New Market Study, Report "Lightweight Automotive Materials Market 2019 Global Market Opportunities, Growth Drivers, Challenges, Strategies and Forecasts 2025".
PUNE, MAHARASHTRA, INDIA, November 18, 2019 /EINPresswire.com/ — Lightweight Automotive Materials Market 2019-2025
New Market Study, Report "Lightweight Automotive Materials Market 2019 Global Market Opportunities, Growth Drivers, Challenges, Strategies and Forecasts 2025" Has been Added on WiseGuyReports.com.
This report provides in depth study of “Lightweight Automotive Materials Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Lightweight Automotive Materials Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
Lightweight automotive materials refer to the material used in automobiles which helps reduce their weight and increase their speed and fuel efficiency. These materials are a great alternative to the traditional heavy generic materials that were used for building the frame of vehicles. Lightweight automotive materials consume fewer materials, improve automobile strength, and have a lesser corrosion rate. Carbon fibre is a primary material used by companies globally for reducing vehicle weight while preserving its strength.
The global lightweight automotive materials market is valued at $89.1 billion in 2019 and is expected to go up to $157.7 billion by 2027, at a CAGR of 7.4%.
The market growth can be attributed to increased fuel efficiency, better strength and shelf life of a vehicle. Reduction in CO2 emission from the vehicles also drives the market demand. Using lightweight materials curbs pollution from vehicles, which accounts for over 20% of the total pollution. Lightweight automotive materials have higher carbon fibres count and fewer composite materials than generic materials, which results in the overall vehicle cost. This could limit market growth. Improvements in technology and research will enable low-cost replacements.
The report has profiled some of the noteworthy players prevalent in the global BASF SE, ThyssenKrupp AG, Covestro AG, ArcelorMittal S.A, Lyondellbasell N.V, Novelis, SGL Carbon, Toray Industries, PPG Industries, Alcoa Inc, Owens Corning, Borealis and more.
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The lightweight automotive materials market can be segmented by vehicle, application, and material. Based on the vehicle, the market can be divided by PCV, LCV, and HCV. PCV has the most market contribution, and this upward trend is predicted to continue. Rising use of vehicles boosts vehicle production across the globe. The convenience afforded by personal transportation, coupled with better financing and ownership schemes, will further boost the market share.
The various applications of lightweight automotive materials include interior, exterior, powertrain, and structure. Interior segment has the most substantial market share owing to the growing demand for vehicles with premium interior experience. Advanced technologies like advanced electronics and in-vehicle sensors to enhance the passenger experience will improve market demand.
By materials, the market can be classified into composites, metals, plastics, and rubber. Composites have the highest market share. This is due to the benefits offered by the material such as lower weight, higher strength, and better design. Such material offers better corrosion resistance and enhanced tolerance limits which will propel the overall market demand.
Geographically, the market can be segmented into North America, Europe, and the Asia Pacific. North America is the highest market contributor, followed by Europe. Increased use of vehicles, particularly passenger vehicles, drive the market growth in these regions. Asia-Pacific is an emerging market and has witnessed a rise in lightweight automotive materials demand in recent years. Latin America and Africa are also predicted to play a major role in market demand.
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Adoption of advanced technologies is the best way to get ahead of the competition. Market players have adopted strategies like mergers & acquisitions, collaborations, and partnerships to get a strong foothold in the market.
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Source: EIN Presswire