LOS ANGELES, Nov. 24, 2019 (GLOBE NEWSWIRE) — The global automotive lightweight materials market is expected to grow at a CAGR of around 8.0% over the forecast period 2019 to 2026 and reach the market value of over US$ 155,985 million by 2026.
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Automotive lightweight vehicle materials are the materials used to minimize weight and increase the vehicle speed and fuel efficiency. Due to the various advantages lightweight material is used for vehicle such as low corrosion rate, less material consumption, increased strength and improved handling, also these lightweight materials are ideal for vehicle frame construction. The major key factor flourishing the market growth of automotive lightweight material market is due to the increasing consumption of lightweight materials in the automotive industry which has increased the fuel efficiency. The introduction of the government strict regulations for regulating carbon dioxide emissions leads to improved implementation of lightweight material in automobiles, driving market growth. For instance, the adoption of lightweight materials will extensively grow across various industries. The automotive industry is rapidly growing its share in lightweight material market from 30 to 70% by 2030. However, higher prices of lightweight materials in cars such as carbon fibers and others are expected to hinder the growth of this market.
Asia-Pacific projected to be the fastest market growing in terms of CAGR during forecast period. Due to increasing disposable income and changing lifestyle trend has increased the demand for vehicles in this region which led to the propelling the market growth. In addition, the major factor responsible to grow Asia-Pacific automotive lightweight materials market is stringent government rules and regulations concerning vehicle safety and advance development of vehicles. Furthermore, the growth of this region is attributed to factors like automotive market is booming in this region and increasing awareness among population regarding of control emissions from the vehicles.
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BEV is expected to be the largest market for lightweight material in the automotive industry. A vehicle that uses chemical energy contained in the battery is powered by a BEV or battery electric vehicle. The battery installed in a BEV is rechargeable and the electric vehicle accounts for about 70% of the weight. Manufacturers of OEMs are investing in research and development by reducing the overall vehicle weight to increase the efficiency of electric vehicles. Rising demand for BEV and growing importance on lightweight vehicles is likely to flourish the market for lightweight materials in this vehicle segment.
HCV segment held the largest market share for automotive lightweight materials market in 2018. Buses, coaches, and heavy trucks with vehicle mass above 7 tons are the HCVs vehicles. In addition, some of the major OEMs such as Daimler, Isuzu, BMW, Fiat and Dongfeng are mainly concentrating on reducing weight in HCVs, this is due to stringent rules and regulation for emission of fuel. Furthermore, the advantage of using lightweight material is that it allows the vehicle to carry additional load.
The global automotive lightweight materials market is highly competitive due presence of large number of international players. The top key manufacturer in the automotive lightweight material market are, Covestro AG, BASF SE, Toray Industries, Inc., ArcelorMittal, LyondellBasell Industries Holdings B.V., thyssenkrupp AG, Alcoa Corporation, Novelis, Inc, and other hold the substantial market share in the automotive lightweight material market.
Key Developments:
In May 2019, BASF announced plans to build plastic and thermoplastic polyurethane plants in new Verbund site in Zhanjiang, China
In January 2019, Toray Industries, Inc. has opened new automotive centre in Germany. On the basis of its four core technologies (polymer chemistry,organic synthetic chemistry, , nanotechnology, biotechnology), Toray has promoted the development of new products and businesses. These will help Toray to solve global social issues such as resource, environmental, and energy.
Target Audience:
- Government as well as Independent Regulatory Authorities
- Distributer & Supplier companies
- Consultants and Investment bankers
- End Users
Market Segmentation
Market By Material Type
- Metals
- Composites
- Plastics
- Elastomer
Market By Electric & Hybrid Vehicle Type
- BEV
- HEV
- PHEV
- Truck
- Bus
Market By Vehicle Type
Market By Component
- Frame
- Wheel
- Bumpers & Fenders
- Engine & Exhaust
- Fuel Tank
- Transmission
- Doors
- Hood & Trunk Lid
- Seats
- Instrument Panel
Market By Application
- Body in white
- Chassis & suspension
- Powertrain
- Closures
- Interiors
- Others
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