Global Automotive Lightweight Materials Market is Estimated to Reach $41 Billion by 2024, Says Accurize Market Research
Global automotive lightweight materials market report published by Accurize Market Research forecast that the global market is expected to reach $41 billion by 2024; growing at a CAGR of 9.2% from 2017 to 2025. By geography, Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
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Rising penetration of lightweight components and strict emission and fuel economy guidelines to increase the demand for lightweight materials in automotive industry across the globe to drive the growth of the market
Rising penetration of lightweight components and strict emission and fuel economy guidelines to increase the demand for lightweight materials in automotive industryfuels the demand for the global automotive lightweight materials market. Moreover, increase in production of aircraft modules also boosts the growth of the market.
The global automotive lightweight materialsmarket has been bifurcated on the basis ofmaterial type, application, and geography. On the basis of material type, the market is segmented into metals, plastics, and composites. Metal is further sub-segmented into aluminium, high strength steel (HSS), and other metals. Composite segment is further bifurcated into carbon fiber reinforced plastic (CFRP), and glass fiber reinforced polymer (GFRP). By application the market is segregated into structural, powertrain, interior, exterior, and other applications.
By geography the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consists of UK, Germany, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
“Metals accounted for the largest market share in the material type segment", says Accurize
By material type, metals accounted for the largest market share in 2017, in the material type segment, and are expected to continue its dominance during the forecast period 2017 – 2025, owing to the perfection of various metals, such as steel, aluminum, and magnesium in automobile manufacturing.
Moreover, structural accounted for the largest market share in 2017, in the application segment, and are expected to continue its dominance during the forecast period 2017 – 2025. The segment is also anticipated to grow at a fastest CAGR from 2017 to 2025.
“North America dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, North America dominated the global automotive lightweight materials market with largest market share of 38% and expected to continue its dominance during the forecasted period, owing to strict government rules to control the carbon emission, swelling automotive industry, technological developments, and widespread research to improve the capabilities of lightweight materials in this region.
Top players in the market
The key market players include PPG Industries, Inc., BASF SE, Covestro AG, ArcelorMittal S.A., Novelis Inc., Toray Industries, Inc., ThyssenKrupp AG, LyondellBasell Industries N.V., Owens Corning, and Alcoa Inc. among others.
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