Automotive Manufacturers' Focus to Produce Lightweight Vehicles Boosts Demand Avenues in Automotive Lightweight Materials Market: TMR
- Global automotive lightweight materials market is foreseen to develop at 7.2% CAGR in 2019 to 2027. Implementation of stringent government regulations to improve the vehicle fuel efficiency is major factor pushing market sales
- Asia Pacific holds major market share, and Japan and China expected to expand at rapid pace during assessment period
ALBANY, N.Y., Oct. 8, 2020 /PRNewswire/ -- Automotive lightweight materials are gaining traction across the worldwide automotive sector. One of the important reasons for this popularity is the ability of automotive lightweight materials to advance the fuel economy of automobiles. Similarly, these materials widely utilized to boost the safety as well as overall vehicle performance. Owing to all these factors, the global automotive lightweight materials market is estimated to grow at rapid speed in the years ahead.
TMR's analysts highlight that the automotive lightweight materials market is likely expand at a CAGR of 7.2% during forecast period of 2019–2027. Major enterprises from the automotive industry are eyeing the development of vehicles with advanced fuel efficiency. As a result, they are growing use of automotive lightweight materials. This scenario depicts that the manufacturers of automotive lightweight materials will gain lucrative avenues in the years ahead.
Automotive Lightweight Materials Market: Key Driving Factors and Promising Avenues
The global market is likely to grow at promising pace during the forecast period of 2019 to 2027. One of the important driving the market growth is growing demand for automotive lightweight materials in developing countries.
Automotive lightweight materials find application in the manufacturing of light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and passenger vehicles. Thus, growing demand for these vehicles is likely support the growth of automotive lightweight materials market in the forthcoming years.
The government bodies of major developing countries across the globe are implementing stringent regulations for automotive sector. They are compelling automakers to develop vehicles that offer enhanced fuel efficiency as well as follow all regulations related to vehicle emissions. As a result, automotive companies in these countries have increased demand for automotive lightweight materials. This factor is pushing the growth of the automotive industry are boosting the market.
In recent period, consumers across the globe are inclined toward the use of lightweight vehicles. As a result, automakers are finding ways to minimize the vehicle weight. Use of automotive lightweight materials helps to produce lightweight vehicle, which help in achieving improved fuel economy. This factor is generating tremendous demand opportunities in the global automotive lightweight materials market.
Major players operating in the global automotive lightweight materials market experience highly intense competitive landscape. Key reason attributed to this scenario is growing efforts of market enterprises to launch superior quality products.
Several vendors in the automotive lightweight materials market are boosting their production capabilities. This move is helping them to fulfill the rising market demand. At the same time, many players are using strategy of introducing new production plant to advance their production capabilities.
The list of important companies working in the automotive lightweight materials market includes Henkel AG & Co., KGaA, NovaCentrix, DuPont, Intrinsiq Materials, Inc., Vorbeck Materials Corporation, Inc, Johnson Matthey PLC, Heraeus Holding GmbH, Applied Ink Solutions, and Creative Materials Inc.
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