The global automotive lightweight materials market in automotive applications, has recorded significant growth over the past few years. This growth is estimated to continue in the foreseeable future due to stringent emission reduction regulations. The high consumption rate of lightweight materials by the automotive industry drives the market for these materials.
Pune, India -- (SBWIRE) -- 08/23/2015 -- The report "Automotive Lightweight Materials Market - Global Trends and Forecast to 2019" defines and classifies the automotive lightweight materials market in terms of volume and value. The report projects the potential growth and covers the drivers, restraints, opportunities, dynamics, competitive landscape, and other key aspects of the automotive lightweight materials market. It also includes profiles of key players operating in the market.
Browse 90 market data tables and 62 figures spread through 168 pages and in-depth TOC on "Automotive Lightweight Materials Market - Global Trends and Forecast to 2019"
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The automotive lightweight materials market size, in terms of value, is projected to grow at a healthy CAGR of 14.40% to reach $206.8 Billion by 2019.
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North America: fastest-growing market for automotive lightweight materials
North America, mainly the U.S., houses some of the major players in the automotive lightweight materials market. These include Novelis Inc., Alcoa Inc., and Owens Corning Corporation, among others. North America has always been a frontrunner in terms of technological advancements. The U.S. holds the largest market share with a high penetration rate for premium vehicles, while Mexico is a major hub for automotive exports. In the current scenario, the lightweight metals segment holds the largest market share, followed by lightweight composites, which also constitute the fastest-growing market in the region.
Automotive lightweight composites market
Lightweight composites are estimated to hold a major share in the automotive lightweight materials market. This segment is estimated to grow rapidly, at a CAGR of 17.06% during the forecast period. North America accounts for the second-largest share of this market. The application of lightweight composites has not only reduced the weight of the vehicle but has also aided in providing enhanced safety and higher fuel efficiency. Additionally, the use of composites in a vehicle has given automobile designers free rein, as these materials can be easily molded into any shape or size as per requirements. They thus provide the added advantage of creativity to automotive manufacturers.
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