Rockville, MD -- (SBWIRE) -- 04/19/2019 -- In order to dissert the market scenario prevailing across the automotive lightweight material market" sector, FactMR has evenly presented a new examination titled "Automotive Lightweight Material Market to Witness Steady Expansion During 2019 to 2028 | Key Players are ThyssenKrupp AG, Formosa, Trinseo, LG Chem, JSR, Eastman, etc.", to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the automotive lightweight material market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.
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The automotive lightweight material market registered a volume CAGR of nearly 3% during 2013-2018. Aspects influencing growth of the automotive lightweight materials industry range from rising need to improve vehicle performance to concerns over energy consumption and carbon emissions.
In 2018, worldwide volume sales of automotive lightweight materials reached approximately 74 kilotons, and is pegged to record a Y-o-Y growth of 3.4% in 2019.
East Asia is expected to be the leading market for automotive lightweight material, with China accounting for bulk market share in the region. Total volume sales of automotive lightweight materials in East Asia exceeded 27 kilotons in 2018.
China is also likely to emerge as the high-growth market for automotive lightweight materials, with volume sales estimated to grow at a CAGR of nearly 5.0% through 2028. Sales will remain driven by steady demand from the country's automotive industry.
What are the Key Dynamics Driving Automotive Lightweight Material Market Growth?
Lightweight materials such as high-strength steel, aluminum alloys, carbon fiber materials, polymer composites, and others have been gaining wide-ranging adoption among automotive companies, to improve the fuel economy and reduce emissions without compromising on safety.
With growing government initiatives worldwide to bring energy consumption and carbon emissions down, the concept of reducing vehicle weight has gained significant traction, which has eventually led to the expansion of automotive lightweight material market.
As compared to heavy vehicles, the lightweight variants take lesser energy and offer added benefits to automakers and vehicle owners alike. Notable growth of the automotive lightweight material market is likely to be fuelled by surge in replacement of heavy components with automotive parts made from lighter materials which help reduce overall vehicle weight by 10%-60%.
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Other key players operating in the automotive lightweight material market include United States Steel Corporation, ThyssenKrupp AG, Formosa, Trinseo, LG Chem, JSR, Eastman, Alerisw International, Guirt Holding AG, SGL Carbon SE, Teijin Limited, Hunstman, ExxonMobil, Covestro, Mitsubishi, DowDupont, DSM, Solvay, SSAB AB, Ak Steel Holding Corp, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Owen Corning, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC, Toray, Celanese, BASF, POSCO, Baoshan Iron & Steel Co., Ltd, and ArcelorMittal SA.
The study opines that steel will account for a sizeable share of the automotive lightweight materials market. Steel sales for lightweight automotive components surpassed 34 kilotons in 2018, and are estimated to record at a volume CAGR of 3.9% through 2028.
Sales of the automotive lightweight materials will remain comparatively robust in the production of passenger cars, accounting for a significant volume share in 2018. Additionally, growing incorporation of the automotive lightweight materials in manufacturing the engine, exterior components, and interior components of luxury cars will continue to underpin the sales of automotive lightweight materials in the near future.
In-depth analysis and exhaustive insights provided in the FactMR report on global automotive lightweight material market is a result of a two-step research process that involves primary and secondary resources. In the secondary research methodology, trade journals, paid resources, company annual reports, press releases and other publications related to automotive lightweight material market were studied in order to gain information and market size data.
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