Albany, New York, March 15, 2018 (GLOBE NEWSWIRE) — The vendor landscape in the global automotive lightweight materials market exhibits a highly competitive scenario owing to several well-established companies pitted against each other, says Transparency Market Research based on a newly published report. Presently, multinational businesses in the automotive industry are leading this market. Most of these companies are expected to depict outstanding performances in future owing to high expectations from customers regarding use of lightweight materials while manufacturing vehicles. The competition is expected to further intensify as players continue carrying out innovations. The Dow Chemical Co., Toyota Boshoku Corp., Reliance Industries Ltd., Faurecia S.A., Johnson Controls Inc., Grupo Antolin-Irausa S.A., Magna International, LyondellBasell Industries N.V., and Saudi Basic Industries (SABIC) are some of the chief players operating in the global automotive lightweight materials market.
According to experts, the global automotive lightweight materials market depict a revenue valuation of about US$149.03 bn in 2015. This valuation is expected to reach about US$301.36 bn by the end of 2024, rising at a splendid CAGR of 8.36% during the forecast period.
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Metals Experience Maximum Demand Thanks to Favorable Properties
The global automotive lightweight materials market is segmented on the basis of applications, vehicle type, region, and product type. Under product type, plastics, rubber, metal, and composites are primary segments in this market. Of these, the ‘metals’ segment held more than 60% of the total market shares in 2015. This is further expected to continue on the basis of increasing use of metals for automobile manufacturing. A high demand of these materials is mainly experienced in this market thanks to inherent characteristics such as high strength, durability, malleability, and rigidity.
Region-wise, the automotive lightweight materials market is mainly present in North America, the Middle East and Africa, Latin America, Europe, and Asia Pacific. Of these, North America extends a dominant stance by grabbing more than 30% of the total market shares in 2015. This is mainly due to a rapidly expanding automotive industry coupled with favorable government regulations to utilize eco-friendly materials in this region. North America is further expected to retain its lead over the forthcoming years based on technological advancements, improved customer base, and better availability of raw materials.
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Extensive Innovations Expected to Boost Growth in Forthcoming Years
The global automotive lightweight market is mainly being driven by a rapidly burgeoning automotive industry, mainly from the perspective of utilizing different materials during manufacturing processes. Numerous experimentations have led to the implementation of lightweight materials in the form of metal, plastics, rubbers, composites, and others. This is majorly done to incorporate improved appearances as well as functionality in the manufactured vehicles. Another factor pushing the global automotive lightweight market to gain substantial growth involves numerous innovations carried out by companies. Using lightweight materials can help reduce fuel efficiency in automobiles, along with decreasing costs of manufacturing. Customers prefer investing in automobiles showcasing these features, which consequently has proven beneficial to the market.
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However, high initial setup costs might discourage small-scale companies from manufacturing some of the lightweight materials, thus restraining the market’s growth. Less availability of raw materials in remote regions and emerging economies could hamper the market’s geographical spread. However several initiatives taken by private and public bodies to improve the global automotive lightweight market’s expansion could offset these restraints in future.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Automotive Lightweight Materials Market (Product – Plastics, Rubber, Composites, and Metal; Vehicle Type – Passenger Cars, Commercial Vehicles, and Heavy Trucks and Buses; Application – Interior, Exterior, Under Bonnet, and Structural) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
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The global automotive lightweight materials market is segmented as follows:
By Vehicle Type
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Source: Nasdaq Automotive News