in this market.
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