Automotive Light Weight Body Panel Market Global Development, Demand, Growth Ana
Posted by Market Research Future on December 18th, 2020
Global Automotive Light Weight Body Panel Market Information Report, By Material (Metal, Polymer & Composites, Rubber and Other), By Component (Bumpers, Door panel, Roof and Other), By Application (Commercial vehicle and Passenger vehicle) and By Region - Forecast To 2023
Market Research Future (MRFR)’s latest report reveals that the global Automotive Light Weight Body Panel Market is set to expand at a steady CAGR of 3.9% and reach a valuation of USD 87.3 Bn during the forecast period. The boom witnessed in the automotive industry coupled with the technological advancements integrated into product lines are expected to catapult the Automotive Light Weight Body Panel Market growth on an upward trajectory.
The governments are undertaking initiatives to curb vehicle emissions which is directly or indirectly responsible for the surge in demand for light weight body panels for automotive. Furthermore, light weight auto components assure fuel efficiency, which is projected to accelerate the adoption of the automotive lightweight body panels.
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Light weight body panels are the key area of focus for the automotive manufacturers and there has been a global rise in the production of the automobiles. These factors are prognosticated to aid the Automotive Light Weight Body Panel Market expansion in the forthcoming years.
Manufacturers are investing in research and development for innovating their light weight auto components product lines and gaining competitiveness over competitors. This has opened new avenues of growth for the market players. However, factors such as high costs associated with light weight body panels are forecasted to hamper the growth of the automotive lightweight body panel market over the assessment period.
By material, the Automotive Light Weight Body Panel Market has been segmented into metal, polymer & composites, rubber, and others. The metal segment is poised to lead the market during the forecast period as it offers durability.
By component, the global Automotive Light Weight Body Panel Market is segmented into bumpers, door panel, roof, and others. The door panel segment is estimated to hold a dominant share of the market towards the end of 2023.
By application, the Automotive Light Weight Body Panel Market has been segmented into commercial vehicle and passenger vehicle. The passenger vehicle segment is likely to account for the most significant share of the market.
By region, the global Automotive Light Weight Body Panel Market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to retain a dominant share towards the end of the forecast period. The growth of the regional market is guided by the developmental strategies executed by the key players present there. Additionally, the fuel emission norms coupled with vehicle safety enforcements are projected to augment the Automotive Light Weight Body Panel Market over the next few years.
Asia Pacific is poised to exhibit positive growth across the review period. The factors responsible for aiding the market proliferation include rising demand for automobiles, increase in annual automobile production, inclination towards fuel efficient vehicles, etc. Furthermore, the presence of country-level markets such as India and China are set to attract investments from the international key players. This, in turn, is anticipated to favor the growth of the Automotive Light Weight Body Panel Market. Meanwhile, Europe in an important growth pocket and is estimated to benefit from its highly developed automotive sector.
Some of the key players profiled in the report include Austem Company Ltd (Korea), BASF SE (Germany), Alcoa Corporation (U.S.), Kuante Auto Parts Manufacture Co. Limited (China), Plastic Omnium (France), Magna International Inc (Canada), ArcelorMittal S.A. (Luxembourg), Hwashin Tech Co Ltd (South Korea), ThyssenKrupp AG (Germany).
In April 2018, Magna, mobility solutions provider, has entered into a joint venture with GAC subsidiary, GAC Component Co., Ltd. (GACC) for production of composite light weight liftgates.
In September 2018, Briggs Automotive Company received funding for researching graphene for manufacturing light weight auto components.
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