Automotive Lightweight Material Market: Surge in Sales Motivated by Innovation

Posted by Arslan on June 24th, 2019

As per the current market trends and the promising nature of the automotive lightweight material market, it can be estimated that the future holds positive outcomes. In order to provide a deep insight about the concerned market, FACTMR would be publishing a resourceful analysis that will enclose knowledge about the regional automotive lightweight material market size, revenue and opportunity status. Readers will be offered the privilege to decode various facets of the market during 2019-2028, together with the active access to secondary and primary research methodology. Furthermore, various segments of the market associated to product, application, end-user etc., would also be present in this intelligent research report.

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Automotive Lightweight Material Market – Key Insights

• 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%.

Automotive Lightweight Material Market – Notable Developments

• In February 2019, Tata Steel Ltd. was named one of the ‘World’s Most Ethical Companies’ in 2019 by Ethisphere Institute for the eighth time. The company won the coveted recognition in category of ‘Metals, Minerals and Mining’.
• In September 2018, LANXESS, a Germany-based specialty chemicals company, announced to build a new production unit at its Krefeld-Uerdingen site with an aim to expand its global production network for high-performance plastics. By the latter half of 2019, the company plans to produce Durethan and Pocan engineering plastics, which are used in electronics and automotive industries.
• In July 2018, LyondellBassel, a leading player in the automotive lightweight material market, announced that it signed an agreement with Karlsruhe Institute of Technology to advance the chemical recycling of plastic materials and support the global efforts towards circular economy and plastic waste recycling needs. The company acquired A. Shulman in a US$ 2.25 billion deal in February 2018.

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.

Research Methodology

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.