Automotive Lightweight Materials Market Growth, Trends and Upcoming Opportunities In 2024

The MarketWatch News Department was not involved in the creation of this content. Nov 20, 2020 (AmericaNewsHour) — As per the latest report published by Variant Market Research, Global Automotive Lightweight Materials Market is estimated to reach $169.6 billion by 2024; growing at a CAGR of 12.5% from 2016 to […]

The MarketWatch News Department was not involved in the creation of this content.

Nov 20, 2020 (AmericaNewsHour) —
As per the latest report published by Variant Market Research, Global Automotive Lightweight Materials Market is estimated to reach $169.6 billion by 2024; growing at a CAGR of 12.5% from 2016 to 2024. The automotive lightweight materials are used to decrease the weight of automotive, and are mixture of metal alloys and composites. These automotive lightweight materials have many applications in several industries such as automobile, wind, aerospace, and others. Growing demand for fuel efficient vehicles due to strict emission regulations, high demand for lightweight materials in automotive industry, technological advancements globally are the factors driving the global automotive lightweight materials market growth during the future years.

Major factors driving the global automotive lightweight materials market are growing penetration of lightweight components, high production of aircraft modules, and stringent emission and fuel economy guidelines to increase the demand for lightweight materials in automotive industry. However, high cost of carbon fiber, and instabilities in raw material prices may hamper the market growth. Furthermore, growing demand for lightweight vehicles across the globe, and current R&D in lightweight materials used in automotive would unfold with numerous growth opportunities in the forecasted years.

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Major segments in the global automotive lightweight materials market are material type, application, and geography. By material type, the market is bifurcated into metals, plastics, and composites. Metal includes aluminium, high strength steel (HSS), and other metals. Composite is further bifurcated into carbon fiber reinforced plastic (CFRP), and glass fiber reinforced polymer (GFRP). Further, application is segmented into structural, powertrain, interior, exterior, and other applications.

Geographically, automotive lightweight materials 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 consist 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.

The key market players competing in the market are Toray Industries, Inc., BASF SE, Covestro AG, PPG Industries, Inc., ThyssenKrupp AG, Novelis Inc., LyondellBasell Industries N.V., Owens Corning, Alcoa Inc., and ArcelorMittal S.A., among others.

The key takeaways from the report
The report will provide detailed analysis of Global Automotive Lightweight Materials Market with respect to major segments such as material type, and application

The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024

Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
An exhaustive regional analysis of Global Automotive Lightweight Materials Market has been included in the report

Profile of the key players in the Global Automotive Lightweight Materials Market will be provided, which include key financials, product & services, new developments and business strategies

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Scope of the Global Automotive Lightweight Materials Market
Material Type Segments

Metals
Aluminium
High Strength Steel (HSS)
Other Metals
Plastics
Composites
Carbon Fiber Reinforced Plastic (CFRP)
Glass Fiber Reinforced Polymer (GFRP)
Application Segments

Structural
Powertrain
Interior
Exterior
Others Applications
Geographical Segments

North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Rest of Europe
Asia-Pacific
India
China
Japan
South Korea
Rest of Asia-Pacific
RoW
South America
Middle East
Africa

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Dannielle Weintraub

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