Global Automotive Light Weight Body Market to Reach Values worth USD 77.3 Billion at CAGR of 13.7% during the forecast period – Research Nester

“Global Automotive Lightweight Material Market Analysis & Opportunity Outlook 2021”

The global automotive lightweight material market is segmented into material type such as plastic, steel, aluminium, fiberglass, carbon, leather, rubbers, magnesium, high strength steel and others. Further, steel is the most common material used in building cars due to its light weight, high strength, low cost and easy availability. Lightweight materials are the material helps to decrease the weight of the product and reduces the total energy consumption in the vehicle. Lightweight materials support in the attainment of better energy efficiency and contributing to energy independence of the nation.

Global Automotive Lightweight Material Market is expected to register a 13.7% CAGR over the forecast period. Moreover, the global automotive lightweight material market was valued at USD 77.3 Billion in 2015 and is expected to reach at remarkable revenue by the end of 2021. The market is poised to display substantial growth during the forecast period owing to increasing production of vehicles and rising concerns regarding excessive consumption of fuels all across the globe.

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The North American automotive lightweight material market has the largest market share in the global automotive lightweight material market. With the introduction of corporate average fuel economy (CAFE) standards applied for all the light-duty vehicles manufactured during 2017-2025, the demand for light weight material is projected to increase exponentially in near future. As a result, the light weight material market in the region is expected to expand at a CAGR of 5.6% to reach USD 36.23 Billion in 2021.

Growing Demand for Lightweight Vehicles

Lightweight materials are used in building vehicles to reduce mass of body structures of vehicles in order to improve fuel efficiency of automobiles. Further, increasing fuel consumption and carbon emission are some major factors which are fuelling the demand for fuel efficient vehicles which in turn expected to increase the consumption of lightweight materials in future.

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Favourable government initiatives and programmes

Governments of developed countries are supporting ongoing research to improve the fuel efficiency vehicles. In U.S., around 60% of oil consumption is due to internal combustion engine vehicles running on road. Government’s initiatives to improve the fuel efficiency and reduce emission are expected to increase the demand for automotive lightweight materials over the forecast period. Although, rapid fluctuations in raw material prices and high cost of some lightweight materials such as carbon fiber are some of the factors that are likely to inhibit the growth of the Automotive Lightweight Material Market in the near future.

The report titled “Global Automotive Lightweight Material Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global automotive lightweight material market in terms of market segmentation by vehicle type, by material, by component and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

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This report also provides the existing competitive scenario of some of the key players of the global automotive lightweight material market which includes company profiling of Henkel Corporation, Toray Industries Inc., Owens Corning Corporation, ArcelorMittal S.A, Saudi Basic Industries Corporation, BASF SE, Momentive Company, ThyssenKrupp AG, PPG Industries Inc. and Covestro AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive lightweight material market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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