Automotive body panels such as bumpers, roof, door panels, and trunk lids are generally made of conventional materials such as steel or iron.
Albany, NY -- (SBWIRE) -- 09/06/2017 -- Automotive body panels such as bumpers, roof, door panels, and trunk lids are generally made of conventional materials such as steel or iron. Such body panels contribute significantly to the overall automobile body weight. However, owing to increasing regulations to reduce emissions along with increasing demand for fuel economy has attracted the attention of OEM manufacturers to decrease the overall automobile weight. Thus in order to reduce body weight of automobiles, manufacturers are focussing on using body panels that are lighter than conventional body panels. Body panels made of materials with low density such as high-strength steel, aluminium, and polymers & composites are considered to be lightweight automotive body panels. Such lightweight body panels provide the desired strength for the components with reduced weight.
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Global consumption of lightweight automotive body panels was pegged at 9,500 thousand tonnes in 2015. Sales revenue of lightweight automotive body panels is expected to register a CAGR of 4.8% over the forecast period (2016–2026).
Steady recovery in global automotive production along with an increasing focus on lightweighting is driving market demand
Rising disposable income with growing economic conditions is driving global automotive production. With an increase in automotive production, concerns for increasing greenhouse gas emissions is rising globally. In order to tackle greenhouse gas emissions, governments across the globe are implementing stringent regulations to meet fuel emission standards. To comply with such stringent regulations, manufacturers are expected to increase their focus on automotive lightweighting. Increasing automotive production along with an increasing focus on lightweighting is anticipated to drive market demand over the forecast period. However, high costs associated with lightweighting materials are hindering widespread adoption and this is likely to restrict market growth over the forecast period.
High-strength Steel material type sub-segment projected to remain dominant throughout the forecast period
The High-strength Steel sub-segment is estimated to account for maximum share of 73.5% in the overall market by 2016 end. The Aluminium sub-segment is estimated to account for a significant share of 18.0% by the end of 2016.
Door Panels component type segment projected to retain its dominance over the forecast period
The Door Panels segment is estimated to account for maximum share and is projected to retain its dominance over the forecast period. The Door Panels and Trunk Lids segments are estimated to collectively account for a share of 51.2% in the overall market.
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Passenger Car vehicle type segment estimated to account for prominent market share throughout the forecast period
The Passenger Car segment is anticipated to witness the highest CAGR over the forecast period. This segment is estimated to account for 46.9% share of the global lightweight automotive body panels market by 2016 end. The Heavy Commercial Vehicle segment is projected to account for the lowest value share over the forecast period.
APEJ regional market expected to gain maximum market share between 2016 and 2026
APEJ is estimated to account for a major share in global automotive production and is expected to witness higher growth rates in terms of automotive production. The APEJ lightweight automotive body panels market is anticipated to register a CAGR of 6.3% during 2016–2026. The market in North America is estimated to account for 34.1% value share of the global lightweight automotive body panels market by the end of 2016. The higher market value share of the North America market is attributed to the relative higher vehicle production in the region.
Leading market players are focussing on expanding their market presence in emerging markets through joint ventures and collaborations
GORDON AUTO BODY PARTS CO. LTD., AUSTEM COMPANY LTD., Gestamp, Plastic Omnium, Magna International Inc., Stick Industry Co. Ltd., Changshu Huiyi Mechanical & Electrical Co. Ltd., KUANTE AUTO PARTS MANUFACTURE CO. LIMITED, Hwashin, FLEX-N-GATE CORPORATION, and ABC Group, Inc. are some of the leading players operating in the global lightweight automotive body panels market. Some of these companies are directing their investments towards the deployment of advanced technologies for product development.
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