The global automotive lightweight material market has been segmented by vehicle type into passenger cars, light commercial vehicles, heavy commercial vehicles and electric/hybrid vehicles. Among these segments, the growing popularity of hybrid vehicles is anticipated to drive the demand for automotive lightweight material around the globe over the forecast period.
The global market of automotive lightweight material market garnered around USD 77.3 Billion in the year 2015 and is anticipated to flourish at a compound annual growth rate of 13.7% over the period 2015-2021. The growing concern regarding depleting fossil fuels and global warming are the major factors that are driving the growth of the automotive lightweight material market. Further, the stringent emission regulations are anticipated to drive the growth of the automotive lightweight material market with noteworthy revenue by the end of 2021.
In the regional segment, North America automotive lightweight material market holds the largest market share as compared to other regions and is anticipated to reach USD 36.23 Billion by the end of 2021 by expanding at a compound annual growth rate of 5.6% during the forecast period. After North America, Europe has the second largest market of automotive lightweight material owing to stringent government regulations regarding emission control. Further, Asia-Pacific accounted for more than 50% share of global production in 2015 and is estimated to be the fastest growing automotive lightweight material market over the forecast period. This can be attributed to the increasing demand for passenger cars and light commercial vehicles in the region.
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Technological Advancement to Fuel the Market Growth
The growth of the market is riding on the back of technology advancement, increase in the personal disposable income of the consumers combined with the growing number of vehicle across the globe.
However, high cost associated with lightweight materials might dampen the growth of the global automotive lightweight material market over the forecast period.
The report titled “Global Automotive Lightweight Material Analysis & Opportunity Outlook 2021” delivers detailed overview of the automotive lightweight material market in terms of market segmentation by vehicle type, by component, by material and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Automotive Lightweight Material Market which includes company profiling of Henkel Corporation, Toray Industries Inc., Owens Corning Corporation, ArcelorMittal S.A., Saudi Basic Industries Corporation and PPG Industries Inc.The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the automotive lightweight material market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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