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.
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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.
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.
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.
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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.
The study presented here is based on a report by
Transparency Market Research (TMR) titled “Automotive
Lightweight Materials Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast, 2016-2024.”
By Product
Plastics
- Polypropylene (PP)
- High Density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polycarbonate (PC)
- Polyurethane (PU)
Rubber
Composites
Metal
- Aluminum
- Magnesium
- Steels
- Other Alloys
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