Automotive Exterior Materials Market Revenue, Growth, Regional Trends, & Forecast To 2024 Magna International, Covestro, Toyota Boshoku America, Trinseo, DuPont, DURA Automotive, Plastic Omnium

Automotive Exterior Materials Market is grouped into fenders, tailgates, hoods, doors, bumpers, beams and frames. Automobile bumpers and hoods holds a major market share due to given highest priority to pedestrian safety. Bumpers are generally made up of fiber composites or engineering thermoplastics. Hood, fenders, doors and tail gates are mainly made up of steel, stainless steel or composite materials.

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On the basis of product, automotive exterior materials market is segmented into steel, aluminum, plastics, glass, carbon and magnesium. Steel is the most widely used material among all due to very high strength with good formability, variety of new design & fabrication, wide availability, assembling simplicity and attractive cost-benefit ratio for reducing weight. Usage of plastics has also shown a significant increase owing to weight reduction, comparative lower cost, degree of freedom in design, corrosion resistance and material anisotrophy.

Automotive exterior materials market will witness a significant growth owing to need for better aerodynamics designs in order to improve fuel efficiency and reduce overall weight. To meet the regulation standards and legislation concerned with the environment and safety will stimulate the product market demand. In addition, strict fuel economy norms are probably to drive the scope of lightweight materials usage. It has been assessed that for each 10% of heaviness removed from an automobile's total weight, fuel economy improves by 7%.

North America, dominated by the U.S. for automotive exterior materials market is likely to remain the largest industry owing to rise in market demand from the end-users. The U.S. automobile production has grown at over 16% from 2012 to 2016. New expansion and investments in auto factories coupled with improved installed capacity in Mexico will serve Latin America as well as global markets. This needs automobile manufacturers and suppliers to bring about their supply chains and factory usage cautiously in the nation.

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Asia Pacific automotive exterior materials market is anticipated to exhibit significant growth due to the increase in demand of passenger cars and light commercial fuel-efficient vehicles particularly in China and India. The presence of key industry automotive players including Honda, Toyota, Tata, Maruti Suzuki, Nissan, Mazda, Mitsubishi, Mahindra & Mahindra, Dongfeng, Geely, Changan and Hyundai will boost the demand of automobile exterior materials in this region.

The automotive embedded telematics market in Asia Pacific is projected to witness the fastest adoption rate due to the growing sales and production of the passenger and commercial vehicles in the region. The growing implementation of the IoT devices in the automotive to enhance vehicle safety, real-time monitoring, and enabling vehicle to vehicle & other devices communication also promotes the market.

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Automotive exterior materials market is highly competitive due to presence of some key industry participants with a minimal difference in their market share. The main industry players include Magna International, INOAC, Covestro, Toyota Boshoku Corporation, Trinseo, DuPont and DURA Automotive Systems. Some other market share holders are Gurit, Kirchhoff Automotive, PPAP, Plastic Omnium, Intertek, Cadillac Products Automotive Company and Mitsubishi.

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