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Automotive Lightweight Materials Market - Global Industry Analysis and Forecast 2024
Automotive Lightweight Materials Market
The opportunity in the global automotive lightweight materials market was worth US$149.03 bn in 2015. Analysts estimate the market to swell at a CAGR of 8.30% between 2016 and 2024 and touch US$301.36 bn by the end of 2024.
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Demand for Metals from Automakers to Continue to Rise
Plastic, metal, rubber, and composites are the main products available in the global lightweight materials market. Holding a share of more than 60%, metals were the most valued product in this market in 2015 and are expected to remain so over the next few years. The suitability of various metals, such as aluminum, steel, and magnesium in automobiles has emerged as the key factor behind the immense demand for metals in automobile manufacturing.
The demand for steel is higher in automobile manufacturing than other metals, thanks to its innate properties, such as strength, rigidity, durability, and machinability. The innovation in various grades of steel, such as DP, UHSS, and CP to further reduce the weight, is anticipated to fuel its demand from automakers in the near future.
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North America to Remain Global Leader
The global automotive lightweight materials market has its presence across North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. With a share of more than 30%, North America dominated this market in 2015. Thanks to the swelling automotive industry and stringent government regulations to curb the carbon emission, this regional market is likely to retain its lead over the forthcoming years. The technological advancements, extensive research to enhance the capabilities of lightweight materials, strong manufacturing base, especially in the U.S., and the presence of automakers in a large number are the key factors favoring the North America automotive lightweight materials market.
Asia Pacific, on the other hand, is expected to present the most lucrative opportunities for lightweight material vendors over the next few years on account of the changing lifestyle of consumers, rising disposable income, and the immensely burgeoning automotive industry.
BASF SE, Momentive Performance Materials, The Dow Chemical Co., LANXESS AG, Reliance Industries Ltd., LyondellBasell Industries N.V., Saudi Basic Industries (SABIC), Grupo Antolin-Irausa S.A., Lear Corp., Johnson Controls Inc., Magna International, Faurecia S.A., Toyota Boshoku Corp., Yanfeng Automotive Trim Systems Co. Ltd., and Sage Automotive Interiors are the key vendors of automotive lightweight materials across the world.
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