Automotive Lightweight Materials Market Predicted to Rake in US$301.36 bn by 2024

With the presence of a large pool of established automobile manufacturers, such as Tata, BMW, Audi, General Motors, and Ford, the worldwide market for automotive lightweight materials demonstrates a highly competitive landscape in Asia Pacific, Europe, and North America, finds a new research report by Transparency Market Research (TMR). Currently, the market is led by multinational automakers with a robust regional presence. The high potential of this market points towards an intensified rivalry between players in the years to come.

According to TMR’s estimation, the global automotive lightweight materials market offered an opportunity worth US$149.03 bn in 2015. Rising at a CAGR of 8.30% during the period from 2016 to 2024, the total valuation of this market is likely to cross US$301.36 bn by the end of the forecast period. Metals have been the most valued product in this market and are projected to remain so over the next few years.

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With Burgeoning Automotive Industry, North America to Retain its Lead

The report also studies the worldwide market for automotive lightweight materials on the basis of its geographical presence. As per the study, the global market is spread across North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. In 2015, North America emerged as the leading geographical segment in this market with a share of more than 30%. The regional market is expected to retain its position over the forecast period, thanks to the significant growth in the North American automotive industry. The continual advancements in technology, robust manufacturing base, and the presence of a large pool of automobile manufacturers are also projected to boost the North America market for automotive lightweight materials in the years to come.

Europe, which stood second in the global automotive lightweight materials market in 2015, is anticipated to remain seated in this position over the forthcoming years. The alarming rise in carbon emission from automobiles, especially in Spain, and the proposed Euro VI regulations to reduce this emission are likely to propel the Europe automotive lightweight materials market substantially in the near future. However, the Asia Pacific market is predicted to exhibit a greater cumulative average growth rate over the forecast period, owing to the rising trend of owning a vehicle, fueled by changing lifestyle and the increasing disposable income of consumers, states the research report.

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Stringent Regulations Compel Automakers to Reinvent Products using Automotive Lightweight Materials

“The global market for automotive lightweight materials has gained substantial impetus from the enforcement of various government regulations intended to curb carbon emission from automobiles,” says a TMR analyst. Owing to these regulations, automobile manufacturers are now focusing aggressively on reinventing their products through downsizing engines, electric power steering and hollow seat frames, which require lightweight materials. As a result, the demand for these materials has increased remarkably, having a great impact on this market.

The expansion in the automotive industry in emerging economies is also reflecting positively on the sales of automotive lightweight materials, implying a thriving future for this market. However, the high cost of these materials may limit their uptake, hampering the growth of this market in the near future, states the research study.

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About us:
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.