Matket overview
The global automotive lightweight material market is garnering substantial traction. The market growth majorly attributes to stringent government regulations for fuel-efficient vehicles. Besides, the growing production & sales of vehicles foster the growth of the market. With lightweight body panels increasingly getting absorbed in the automotive industry, the market is expected to witness rising revenues in the years to come.
In this regard, Market Research Future (MRFR) states that the global automotive lightweight material market is expected to witness a rapid rise in revenues by 2027, growing at an impressive CAGR during the assessment period (2020-2027). The rising demand and production of lightweight vehicles due to the stringent government regulations for fuel-efficient vehicles pushes the market growth.
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Additionally, the rising consumption of light-weighting materials such as carbon-and-composite to make various automotive components and body panels escalates market growth. Government initiatives to reduce fuel emissions to meet greenhouse gas requirements promote lightweight structures to reduce the vehicle's weight significantly.
Furthermore, increasing sales of passenger vehicles and improving economic conditions worldwide substantiate the market demand. Also, the spurring demand and subsequent growth in the electric vehicle sector foster the growth of the market. On the other hand, high costs associated with light-weighting materials are major factors impeding the market growth.
Automotive Lightweight Material Market – Segments
The report is segmented into materials, applications, vehicle types, and regions. The material segment is sub-segmented into metal, rubber, plastic, and others. The application segment is sub-segmented into interior, exterior, structural, and others.
The vehicle type segment is sub-segmented into heavy commercial vehicles, light commercial vehicles, passenger vehicles, and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Automotive Lightweight Material Market – Regional Analysis
Europe holds a sizable share in the global automotive lightweight material market. Factors such as high automotive safety regulations and the rising demand for environment-friendly vehicles positively influence the regional market growth.
North America is the second-largest market for automotive lightweight materials. The market is driven by the rising lightweight automotive body component production and stringent regulations implemented to control rising fuel emissions and promote fuel-efficient vehicles.
Asia Pacific dominates the global automotive lightweight material market. The region, backed by its ample raw material advantage and cost-competitive workforces, attracts several automotive giants.
Besides, the largest market share attributes to the presence of major market players, offering innovative lightweight automotive components. Moreover, vast demand for passenger cars and commercial vehicles in China, India, South Korea, and Japan substantiate the market size.
Furthermore, the presence of well-established automotive industries in the region pushes the growth of the market. Increasing innovations in engineering and focus on fuel efficiency & sustainability boost the regional market's growth.
Additionally, the presence of many notable automakers & industry players in the region drives the market. Moreover, the early adoption of advanced technologies boosts the market growth in the region.
Automotive Lightweight Material Market – Competitive Landscape
Highly competitive, the automotive lightweight material market appears diversified due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategic initiatives such as mergers & acquisitions, expansion, and product & technology launches.
Major Players:
Players leading the global automotive lightweight material market include Toray Industries Inc.(Japan), Alcoa Inc., (U.S.), ArcelorMittal S.A. (Luxembourg), BASF SE (Germany), ThyssenKrupp AG (Germany), PPG Industries, Inc (U.S.), Owens Corning (U.S.), Covestro AG (Germany), Lyondellbasell N.V. (U.S.), and Novelis Inc.,(U.S.), among others.
Industry/ Innovation/ Related News:
March 30, 2021 ---- Stahl launched next-generation solutions for lightweight automotive leather. The new Stahlite range is designed for use in the re-tanning and fat-liquoring stages of the wet-end leather production process and replaces conventional re-tanning and softening agents with specialty polymers.
April 22, 2021 ---- Ex-Core Technologies, an offshoot of high-tech manufacturing specialists, launched a revolutionary low-waste carbon-fiber manufacturing process to be used in F1 cars. The groundbreaking manufacturing process was initially developed for the automotive industry to cater to electric carmakers that require lightweight materials to offset the weight incurred by battery packs.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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