At present, the North American automotive lightweight material market has the largest market share in the global automotive lightweight material market. With the introduction of corporate average fuel economy (CAFE) standards applied for all the light-duty vehicles manufactured during 2017-2025, the demand for light weight material is projected to increase exponentially in near future. As a result, the light weight material market in the region is expected to expand at a CAGR of 5.6% to reach USD 36.23 Billion in 2021.After North America, Europe automotive lightweight body panel market is the second largest market in the global automotive lightweight material market. Factors like need for advance fuel economy, desired low CO2 emission and stringent government regulation to drive the lightweight material market in the region.
In coming years, Asia-Pacific automotive lightweight material market is predicted to be the fastest growing market in the industry. Asia-Pacific accounted for more than 50% share of the global production in 2015. The market is driven by increasing demand for passenger cars and LCV in the region.
In addition to that, India and China being the car manufacturing hub for most of the global brands to fuel the Asia-Pacific Market for its lightweight automotive body parts demand.
Market Segmentation
By Material Types
On the basis of Material Types, the global automotive lightweight material market is segmented are as follows:
AHSS
Aluminum
Magnesium
Polypropylene
Polyamide
Polyurethane
Thermosetting Composites
High Prformance Polymers
Others
By Application
On the basis of Application, the global automotive lightweight material market is segmented are as follows:
Automotive
Aviation
Marine
Wind Energy
Others
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By Region
On the basis of region, the global automotive lightweight material market is segmented are as follows:
North America
Europe
Asia-Pacific
Middle East And North Africa
Rest of world
Growth drivers and challenges
Advancement in technology, increasing number of vehicle across the globe and increase in the personal disposable income of the people are some factors driving the growth of the global automotive lightweight material market during the forecasted period.
Key Players
The major key players of the global automotive lightweight material market are as follows:
Henkel Corporation
Toray Industries Inc.
Owens Corning Corporation
ArcelorMittal S.A
Saudi Basic Industries Corporation
PPG Industries Inc.
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