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(Transportation-News.com, March 30, 2016 ) The consumption of composite materials, in comparison to plastics and metals, for automotive lightweight materials is anticipated to witness the highest growth during 2016 – 2022, owing to their excellent mechanical and physical properties, along with high durability. Moreover, the structural application segment dominated the global market in 2015 and it is also anticipated to hold highest share by 2022.
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The upcoming stringent emission norms in the emerging economies and increasing compliance for electric vehicles are creating ample growth opportunities for the global automotive lightweight material market during the forecast period. In addition, the major automotive manufacturers collaborating with lightweight materials suppliers and manufacturers, and development of new advanced lightweight materials is the key trend witnessed in the global automotive lightweight material market. However, maintaining a balance between the weight, performance and cost of materials and unstable raw materials cost are the key challenges for the growth of the global automotive lightweight material market.
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Geographically, Asia-Pacific held the largest share in the global automotive lightweight market, owing to the growth in the vehicle sales volumes, increasing demand for fuel efficient high performance vehicles, and government regulations to control harmful gases emission from vehicles. The manufacturers are investing huge capital to develop automotive lightweight materials, in order to exploit revenue generating opportunities in the region especially in emerging economies such as China and India. The North American automotive lightweight material market is also witnessing significant growth due to the increased research and development activities and increasing investment for the development of automotive lightweight materials, increasing compliance for high performance vehicles, and high awareness about the environment friendly systems. The U.S. held the largest share in the North American automotive lightweight material market in 2015. In addition, the European automotive lightweight material market is growing due to the stringent emission norms imposed by the European Union.
The key players operating in the global automotive lightweight materials market are Covestro AG, Toray Industries, Inc., ArcelorMittal, Novelis Inc., thyssenkrupp AG, Alcoa Inc., Saudi Basic Industries Corporation, PPG Industries Inc., Owens Corning, and LyondellBasell.
GLOBAL AUTOMOTIVE LIGHTWEIGHT MATERIAL MARKET SEGMENTATION:
By Material Type
Metals
o High-Strength Steel
o Aluminum
o Other Metals
Composites
o Carbon Fiber Reinforced Plastic (CFRP)
o Glass Fiber Reinforced Plastic (GFRP)
Plastics
Others
By Manufacturing Process
Extrusion
Stamping
Casting
Forging
Open-Molding
Closed Molding
Forming
By Application
Structural
Powertrain
Interior
Exterior
Others
GEOGRAPHICAL SEGMENTATION
By Region
North America
o U.S.
o Canada
Europe
o Germany
o U.K.
o France
Asia-Pacific
o China
o Japan
o India
Latin America
o Brazil
o Mexico
Middle East and Africa
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