Press release
Driving Towards a Lighter Future: The Rise of Automotive Lightweight Materials
Automotive Lightweight Materials Market
๐ฅ๐ฒ๐พ๐๐ฒ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ญ: https://www.alliedmarketresearch.com/request-sample/1601
The growth of the global automotive lightweight materials market is driven by surge in need for fuel-efficient mobility solution and improved strength & safety of the vehicle. Moreover, consistent changes in design requirements of the automotive especially in electric vehicles and implementation of stringent emission norms by several policymakers are projected to create significant opportunity for lightweight materials during the forecast period.
COVID-19 scenario-
The outbreak of COVID-19 has significantly impacted the global automotive industry. The downturn in demand for new and old vehicles and disrupted supply chain outlook were the major impacts of partial lockdown.
Furthermore, government restrictions resulted in weak financial performance of the automakers, which negatively impacted the automotive production, especially during the initial phase.
Nevertheless, the restrictions are getting eased off as the vaccination drives are getting boosted all across the region. And the market is, therefore, expected to recoup soon.
๐๐ป๐๐ฒ๐ฟ๐ฒ๐๐๐ฒ๐ฑ ๐๐ผ ๐ฃ๐ฟ๐ผ๐ฐ๐๐ฟ๐ฒ ๐๐ต๐ฒ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐? ๐๐ป๐พ๐๐ถ๐ฟ๐ฒ ๐๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐๐๐๐ถ๐ป๐ด - https://www.alliedmarketresearch.com/purchase-enquiry/1601
Key market Players-
Hindalco Industries Limited
Lyondellbasell Industries N.V.
Owens Corning
Stratasys Ltd.
Thyssenkrupp AG
Toray Industries Inc.
Alcoa Corporation
ArcelorMittal
BASF SE
Covestro AG
The global automotive lightweight material market was valued at $71.65 billion in 2020, and is projected to reach $126.76 billion by 2030, registering a CAGR of 7.1% Europe was the highest revenue contributor, accounting for $26.15 billion in 2020, and is estimated to reach $50.45 billion by 2030, with a CAGR of 8.0%.
Europe dominates the market in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. The U.S. led the automotive lightweight materials market share in 2020, and is expected to grow at a significant rate during the forecast period due to the changing automotive industry outlook.
The sale of automotive lightweight materials is directly associated with automotive production and sales activities across the globe. Production loss is anticipated to increase if the lockdown in countries is extended. The global automotive production has witnessed decline by 16% in 2020 as compared to automotive production in 2019.
Moreover, the global sales of automotive has witnessed drop by around 14% (Y-o-Y) from 90.42 million units in 2019 to 77.97 million units in 2020. The demand for automobiles experienced a decline in all parts of the world, owing to surge in quarantine measures and increase in COVID-19 cases across the world. Moreover, sales in North America, Europe, and Asia-Pacific & Middle East has witnessed a sales drop by around 17%, 20%, and 8%, respectively, in 2020. The changing production and sales activities of the automotive industry is expected to influence the overall demand in the near future.
Key Findings Of The Study
By vehicle type, the electric powered segment is expected to register significant growth during the forecast period.
On the basis of material type, the metals segment is projected to lead the global market in terms of market share by the end of the forecast period.
Depending on component, the exterior systems and components segment is projected to lead the global market, in terms of market share, by the end of the forecast period.
Europe dominated the global automotive lightweight materials market in 2020 in terms of market share.
The key players profiled in the report are Alcoa Corporation, ArcelorMittal, BASF SE, Covestro AG, Hindalco Industries Limited, Lyondellbasell Industries N.V., Owens Corning, Stratasys Ltd., Thyssenkrupp AG, and Toray Industries Inc
๐ฃ๐ฟ๐ผ๐ฐ๐๐ฟ๐ฒ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐ ๐ฎ๐ https://www.alliedmarketresearch.com/automotive-lightweight-materials-market/purchase-options
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