The Automotive Lightweight Material market is a fast-growing market that is majorly driven by the demand from end-users like OEMs. The Lightweight Material market is anticipated to grow at a 7.4 % CAGR to reach a total of USD 136.74 Billion by the end of 2024.
Toray Industries Inc., a Japanese company, in early 2019 announced the opening of its AMCEU (Automotive Center Europe) in Germany and Munich. This facility will serve as a base for technological developments to expand the business of Green Innovation (GR) in Europe. Toray Industries’ GR business is according to the environmental restrictions imposed by the government and will work on the development of highly functional materials to maintain their cutting edge technology in automobiles.
Market Value and Growth:
The Global Lightweight Material Market size was around USD 89.1 Billion by revenue, at the end of 2018. It is anticipated to grow at a CAGR of 7.4 % to reach close to USD 136.74 Billion by the end of 2024.
Drivers and Restraints:
The major factors driving the growth of the Lightweight material market include the stringent emission and fuel economy regulations imposed by the governments and the growing demand for weight reduction in the automotive sector.
However, contrasting to these positive market factors, there are some factors like High cost and price-sensitive nature that are hindering the growth of the Lightweight Material Market.
Market Segmentation Analysis:
The Automotive Lightweight Material market is divided into Metal, Composite, Plastic, Elastomer based on type. Of the mentioned types, the Metals segment has accounted for the largest share in the global Lightweight Material market. The evolving research resulting in the innovative use of metals like Aluminium, Magnesium, High Strength Steel, and Titanium for vehicle light-weighting makes the segment grow at a significant CAGR and maintain the lead during the forecast period. The metals mentioned are lighter and stronger than traditionally used steel.
By Vehicle Type
Based on its Vehicle Type, the global market for Automotive Lightweight Material is segmented into ICE, and Electric & Hybrid. Among the mentioned vehicle types, the HCV segment in the ICE vehicle type segment is calculated to be the segment with the fastest growth rate in the forecast period. Technological advancements and the rising focus of OEMs such as Fiat, BMW, and Dongfeng in the weight reduction of HCVs due to fuel economy regulations and stringent emissions is one of the major factors contributing to the fastest growth of this segment in the lightweight material market. BEV segment in Electric and Hybrid vehicle type is the segment which consists of batteries that use chemical energy and results in a 70% reduction in the weight of the electric vehicle. This segment is currently growing at a significant rate and is anticipated to lead the Lightweight material market during the forecast period.
Market Geographical Analysis:
By geography, the Lightweight Material Market is segmented as Latin America, Europe, Asia Pacific, North America, and Middle-East & Africa. The Europe region is anticipated to lead the global Lightweight Material market both in terms of value and volume during the forecast period. The situation of Euro 6 norms implementation in Europe will have a knock-on effect of decreasing pollutants in the air, such as carbon monoxide and nitrogen oxide. This will, in turn, compel major OEMs such as BMW, and Fiat to improve fuel economy in their vehicles and lower the levels of CO2 emission. Also, the increasing demand for vehicles in the region is also driving the growth of the market in this region. The market in this region will account for the largest automotive lightweight materials market in the forecast period.
North America is next in the lead for the global Lightweight Material market followed by Asia-Pacific.
Market Key Market Players:
BASF SE (Germany)
Covestro AG (Germany)
LyondellBasell Industries Holdings B.V. (Netherlands)
ThyssenKrupp AG (Germany)
Novelis, Inc. (US)
and Alcoa Corporation (US), is the leading shareholders of the Global Lightweight Material Market. There is a constant competition between these companies regarding the pricing and quality of the product. They are currently focused on providing expansion strategies to improve their market value and position.
Research Report Key Highlights:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.6 Y-o-Y Growth Analysis, By Product
5.1.7 Market Attractiveness Analysis, By Product
5.1.8 Market Share Analysis, By Product
5.2 Application & Component
5.2.8 Y-o-Y Growth Analysis, By Type
5.2.9 Market Attractiveness Analysis, By Type
5.2.10 Market Share Analysis, By Type
5.3 Vehicle Type
5.3.3 Electric & Hybrid
5.3.4 Y-o-Y Growth Analysis, By Application
5.3.5 Market Attractiveness Analysis, By Application
5.3.6 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
184.108.40.206 By Geographical Area
220.127.116.11 By Material
18.104.22.168 By Application & Component
22.214.171.124 By Vehicle Type
6.1.4 Market Attractiveness Analysis
126.96.36.199 By Geographical Area
188.8.131.52 By Material
184.108.40.206 By Application & Component
220.127.116.11 By Vehicle Type
6.1.5 Market Share Analysis
18.104.22.168 By Geographical Area
22.214.171.124 By Material
126.96.36.199 By Application & Component
188.8.131.52 By Vehicle Type
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 BASF SE
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Convestro AG
8.3 LyondellBasell Industries Holdings B.V.
8.4 Toray Industries, Inc.
8.6 thyssenkrupp AG
8.7 Novelis, Inc.
8.8 Alcoa Corporation
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, Collaborations, and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures