January 17, 2020
According to the research report titled ‘Automotive Lightweight Materials Market Size By Material (Metals & Alloys [High Strength Steel, Aluminum, Magnesium], Plastics [ Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polycarbonate], Composites [Glass Fiber, Carbon Fiber]), By Application (Body In White, Chassis, Powertrain, Interior, Exterior), By Manufacturing Process (Casting, Extrusion, Rolling, Forging, Forming, Open Molding, Closed Molding), By Vehicle Type (Internal Combustion Engine Vehicle, Battery Electric Vehicle, Hybrid Electric Vehicle), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report LLC, the global automotive lightweight materials market is expected to be worth USD 310 billion by the year 2026.
According to the report, growing demand to curb greenhouse gas emissions coupled with increasing production of electric vehicles are the major factors driving the growth of automotive lightweight materials market. Lightweight materials not just play a vital role in reducing the overall vehicle weight but also increase the fuel efficiency and performance of the vehicle. This factor along with strict government reforms regarding fuel emissions are aiding the expansion of the market.
Advancements in technology pertaining to electric vehicles are augmenting the demand for lightweight materials across the globe. Furthermore, significant development in vehicle fuel efficiency in tandem with CO2 emission targets set by various governments are stimulating the industry outlook. However, the risks associated with the adoption of new products in consort with fluctuating supply chain will hinder the growth of the market.
Speaking of material type, aluminum materials segment is expected to register substantial growth during the forecast period. Rising adoption of rolled and extruded aluminum components and frames in vehicles supports emission reduction and improves performance, thereby facilitating the business scenario.
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Considering the geographical landscape, Japan and China automotive lightweight materials market is presumed to grow substantially in the ensuing years. Increasing production of electric-vehicles in Japan and China coupled with favorable government reforms which promote the use of electric-vehicles are augmenting the demand for lightweight materials in vehicles.
WHB Brasil, Borealis, Novelis, Aleris Corporation, AK Steel Corporation, Posco, SGL Carbon, Tata Steel, Stratasys Ltd., LANXESS, Owens Corning, ThyssenKrupp AG, Arcelormittal, Alcoa Corporation, LyondellBasell Industries Holdings B.V., Toray TCAC Holding B., Covestro AG and BASF SE are the prominent companies operating in the automotive lightweight materials market.
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