Albany, NY -- (SBWIRE) -- 05/19/2017 -- The global market for automotive lightweight materials has been rising exponentially over the last few years. The increasing need to improve the safety and fuel economy in automobiles has compelled automakers to shift to lightweight materials, which has reflected greatly on this market. The rising enforcement of stringent rules and regulations regarding emission control has only added to the uptake of lightweight designs from automobile manufacturers.
Researchers expect the scenario to remain more or less same over the forthcoming years, with the automotive industry expanding at an amazing pace. However, the high cost of these materials may limit their uptake to some extent in the near future, impacting the growth of the worldwide automotive lightweight materials market.
The opportunity in the global automotive lightweight materials market was worth US$149.03 bn in 2015. Analysts estimate the market to swell at a CAGR of 8.30% between 2016 and 2024 and touch US$301.36 bn by the end of 2024.
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Plastic, metal, rubber, and composites are the main products available in the global lightweight materials market. Holding a share of more than 60%, metals were the most valued product in this market in 2015 and are expected to remain so over the next few years. The suitability of various metals, such as aluminum, steel, and magnesium in automobiles has emerged as the key factor behind the immense demand for metals in automobile manufacturing.
The demand for steel is higher in automobile manufacturing than other metals, thanks to its innate properties, such as strength, rigidity, durability, and machinability. The innovation in various grades of steel, such as DP, UHSS, and CP to further reduce the weight, is anticipated to fuel its demand from automakers in the near future.
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The global automotive lightweight materials market has its presence across North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. With a share of more than 30%, North America dominated this market in 2015.
Thanks to the swelling automotive industry and stringent government regulations to curb the carbon emission, this regional market is likely to retain its lead over the forthcoming years. The technological advancements, extensive research to enhance the capabilities of lightweight materials, strong manufacturing base, especially in the U.S., and the presence of automakers in a large number are the key factors favoring the North America automotive lightweight materials market.
Asia Pacific, on the other hand, is expected to present the most lucrative opportunities for lightweight material vendors over the next few years on account of the changing lifestyle of consumers, rising disposable income, and the immensely burgeoning automotive industry.