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Global Automotive Lightweight Material Market Projected to Grow at a CAGR of 7% During the Forecast Period of 2019-2024.

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"According to a new report by EMR titled, ‘Global Automotive Lightweight Material Market Report and Forecast 2019-2024, the global automotive lightweight material market reached a value of nearly USD 135 billion in 2018. The market is further expected to reach USD 217 billion by 2024, growing at a CAGR of 7% between 2019 and 2024."

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:

  • The material types included in the industry are metal, composite, plastic, and elastomer.
  • It has wide applications in the body in white, chassis and suspension, powertrain, closures, and interiors, among others.
  • The components included in the market are frame, wheel, bumper and fender, engine and exhaust, transmission, doors, hood and trunk lid, seats, instrumental panel, and fuel tank.
  • The electric vehicle types include battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, electric truck, and electric bus.
  • The major regions in the market include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Rising technological advances in the automotive industry is driving the global automotive lightweight materials market.
  • The rising disposable income of consumers is propelling the growth of the sector. 
  • On the basis of material, metal is expected to lead the industry. 
  • Strict emission, as well as fuel economy regulations by the government, is driving the global automotive lightweight material industry.

Key Offerings of the Report:

  • The EMR report provides an overview of the global automotive lightweight material market for the periods (2014-2018) and (2019-2024).
  • The report also offers the historical (2014-2018) and forecast (2019-2024) markets for the material type, application, component, electric vehicle type, and region of the automotive lightweight material market.
  • A thorough assessment of the regional price trends for the period (2014-2018) and (2019-2024 has also been given within the report.

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.

About Us:

EMR is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade, and market data globally.

At EMR, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable, and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals, which include Pharmaceuticals, Food, and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging, and Agriculture.

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"Global Automotive Lightweight Material Market: By Material Type: Metal, Composite, Plastic, Elastomer; By Application: Body in White, Chassis and Suspension, Powertrain, Closures, Interiors, Others; By Component: Frame, Wheel, Bumper & Fender, Engine & Exhaust, Transmission,Doors, Hood & Trunk Lid, Seats, Instrumental Panel, Fuel Tank; By Vehicle Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle, Electric Truck, Electric Bus; By Region: North America, Europe, Asia Pacific, LATAM, Middle East & Africa; Historical Supply and Demand (2014-2018); Supply and Demand Forecast (2019-2024); SWOT Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Events and Developments"

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