The automotive lightweight material market is projected to grow at a CAGR of 13.06% during the forecast period and reach a market size of USD 110.42 billion in 2021. The plastic segment is estimated to grow during the forecast period.
Pune, Maharashtra -- (SBWIRE) -- 04/04/2017 -- The Automotive Lightweight Material Market is projected to grow at a CAGR of 13.06% during the forecast period and reach a market size of USD 110.42 billion in 2021. The major drivers of the market are the stringent emission and fuel economy regulations along with the growth in sales of electric vehicles. The growth in sales of electric vehicles in developing countries is a huge opportunity for the manufacturers of automotive lightweight materials. The factor which restrains the market is the cost of the lightweight materials and the availability of raw materials.
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The plastic segment is estimated to grow during the forecast period. The market for polycarbonates, ABS and polyurethanes, is estimated to grow at the fastest rate in terms of value over the next five years. This is owing to the increased use of plastic in automobile interiors, such as the dashboard, seats, interior roofs and the instrument panel as well as part of the exteriors like fenders.
Plug-in hybrid vehicle is the largest growing vehicle type in the EV segment. The use of lightweight materials is the highest in electric vehicles, as these use batteries for propulsion and any reduction I weight would directly improve their range. Reduction of CO2 emissions at fleet level contributes to higher sales of battery electric vehicles and plug-in hybrid vehicles. The major challenge is to increase the range of such vehicles. Hence, the trend of light weighting is more applicable in this case because it would reduce the weight of the vehicle and increase their range.
The North American region is the fastest growing in the automotive lightweight materials market, and the chassis and suspension sub segment is expected to grow at a rapid rate. Low interest rates and falling gas prices have led to an increase in the demand for passenger cars in the region. The demand for light trucks and vans has also witnessed a rapid growth, in this region. This is due to the CAFÉ fuel emission standards that mandate low CO2 emissions and hence OEMs are concentrating on light weighting their vehicles.
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Breakdown of Primaries
The study contains insights provided by various industry experts, ranging from lightweight materials manufacturers to automotive OEMs. The break-up of the primaries is as follows:
-By Company Type – Tier 1 – 45%, Tier 2 – 35%, OEMs – 20%
-By Designation - D level – 30%, C level – 60%, others – 10%
-By Region - North America – 40%, Europe – 35%, Asia-Pacific – 20%, Rest of the World – 5%
List of Companies:
-BASF SE (Germany)
-ThyssenKrupp AG (Germany)
-Covestro AG (Germany)
-ArcelorMittal S.A. (Luxembourg)
-Lyondellbasell N.V. (U.S.)
-Toray Industries (Japan)
-PPG Industries, Inc (U.S.)
-Alcoa Inc., (U.S.)
-Owens Corning (U.S.)
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