NEW YORK, Jan. 20, 2021 /PRNewswire/ -- The global automotive lightweight material market size is expected to reach USD 109.5 billion by 2027. according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 7.2% from 2020 to 2027. Increasing stringent policies regarding vehicle emission along with fuel economy regulations are some of the key factors that drive major growth for the market. In addition to this, rising government initiatives and campaigns for vehicle weight reduction is another major factor responsible for the rising demand for automotive lightweight material. Key features such as materials provide enhanced strength, less material consumption, low corrosion rate, and increased efficiency for vehicles. Moreover, the introduction of modern electric vehicles has made a huge revolution in the automotive industry, which in turn favoring market growth.
Key Takeaways for Automotive Lightweight Material Market
Growing trend for vehicle electrification rising demand for lightweight materials in developing countries, especially in Asian countries, augmenting significant opportunities for the market players.
BEV is dominating the automotive lightweight material market and is expected to grow in the same manner over the forecast period. Rising demand for BEV and an increasing trend for vehicle lightweight supporting the segmental growth.
The metallic automotive materials are projected to grow as the largest revenue contributor segment owing to the wide utilization of such materials in vehicle manufacturing, especially for passenger cars and light commercial vehicles.
The outbreak of COVID-19 has made a huge impact on vehicle production across the globe, thereby influencing the overall automotive lightweight material industry. However, post-COVID-19, a steady recovery is expected in vehicle production.
Tesla, Inc., a leading electric-automobile manufacturer has introduced a new electric vehicle range that includes specialty trucks and passenger cars, is projected to make a huge influence over other manufacturers, which in turn favors the market growth.
The increasing need to improve the performance of the vehicles and optimized the fuel consumption by reducing the vehicle weight is expected to drive the demand for lightweight materials in automotive industry. Furthermore, the growing demand for composites in premium cars to improve vehicle performance and aesthetics is likely to complement demand over the forecast period.
North America's regional market is witnessing a surge in the demand for the last several years and is expected to move ahead as the largest revenue contributing region. Growing developments regarding the emission regulations procedures related to light-duty cars have forced the manufacturer to use light weight material for manufacturing cars, hence fueling the market growth. The Asia Pacific is set to emerge as the second-largest region, with a surge in requirements from major economies such as China, Japan, and India. Stringent policies from local authorities for automotive sectors have also contributed to the regional growth of the automotive lightweight material market.
BASF, Convestro, Toray, Borealis, WHB Brasil, Lyondell Basell, ThyssenKrupp AG, Owens Corning, Alcoa Corporation, ArcelorMittal, Stratasys Ltd., LANXESS, Aleris Corporation, POSCO, SGL Carbon, AK Steel Corporation, and Novelis.. are some of the leading companies working in the global automotive lightweight material market. The market has become highly competitive as major international companies started investing in the industry. The industry is witnessing several key strategic collaborations among leading players to gain a competitive edge.
Target Audience :
Supply Side: Manufacturer, distributor, and Supplier of Automotive Lightweight Material
Demand Side: Automobile Companies
Regulatory Side: Pipeline and Hazardous Materials Safety Administration (PHMSA)
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About Polaris Market Research
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