Lightweight Automotive Body Panels Market to Grow at a CAGR of 4.8% by 2026
Automotive body panels such as bumpers, hoods, door panels, roof, and trunk lids are manufactured using lightweight materials such as high-strength steel, aluminium, magnesium, and polymers and composites in order to provide desired strength with reduced weight. Lightweight automotive body panels help improve fuel economy and performance of vehicles by reducing the overall weight of the vehicle. About 25% reduction in automobile weight saves 3.5 to 5.0 tonnes of greenhouse gas emissions over the lifetime of an average car. Manufacturers today are adopting lightweight body panels in vehicles in order to comply with government regulations pertaining to greenhouse gas emissions.
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The global lightweight automotive body panels market is segmented on the basis of Material Type (Metals, Polymers & Composites); Component Type (Bumpers, Hood, Door Panels, Trunk Lids, Roof, Others); and Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle).
The Metals material type segment is likely to be valued at US$ 92.7 Bn by 2016 end
The Door Panels component type segment is anticipated to be a prominent segment accounting for maximum market share of 32.9% by 2016 end
The Passenger Car vehicle type segment is expected to expand at a significant CAGR of 5.5% over the forecast period
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Regional market projections
The global lightweight automotive body panels market is segmented on the basis of region into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (excluding Japan), Japan, and Middle East & Africa. Middle East & Africa and APEJ are expected to register a relatively higher CAGR in terms of value over the forecast period. The anticipated automotive production growth in China and India is projected to drive market demand in the APEJ region. North America and Western Europe are projected to collectively account for a market value share of over 52.8% by the end of the current year.
The global lightweight automotive body panels market report features a few of the key players operational in the global market. Top companies featured in the report include Stick Industry Co. Ltd., GORDON AUTO BODY PARTS CO. LTD., KUANTE AUTO PARTS MANUFACTURE CO. LIMITED, Plastic Omnium, FLEX-N-GATE CORPORATION, Changshu Huiyi Mechanical & Electrical Co. Ltd., Gestamp, Magna International Inc., Hwashin, AUSTEM COMPANY LTD., and ABC Group, Inc. Certain key strategies adopted by market players include investments in research and development initiatives to provide lighter and cost-effective body panels to automakers.
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