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The global automotive lightweight material market is growing rapidly due to the increasing demand for lightweight automotive products globally. Governments are constantly working to reduce rising levels of pollution caused by vehicle emissions. Furthermore, the rising fuel prices, the introduction of emission standards, and the financial implications of adhering to these standards are expected to fuel the demand for lightweight materials in the automotive industry over the forecast period.
The Middle East and Africa is expected to be one of the fastest-growing regions in the market. The growth in this regional market is driven by the rapid industrialization and the establishment of manufacturing units by various conglomerates like the Cytec Solvay Group. It is expected that the growing software industry will increase the market demand. Europe is one of the leading regions in the market for lightweight materials. Together with growing innovation in lightweight materials used in aviation, the involvement of major car manufacturers is expected to drive the demand for products in this area. It is expected that the growing focus on renewable energy would increase the use of lightweight materials in the energy sector.
BASF SE (OTCMKTS: BASFY), one of the key players in the automotive lightweight material market, is increasing its presence in emerging markets to meet local needs while continuing to invest in developed economies. BASF SE products aid this development with safety-enhanced lightweight consumer goods materials.
Market Analysis by Material Type, Application, Component, Electric Vehicle Type, and Region:
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The key players in the global automotive lightweight material market include BASF SE, Covestro AG, LyondellBasell Industries Holdings B.V., Toray Industries, Inc., ArcelorMittal S.A., thyssenkrupp AG, Novelis Inc., Alcoa Corporation, Owens Corning Ltd., and Stratasys Ltd. among others. The comprehensive report covers their market share, capacity, and latest developments like mergers, acquisitions and investments, capacity expansions, and plant turnarounds.
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