The global automotive lightweight material market is projected to demonstrate a CAGR of 14.0% during the forecast period (2016–2022). Increasing demand for passenger vehicles, advancements in technology, stringent regulations implemented by governments to reduce vehicular emissions, and growing use of advanced materials in manufacturing are some of the major factors driving the market growth across the world, according to the study published by P&S Intelligence
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Automotive companies are obligated to follow standards imposed by governments globally to lower carbon emissions from vehicles and are, therefore, working on the development of lightweight vehicles with the incorporation of advanced lightweight materials. However, the high cost of these materials is hindering the growth of the automotive lightweight material market to some extent.
Thus, the need for change in material and development techniques is likely to serve as a possible solution to this conundrum. Moreover, advancements in material science and engineering are expected to support the automotive lightweight material market growth. Some advancements that have been made in the recent past include usage of high-grade metals, alloys, composites, and plastics.
Geographically, North America accounted for the largest share in the automotive lightweight material market, with a consumption of 18,250.2 thousand tons of lightweight material in 2015. The regulatory pressure by the government to reduce carbon dioxide emissions was one of the major factors that led to the growth of the market in North America. In August 2012, the U.S. introduced the Corporate Average Fuel Economy (CAFE) standards for light-duty vehicles of model years 2017–2025, to increase fuel economy to 54.5 miles per gallon by 2025.
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Some of the major players in the global automotive lightweight material market are ThyssenKrupp AG, LyondellBasell Industries N.V., Owens Corning, Hexcel Corporation, Toray Industries Inc., PPG Industries Inc., Novelis Inc., Arcelor Mittal S.A., Alcoa Inc., and SABIC.
AUTOMOTIVE LIGHTWEIGHT MATERIAL MARKET SEGMENTATION
By Material Type
- High-strength steel (HSS)
- North America
- Rest of Europe
- Asia-Pacific (APAC)
- South Korea
- Rest of APAC
- Rest of the World (RoW)
This post was originally published on Financial Sector