Albany, New York, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research states the remarkable growth rate acquired by the global automotive lightweight materials market in the coming years. Players are taking full advantage of the rise in demand for lightweight automotive materials in the market and hence, the competition is getting tougher by the day. The competitive landscape of the market is intense and players are competing at a neck-to-neck level. Small players are finding it absolutely difficult to enter the market since top players are dominating.
Prominent players of the global automotive lightweight materials market are DowDuPont Inc., SABIC, LyondellBasell Industries Holdings B.V., Lear Corporation, Faurecia, and Magna International Inc. Since lightweight materials are the perfect replacement for heavy generic materials that were used traditionally, there is rise in demand. Hence, players of this market are investing more on research and development strategies in order to achieve the best of the best features in their lightweight materials. The competition gets tougher by the day and small players are also finding it difficult to maintain their revenue balance due to the tough tug-of-war.
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According to the Transparency Market Research Reports, the global automotive lightweight materials market is predicted to be rising at a promising CAGR of 7.2% during the forecast period of 2018-2026. On the basis of classification by vehicle, the market is dominated by the passenger vehicles. On a geographical basis, the lightweight material for automotive market is seen to be drawing most revenue from Asia Pacific region. This is due to the developing nations recently having to start up the automotive lightweight materials industries, and there is lot of cope for quick progress.
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More Efficiency in Lightweight Materials to Boost Growth of Market
The global automotive lightweight materials market is seen to be growing promisingly due to a couple of factors. One of the main factors for this boost is the considerate increase in the price of fuel. Other factors propelling market are the surge in enhanced shelf life and strength of the vehicle. Apart from that, the main factor is the reduction of carbon dioxide gas emission from the vehicles which acts a major boost to the market growth in the long run.
Another factor propelling the global market for automotive lightweight materials market is the new establishing company bases in most of the developed as well as developing region so that more and more opportunities can be utilized in order to increase the overall revenue share of the market globally. Asia Pacific is estimated to be the fastest growing region during the forecast period due to this reason.
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High Cost of Lightweight Materials to Restrict Future Market Growth
A few composite materials and certain carbon fibers used in the making of the lightweight automotive vehicle parts have high cost and thus, using these parts in the making of the vehicle increases the overall cost, making it a decisive factor for consumers. Thus, the high cost of purchase of such lightweight automated vehicles may hamper the overall growth of the market.
The information presented above is based on the findings of a research report, titled, “Automotive Lightweight Materials Market (Material - Metal Alloys, High-strength Steel (HSS), Composites, Polymers; Vehicle - Passenger Vehicles, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs); Application - Interior, Exterior, Structural, Powertrain) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”.
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The global automotive lightweight materials market could be segmented into the following:
Global Automotive Lightweight Materials Market by Material
- Metal Alloys (Magnesium, Aluminum, and Titanium)
- High-strength Steel (HSS, AHSS, and UHSS)
- Composites (Carbon Fiber, Glass Fiber, and Others)
- Polymers (PP, PU, ABS, PVC, PA66, and Others)
Global Automotive Lightweight Materials Market by Vehicle
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
Global Automotive Lightweight Materials Market by Application
- Interior
- Exterior
- Structural
- Powertrain
Global Automotive Lightweight Materials Market by Region
- North America
- Europe
- Latin America
- Middle East & Africa
- Asia Pacific (APAC)
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