Press release
New Automotive Lightweight Materials Revolutionize Fuel Consumption with Hindalco Industries, Lyondellbasell Industries N.V., Owens Corning, Stratasys, Thyssenkrupp
Drivers, restraints, and opportunities-
Growth in need for improved safety and enhanced performance of the vehicle and stringent regulations for fuel economy and automation emission drive the growth of the global automotive lightweight materials market. On the other hand, high cost of the materials and declined production and sale of automobile impede the growth to some extent. Nevertheless, entering into agreements and contracts with automotive OEM and growth in vehicle electrification are projected to pave the way for lucrative opportunities in the future.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ- https://www.alliedmarketresearch.com/request-sample/1601
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.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐๐ญ- https://www.alliedmarketresearch.com/request-for-customization/1601
The IC engine powered segment to dominate by 2030-
By vehicle type, the IC engine powered segment contributed to around four-fifths of the global automotive light material market share in 2020 and is expected to lead the trail by the end of 2030. The fact that the available fleet across the globe is dominated by the IC powered vehicle drives the growth of the segment. However, the electric powered segment is expected cite the fastest CAGR of 10.4% from 2021 to 2030. This is attributed to the rise in penetration of electric vehicle and growing trend of usage of green mobility solution.
The exterior systems and components segment to maintain the dominant share-
Based on component, the exterior systems and components segment accounted for more than two-fifths of the total market revenue in 2020 and is projected to retain its dominance by 2030. Furthermore, the segment would also manifest the fastest CAGR of 7.9% throughout the forecast period. This is owing to the change in manufacturing outlook of the automotive development and growing adoption of the lightweight materials by the automotive manufacturers.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ- https://www.alliedmarketresearch.com/automotive-lightweight-materials-market/purchase-options
Europe, followed by North America garnered the major share in 2020-
Based on region, Europe, followed by North America, held the major share in 2020, garnering more than One-third of the global market. The market across this region is also anticipated to register the fastest CAGR of 8.0% from 2021 to 2030. This is due to the rising adoption of automotive lightweight materials and growing need for fuel efficient automotive solutions. The other regions studied in the report include Asia-Pacific and LAMEA.
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
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐-
Tire Reinforcement Material Market- https://www.alliedmarketresearch.com/tire-reinforcement-material-market
Automotive Acoustic Material Market- https://www.alliedmarketresearch.com/automotive-acoustic-material-market-A08447
Engineered Material Arresting System Market- https://www.alliedmarketresearch.com/engineered-material-arresting-system-market-A11288
Automotive Fabric Market- https://www.alliedmarketresearch.com/automotive-fabric-market
Aerospace Raw Materials Market- https://www.alliedmarketresearch.com/aerospace-raw-materials-market-A09197
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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