SAN FRANCISCO, Nov. 17, 2020 /PRNewswire/ — The global automotive lightweight material market size is expected to reach USD 105.4 billion by 2027, according to a new report by Grand View Research Inc., expanding at a CAGR of 5.9% from 2020 to 2027. A rise in demand for weight reduction in passenger cars and commercial vehicles to support fuel efficiency is expected to ascend the demand for lightweight materials over the forecast period.
Key suggestions from the report:
- The metallic automotive materials segment held the largest revenue share of 50.7% in 2019 on account of its wide utilization in vehicle manufacturing, such as passenger cars and light and heavy commercial vehicles
- In 2019, the body in the white application segment dominated the market with a share of 25.1% and is likely to grow at a moderate rate in the expected period. Increasing demand for the lightweight frame in the vehicle is likely to support the segment growth
- In North America, the composite automotive material segment was valued at USD 4.3 billion in 2019 on account of the wide acceptance of these materials in vehicle weight reduction
- Europe accounted for the largest revenue share in 2019. The wide presence of automobile manufacturers in the region is expected to drive the regional market
- The introduction of electric vehicles by Tesla, Inc., which include passenger cars, specialty trucks, and large size trucks, is anticipated to influence other vehicle manufacturers, thus positively impacting the demand for lightweight materials.
Read 170 page research report with ToC on “Automotive Lightweight Material Market Size, Share & Trends Analysis Report By Material (Metal, Composite), By Application (Body In White, Interior), By End User (Passenger Cars, HCVs), And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/automotive-lightweight-material-market
These materials are widely available in different forms, like metal, composites, plastics, and elastomer, thus providing growth prospects for the market. Commercial availability of the above-stated materials in major regions across the globe, coupled with a wide presence of multinational vehicle manufacturers, is expected to support the market growth.
A rise in demand for passenger vehicles with enhanced fuel economy and stability on roads has increased the demand for lightweight materials. The introduction of electric vehicles in the passenger car and commercial vehicle segments is likely to offer growth opportunities for the market. Moreover, the growing demand for increasing the performance of the premium car segment is anticipated to support the demand for automotive lightweight materials.
In 2019, Europe emerged as the largest consumer of lightweight materials with the presence of a pool of players and car manufacturers in the region. Multinational players are engaged in the business of automotive lightweight materials on account of the wide scope in the upcoming electric vehicle segment.
Grand View Research has segmented the global automotive lightweight material market on the basis of material, application, end-user, and region:
- Automotive Lightweight Materials Outlook (Volume, Million Tons; Revenue, USD Million, 2016 – 2027)
- Automotive Lightweight Materials Application Outlook (Volume, Million Tons; Revenue, USD Million, 2016 – 2027)
- Body in White
- Passenger Compartment Frame
- Cross & Side Beams
- Roof Structure
- Front-end Structure
- Underbody Floor
- Chassis and Suspension
- Exhaust Systems
- Fuel Tank
- Front & Rear Doors
- Lift Gate
- Instrument Panel
- Automotive Lightweight Materials End-user Outlook (Volume, Million Tons; Revenue, USD Million, 2016 – 2027)
- Automotive Lightweight Materials Regional Outlook (Volume, Million Tons; Revenue, USD Million, 2016 – 2027)
- North America
- The U.K.
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa (MEA)
List of Key Players of Automotive Lightweight Material Market
- BASF SE
- Toray Industries, Inc.
- Novelis Inc.
- Alcoa Corporation
- Owens Corning
- Stratasys Ltd.
- Tata Steel
Find more research reports on Advanced Interior Materials Industry, by Grand View Research:
- Aluminum Composite Panels Market – The global Aluminum Composite Panels market size was valued at USD 5.34 billion in 2018 and is expected to exhibit a CAGR of 6.4% from 2018 to 2025. Increasing the application scope of lightweight aluminum composite panels in the construction industry for insulation is projected to drive the market over the forecast period.
- Ceiling Tiles Market – The global ceiling tiles market size was estimated at USD 5.31 billion in 2018 and is expected to register a CAGR of 9.3% over the forecast period. The market is anticipated to be driven by growing commercial construction activities across the globe.
- Pre-Engineered Building Market – The global pre-engineered building market size was anticipated at USD 9.73 billion in 2017. It is estimated to register a CAGR of 15.5% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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