Global Automotive Lightweight Material Market 2019 Study and Analysis Research Report Forecast To 2022
Automotive Lightweight Material Market Share, Size, Trends, And Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2022. Automotive Lightweight Material Market report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2022.
Automotive lightweight materials are used in the making automobiles to reducing the weight and thus to increase the speed and fuel efficiency of a vehicle. These lightweight materials help to control fuel consumption as well as carbon footprint and thus save the environmental impact, in turn. Moreover, these lightweight materials also allow designers to implement innovative and sturdy designs.
Resultantly, these materials witness a vast uptake and demand in automotive manufacturing, which drives its market of these materials, predominantly. Increased fuel efficiency achieved by the use of lightweight materials is a key driving force escalating the market, globally.
Considering the exponential accruals, the market is garnering currently, Market Research Future (MRFR) in its recently published study analysis asserts that the global automotive lightweight material market is poised to witness significant growth by 2022, registering a considerable CAGR throughout the forecast period (2016 to 2022).
Improving economic conditions, worldwide that are enhancing consumers’ purchasing power is impacting the growth of the market, increasing sales in the automotive market. Additionally, factors such as the stringent government regulations pertaining to the vehicular emissions are increasing the size of the market by encouraging automotive companies to switch their preferences from lightweight materials.
On the other hand, these lightweight materials are slightly expensive and hence are produced in lower volume, which limits the growth of its market, restricting its applications to low-volume. Also, fluctuating prices alongside the demand and supply gap in the raw materials required for the production obstructs the growth of the automotive lightweight material market. However, factors such as the continually augmenting demand for composites that can control the emission and weight a vehicle and the high demand for improved vehicular designs are expected to support market growth over the assessment period. Besides, technological advancements expected to be transpired soon are likely to present economical manufacturing processes reducing the selling cost of these lightweight materials.
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Automotive Lightweight Material Market - Segments
The report is segmented into four key dynamics: -
By Material : Metal, Rubber, and Plastic, among others.
By Application : Interior, Exterior, and Structural, among others.
By Vehicle Type : Light Commercial Vehicles, Heavy Commercial Vehicles, and Passenger Vehicles, among others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global Automotive Lightweight Material Market - Regional Analysis
The Asia Pacific region, led by the presence of a burgeoning automotive industry, is expected to retain its dominance over the automotive lightweight material market throughout the forecast period. Factors that would substantiate the growth of the regional market include massive consumption of these composites in the region.
Moreover, a well-spread awareness towards the benefits of lightweight materials in controlling the automobile emissions provides impetus to market growth in the region. Rapidly evolving economies such as Japan, China, and India backed by their well-established automotive sectors, account for significant contributors to the growth of the automotive lightweight material market in the APAC region.
The automotive lightweight material market in the European region accounts for the second-largest market, globally. The robust automotive industry in the region is witnessing a steady rise in the demand for the lightweight automotive component. Also, the automotive industry in major countries such as Germany, the U.K., France, and Italy is increasingly consuming these lightweight material components for manufacturing a number of under-hood parts.
North America automotive lightweight material market is rapidly emerging as a profitable market, globally. Factors such as the growing demand for lightweight material for the manufacturing of aftermarket products of interiors as well as exterior body are some of the significant driving forces behind the growth of the market in the region. The US, with the presence of a burgeoning automotive industry, accounts for a major contributor to the growth of the market.
On the other hand, the automotive lightweight material market in the Middle East & African (MEA) region is led by an increase in the automotive sector. The UAE, Saudi Arabia, and Qatar are some of the GCC countries driving the automotive lightweight material market in the region.
Brazil and the Latin American region is gaining tremendous momentum. Moreover, various automotive parts manufacturing sectors including under bonnet, interiors body, outer body, and electrical components that are expected to witness substantial growth during the review period would foster the growth of the market in the region.
Automotive Lightweight Material Market - Competitive Analysis
Highly competitive, the automotive lightweight material market appears to be fragmented with the presence of a large number of key players. These players make substantial investments to incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and technology launch, to maintain their positions in the market.
Major Players:
The key players of leading the global automotive lightweight material market include Toray Industries Inc. (Japan), Alcoa Inc. (the US), ArcelorMittal SA (Luxembourg), BASF SE (Germany), ThyssenKrupp AG (Germany), PPG Industries, Inc. (the US), Owens Corning (the US), Covestro AG (Germany), Lyondellbasell N.V.USS.), and Novelis Inc. (the US), among others.
Industry/innovation/Related News:
May 21, 2019 --- BASF SE (Germany), a leading chemical producer in the world announced its plans to build a thermoplastic polyurethane (TPU) plant and an engineering plastics compounding plant at its proposed integrated chemical production site in Zhanjiang, China. These will not only be the first production plants to come on stream at the site but also the largest Asian factory in southern China’s Guangdong province.
BASF mentioned that its solutions support the growth of the TPU market, with safety-enhanced cables and wires for automation and automotive lightweight materials. Expected to complete by 2022, the new engineering plastics compounding plant will supply an additional capacity of 60,000 m.t./yr. of BASF engineering plastics compounds in China.
As part of the company’s plan to implement a comprehensive smart manufacturing concept at the site based on cutting- edge technologies, the new plants will utilize automated packaging, high-tech control systems, and automated guided vehicles.
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