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Innovative Trends Steer Demand for Automotive Lightweight Material Market during the forecast Period, 2019-2028 | Key Players are Covestro, Mitsubishi, DowDupont, etc.
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Automotive Lightweight Material Market – Key Insights
The automotive lightweight material market registered a volume CAGR of nearly 3% during 2013-2018. Aspects influencing growth of the automotive lightweight materials industry range from rising need to improve vehicle performance to concerns over energy consumption and carbon emissions.
In 2018, worldwide volume sales of automotive lightweight materials reached approximately 74 kilotons, and is pegged to record a Y-o-Y growth of 3.4% in 2019.
East Asia is expected to be the leading market for automotive lightweight material, with China accounting for bulk market share in the region. Total volume sales of automotive lightweight materials in East Asia exceeded 27 kilotons in 2018.
China is also likely to emerge as the high-growth market for automotive lightweight materials, with volume sales estimated to grow at a CAGR of nearly 5.0% through 2028. Sales will remain driven by steady demand from the country’s automotive industry.
Automotive Lightweight Material Market – Notable Developments
In February 2019, Tata Steel Ltd. was named one of the ‘World’s Most Ethical Companies’ in 2019 by Ethisphere Institute for the eighth time. The company won the coveted recognition in category of ‘Metals, Minerals and Mining’.
In September 2018, LANXESS, a Germany-based specialty chemicals company, announced to build a new production unit at its Krefeld-Uerdingen site with an aim to expand its global production network for high-performance plastics. By the latter half of 2019, the company plans to produce Durethan and Pocan engineering plastics, which are used in electronics and automotive industries.
In July 2018, LyondellBassel, a leading player in the automotive lightweight material market, announced that it signed an agreement with Karlsruhe Institute of Technology to advance the chemical recycling of plastic materials and support the global efforts towards circular economy and plastic waste recycling needs. The company acquired A. Shulman in a US$ 2.25 billion deal in February 2018.
Other key players operating in the automotive lightweight material market include United States Steel Corporation, ThyssenKrupp AG, Formosa, Trinseo, LG Chem, JSR, Eastman, Alerisw International, Guirt Holding AG, SGL Carbon SE, Teijin Limited, Hunstman, ExxonMobil, Covestro, Mitsubishi, DowDupont, DSM, Solvay, SSAB AB, Ak Steel Holding Corp, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Owen Corning, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC, Toray, Celanese, BASF, POSCO, Baoshan Iron & Steel Co., Ltd, and ArcelorMittal SA.
Steel Remains Sought-after among Automotive Lightweight Materials
The study opines that steel will account for a sizeable share of the automotive lightweight materials market. Steel sales for lightweight automotive components surpassed 34 kilotons in 2018, and are estimated to record at a volume CAGR of 3.9% through 2028. Sales of the automotive lightweight materials will remain comparatively robust in the production of passenger cars, accounting for a significant volume share in 2018. Additionally, growing incorporation of the automotive lightweight materials in manufacturing the engine, exterior components, and interior components of luxury cars will continue to underpin the sales of automotive lightweight materials in the near future.
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Research Methodology
In-depth analysis and exhaustive insights provided in the FactMR report on global automotive lightweight material market is a result of a two-step research process that involves primary and secondary resources. In the secondary research methodology, trade journals, paid resources, company annual reports, press releases and other publications related to automotive lightweight material market were studied in order to gain information and market size data.
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