According to the latest report by IMARC Group, titled “Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the market is currently witnessing strong growth. Looking forward, IMARC Group expects the global during 2021-2026. Automotive lightweight materials are widely utilized across the automotive industry for improving the overall efficiency of the electric, plug-in and hybrid electric vehicles (EVs), among others. The usage of lightweight materials in the structural elements lowers the weight of the vehicle, which further reduces its fuel consumption and CO2 emissions significantly, without compromising on safety. Additionally, these materials can offset the weight of power systems while increasing their all-electric range. As a result, conventionally used metals, including cast iron and traditional steel components are increasingly being replaced by lightweight materials, such as carbon fiber, high-strength steel, polymer composites, and aluminum and magnesium alloys.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Automotive Lightweight Materials Market Trends:
One of the major factors driving the demand for lightweight materials is the rising sales of EVs. Market players are applying design to cost (DTC) strategies by focusing on material use and component integration. In line with this, they are utilizing lightweight materials in the structural parts of second-generation EVs to improve body design. Furthermore, enhanced research and development (R&D) in the automotive industry is also contributing significantly to the market growth. For instance, the National Institute of Standards and Technology (NIST), a physical sciences laboratory of the United States Department of Commerce, is partnering with automakers and base metal suppliers in the US to develop new lightweight materials based on advanced measurement methods, analysis and standards. Other factors driving the market include the easy availability of recyclable materials and governmental regulations pertaining to environment conservation.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- BASF SE
- Magna International
- Toray Industries
- Covestro AG
- ArcelorMittal
- thyssenkrupp AG
- Alcoa Corporation
- Bayer AG
- Saudi Arabia Basic Industries Corporation (SABIC)
- PPG Industries
- LyondellBasell
- Novelis
- Owens Corning Corporation
- Grupo Antolin
Automotive Lightweight Materials Market Segmentation:
Our report has categorized the market based on region, material type, technology type, component, application and vehicle type.
Market Breakup by Material Type:
- Metal
- High Strength Steel (HSS)
- Aluminum
- Magnesium & Titanium
- Composite
- Carbon Fiber Reinforced Polymer (CFPR)
- Glass Fiber Reinforced Polymer (GFRP)
- Natural Fiber Reinforced Polymer (NFRP)
- Other Composites
- Plastic
- Elastomer
Market Breakup by Technology Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Others
Market Breakup by Component:
- Frame
- Wheel
- Bumper
- Door and Seat
- Instrument Panel
- Others
Market Breakup by Application:
- Structural
- Interior
- Exterior
- Powertrain
- Others
Market Breakup by Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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