A recent Fact.MR report on automotive lightweight material market provides an elaborate and extensive market forecast for the period between 2019 and 2028. Various dynamics influencing the automotive lightweight material market are identified and their degree of impact has been analyzed
and detailed in the report. It also includes qualitative and quantitative analysis of macro- and microeconomic factors affecting the growth of automotive lightweight material market. The Fact.MR report offers all-inclusive insights into global and competitive scenarios of automotive lightweight material market to lead its audience towards devising and implementing well-informed decisions
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Automotive Lightweight Material Market – Key Insights
- The automotive lightweight material market registered a volume CAGR of nearly 3% during 2013-2018. Aspects influencing growth of the automotive lightweight materials industry range from rising need to improve vehicle performance to concerns over energy consumption and carbon emissions.
- In 2018, worldwide volume sales of automotive lightweight materials reached approximately 74 kilotons, and is pegged to record a Y-o-Y growth of 3.4% in 2019.
- East Asia is expected to be the leading market for automotive lightweight material, with China accounting for bulk market share in the region. Total volume sales of automotive lightweight materials in East Asia exceeded 27 kilotons in 2018.
- China is also likely to emerge as the high-growth market for automotive lightweight materials, with volume sales estimated to grow at a CAGR of nearly 5.0% through 2028. Sales will remain driven by steady demand from the country’s automotive industry.
Steel Remains the Most Lucrative Automotive Lightweight Material
According to the study, steel remains the most lucrative automotive lightweight material, with sales of over 35 kilotons in 2018. Increasing replacement of cast iron and other heavier components with lighter materials such as high-strength steel (HSS) in automobiles is a key demand determinant of steel in the automotive lightweight material market.
Automotive lightweight materials have witnessed robust application in the engine & mechanical components, backed by their numerous advantages such as energy efficiency, improved performance, and enhanced safety. In addition, exterior & structural segment is likely to emerge as the most lucrative application area for automotive lightweight material. Passenger cars account for the highest volume share in the automotive lightweight material market. The sales of lightweight material for car estimated in excess of 42 kilotons in 2018.
Europe also holds a sizeable share in the automotive lightweight material market, with sales of nearly 19 kilotons in 2018. Government efforts to bring down energy consumption, and targets on weight reduction of vehicles, the automotive lightweight material market in Europe will continue to witness a robust growth.
key players operating in the automotive lightweight material market include United States Steel Corporation, ThyssenKrupp AG, Formosa, Trinseo, LG Chem, JSR, Eastman, Alerisw International, Guirt Holding AG, SGL Carbon SE, Teijin Limited, Hunstman, ExxonMobil, Covestro, Mitsubishi, DowDupont, DSM, Solvay, SSAB AB, Ak Steel Holding Corp, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Owen Corning, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC, Toray, Celanese, BASF, POSCO, Baoshan Iron & Steel Co., Ltd, and ArcelorMittal SA.
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