According to a new market report published by Lucintel, the future of the global automotive lightweight materials market looks promising with opportunities in passenger cars, light commercial vehicles, and heavy commercial vehicles. The global automotive lightweight materials market is expected to reach an estimated $110.5 billion by 2023 and it is forecast to grow at a CAGR of 6.1% from 2018 to 2023. The major drivers of growth for this market are government regulations concerning fuel economy and emissions, and increasing utilization of lightweight materials by manufacturers. The other major driver is growth of global vehicle production which is expected to grow at a CAGR of 2.5% during the forecast period and to reach 113 million units by 2023.
AHSS, aluminum, plastics, magnesium, and composites are the major material types used in the automotive industry. On the basis of its comprehensive research, Lucintel forecasts that the AHSS, aluminum and composites material segments will show above average growth during the forecast period.
Passenger car, light commercial vehicle, and heavy commercial vehicle are the major vehicle segments of the global automotive lightweight materials market. The passenger car segment is expected to show above average growth during the forecast period due to the increasing penetration of lightweight materials per vehicle.
Body in White (BIW), powertrain, interior, and exterior are the major application segments of the global automotive lightweight materials market. On the basis of its comprehensive research, Lucintel forecasts that the Body in White and powertrain applications will show above average growth during the forecast period.
Europe is expected to remain the largest region due to increasing use of lightweight materials content per vehicle coupled with stringent government regulations to reduce carbon emissions and to increase fuel efficiency. Asia Pacific is expected to witness significant growth over the forecast period because of high vehicle production and continued increase of lightweight materials content per vehicle.
Emerging trends, which have a direct impact on the dynamics of the industry, include increasing use of aluminum in chassis and structural applications, advanced manufacturing technology, development of aluminum-air battery, third generation AHSS, and pre-oxidation to galvanize AHSS, development of recycling technologies for plastics and replacement of PA 66 with cheaper and advanced PA 6. The major suppliers in the global automotive lightweight materials market are ArcelorMittal SA, ThyssenKrupp AG, Alcoa Inc., Novelis Inc., Aleris International, Inc., POSCO, DowDuPont, LyondellBasell, Tata Steel Limited, US Magnesium, Owens Corning, Toray, BASF SE, SABIC, and Huntsman.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global automotive lightweight materials market by material, vehicle type, application, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Automotive Lightweight Materials Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global automotive lightweight materials market by material type, vehicle type, application, and region, as follows:
By Material Type ($ Million and million pounds from 2012 to 2023):
By Vehicle Type ($ Million and million pounds from 2012 to 2023):
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
By Application ($ Million and million pounds from 2012 to 2023):
By Region ($ Million and million pounds from 2012 to 2023):
• North America
o United Kingdom
• Asia Pacific
o South Korea
• The Rest of the World
This 240-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at firstname.lastname@example.org. Lucintel offerings include Mass Transportation, Transportation Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high growth opportunities for the automotive lightweight materials market by material type (aluminum, AHSS, magnesium, plastics and composites), vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles), application (BIW, powertrain, interior, exterior, and others) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?