The global automotive lightweight materials market size was valued at US$ 65.38 Billion in 2019 and is projected to reach US$ 115.37 Billion by 2027, rising at a market growth (CAGR) of 7.4% during the forecast period.
Precedence Research’s latest report on the global automotive lightweight materials market provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
Precedence Research provides an in-depth analysis of market size, share analysis, Industry growth, market valuation, market dynamics which includes drivers, restraints, opportunities, trends, challenges, market segmentation, competitive landscape, regional and country breakdowns, and strategies for automotive lightweight materials market. The study reviews the global industry by-products or services offered, downstream fields, end using customers, historic data figures regarding revenue and sales, market context, and more.
The report comprises a detailed value chain analysis, which provides a comprehensive view of this market. The Porter’s Five Forces model for the global market has also been included to help understand the competitive landscape. The study covers market attractiveness analysis, wherein resin types are benchmarked based on their market value, growth rate, and general attractiveness.
Download FREE SAMPLE PAGES before Purchase @ https://www.precedenceresearch.com/sample/1087
Automotive lightweight materials are prominently used in automotive industry to boost their speed and fuel efficiency by reducing their weight. These lightweight materials are an appropriate replacement for heavy generic materials that were previously used to build the outer frame of vehicles owing to the advantages that include improved handling, enhanced strength, less material consumption, and low corrosion rate. Carbon fiber is one those lightweight materials that is extensively used by automobile manufacturers worldwide, as it notably reduces the weight of the vehicle while preserving the strength.
Shifting trend towards new powertrain technologies coupled with higher emphasis on fuel economy standards are the key forces that drives the adoption of lightweight materials over the analysis period. The product demand is positively impacted by the increasing inclination towards battery-powered electric vehicles, as they carry an additional weight due to the components that include electric motors and batteries, and consequently require lightweight materials to improve the vehicle efficiency. Reduced weight provides multiple benefits that include improved vehicle performance & handling along with controlled vibration & noise.
However, high cost of lightweight materials, limited infrastructure availability, and supply chain volatility may hinder the growth of automotive lightweight materials market over the study timeframe.
- The Asia Pacific was projected as the front-runner in terms of consumption for the year 2019 owing to rapid growth in the adoption of electric and hybrid electric vehicles in the region
- Europe and North America are the prominent revenue contributors in the global market due to availability of advanced transportation infrastructure as well as large R&D investment
- Based on vehicle, passenger vehicle witness high demand for lightweight materials compared to other types of vehicles owing to high sales percentage across the globe
- Light commercial vehicles exhibit lucrative growth during the forecast period because of escalating trend of e-commerce and online shopping
- Metals alloys held the significant value share in the global automotive lightweight materials market in the year 2019 and estimated to be maintain its dominance by 2027
- High-strength Steel [HSS] is a type of metal that encounters prominent demand after aluminum
- Powertrain application expected to be the fastest growing segment over the forecast period due to its significant contribution of more than 27% in the vehicle’s weight
Key Players of the global automotive lightweight materials market are:
- Henkel AG & Co.
- Intrinsiq Materials, Inc.
- Creative Materials Inc.
- Vorbeck Materials Corporation, Inc
- Johnson Matthey PLC
- Heraeus Holding GmbH
- Applied Ink Solutions
Segments Covered in the Report:
- Passenger Vehicles
- Heavy Commercial Vehicles [HCVs]
- Light Commercial Vehicles [LCVs]
- High-strength Steel [HSS]
- Metal Alloys
- North America (United States, Canada)
- Europe (Germany, France, UK, Italy, Russia, and Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia, Korea, and Rest of Asia Pacific)
- Latin America (Brazil and the Rest of Latin America)
- The Middle East and Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
In 2019, the Asia Pacific emerged as the dominant market for the automotive lightweight materials. This is mainly attributed to the on-going green revolution in various countries of Asia. For instance, China has announced its plan to convert its public transportation sector with green mobility by the end of 2025. In the wake of same, the country is significantly investing in the upgradation of transport infrastructure in support of the electric and advanced vehicle technology. Similarly, other countries such as Singapore, India, Malaysia, Japan, and Korea are also following the same path and supporting the electric vehicle adoption across the country.
On the other side, Europe being an automotive hub contributes prominently towards the value gain in the global automotive lightweight materials market. The region is a home for several OEMs that include Audi, Mercedes, Porsche, BMW, Ferrari, Alfa Romeo, Bentley, Aston Martin, Jaguar, and many more, this also positively influence the market growth of lightweight materials in the region. In addition, the government in the region has issued stringent norms pertaining to carbon emission such as Euro 6 that will significantly reduce the pollutants that include carbon monoxide and nitrogen oxide, thereby improving the air quality along with the fuel efficiency of the vehicle.
Purchase this Market Research Report @ https://www.precedenceresearch.com/checkout/1087
Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semiconductors, chemicals, automotive, and among different ventures present globally.
Call: +1 9197 992 333
Carolina is an author who specializes in covering healthcare, chemical, and the automotive industry. Before joining Market Stats News, Carolina covered some of the biggest companies in Silicon Valley for the San Jose Mercury News. She loves all things French and the written word. Articles by Carolina