Press release
Sales of Automotive Lightweight Material to Expand at a Promising Volume CAGR of 4.0% Over The Forecast By 2028
The global automotive lightweight material market is forecast to witness a moderate growth rate of around 5% over the forecast period of 2020-2030. Growing demand for automotive lightweight material over the past half-decade could be attributed to the production uptake of automotive since 2015. Regions such as China and North America are providing promising growth to the market, owing to the high utilization of AHSS & UHSS. Moreover, demand for aluminium in South Asia & Oceania is rising at a much faster pace, owing to its extensive integration in automotive manufacturing, especially for building the bodies of electric vehicles.For detailed insights on enhancing your product footprint, request for a sample here – https://www.factmr.com/connectus/sample?flag=S&rep_id=3423
But since H2 of FY2019, the automotive market has slowed down, declining the prices of automotive lightweight material by 2%. In the second quarter of FY2020, decline in production ceased the production of automotive lightweight material by more than 70% across regions. According to Fact.MR, the market is set to resurrect by the end of the 3rd quarter of FY2021, and regain its normal pace by the mid-first quarter of FY2022.
Key Takeaways from Global Automotive Lightweight Material Market
The global automotive lightweight material market is anticipated to create a value opportunity of around US$ 150 Bn during the forecast period, adding 1.6X times more value as compared to 2019.
Growing R&D activities and new product launches are set to benefit the automotive lightweight material market by the end of 2030.
Passenger vehicles will account for more than 58% of the global automotive lightweight material market by the end of the 2030.
The chassis & suspension segment is anticipated to lose around 108 BPS during the forecast period.
For critical insights on this market, request for methodology here – https://www.factmr.com/connectus/sample?flag=RM&rep_id=3423
China holds a leading share and accounts for more than 18 MMT of automotive lightweight material production, to cater to the rapidly growing automotive manufacturing in the country.
The markets in North America and Mexico are set to grow at a moderate pace, together accounting for around 20% demand share, globally.
“Rising integration of AHSS is the automotive industry will to provide a thrust to the automotive lightweight material market,” says a Fact.MR analyst.
Automotive Lightweight Material Market: Segmentation
Fact.MR has studied the automotive lightweight material market with detailed segmentation on the basis of by material, vehicle, application, and key regions.
Material
Steel
HSS
AHSS & UHSS
Metals
Aluminum
Magnesium
Titanium
Polymers
PP
PU
ABS
Polycarbonates
Polyamides
Others
Composites
Carbon
Aramide & Fiber Glass
Elastomers
Vehicle
Passenger Cars
Compact Cars
Mid-sized Cars
Luxury Cars
Premium Cars
LCVs
HCVs
Application
Engine & Mechanical
Chassis and Suspension
Powertrain
Others
Exterior & Structural
Body Structure and Frame
Body Panels & Trims
Closures
Others
Interior
Seating
Door Modules
Instrument Panels
Others
HVAC & Electrical
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Regions
North America
Latin America Excluding Mexico
Europe Excluding Germany
East Asia Excluding China
South Asia & Oceania
Middle East & Africa
Germany
China
Mexico
Global Automotive Lightweight Material Market Manufacturers: Key Strategies
The global automotive lightweight material market is fragmented in nature. Voestalpine Stahl GmbH , POSCO, Formosa, JSR, Owen Corning, ThyssenKrupp AG, Trinseo, LG Chem, Aleris International, Dupont, Eastman, SGL Carbon SE, Guirt Holding AG, Teijin Limited, Hunstman, ExxonMobil, Covestro, Mitsubishi, DSM, Solvay, SSAB AB, Baoshan Iron & Steel Co., Ltd, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC, Toray, Celanese, BASF, and ArcelorMittal SA. are among the tier 1 players.
Together, they are anticipated to account for more than 80% of the global market share in 2020. Key manufacturers are observed to be involved in extensive research, product development, and collaborations with key manufacturers to enhance their market share. Moreover, these key manufacturers have also showcased inorganic strategies. For instance, in December 2019, two steel market giants, ArcelorMittal and Nippon Steel, together acquired loss making steel firm Essar Steel in India. This acquisition is set to enhance the company’s market share in the South Asia region.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/27/2007685/0/en/Coated-Glass-Market-on-a-Robust-Growth-Trail-Architectural-Applications-Accentuate-Profitability-Reports-Fact-MR.html
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