Automotive Lightweight Material Market Robust Expansion by Top Key Manufactures
Posted by Rishikesh Kurane on June 29th, 2018
Automotive Lightweight Material Global Market – Overview
The Global Automotive Lightweight Material Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Automotive Lightweight Material will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2027, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2027).
Automotive lightweight materials are the materials used in automobiles for reducing the weight and increasing the speed and fuel efficiency of the automotive. These lightweight materials are good for building the frame of vehicles due to advantages provided by them such as less material consumption, low corrosion rate, enhanced strength and improved handling.
One of the key drivers for the growth of automotive lightweight material market is the increase in fuel efficiency achieved by the use of lightweight materials in the automotive. The emergence of strict regulations by the government for the control of carbon dioxide emissions, is leading to the increased adoption of lightweight materials for use in automobiles, thereby driving the growth of the market. However, the growth of this market is expected to be restrained by higher pricing of lightweight materials in automobiles such as carbon fibres and others.
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Over the past decade, it has been experienced that the prices of crude oil per barrel is increasing very rapidly and also the availability the crude oil is decreasing day by day. Due to these factors, the mind-set of large pool of population is shifting their preference towards Automotive Lightweight Material. In the last 3 to 4 years, the demand for Automotive Lightweight Material in the United States is rapidly increasing and seen around 70% of year-over-year growth in the sales. Along with the United States, Norway has also put a step ahead and has shifted more focus towards Automotive Lightweight Material. The growth of Automotive Lightweight Material is increasing across the globe and since 2014, the sales have witnessed significant growth off late.
In automotive industry, pricing factor has always been a point of discussion before purchase. Here, the discussion is of Automotive Lightweight Material such as electric cars, pickups, trucks and others. As per the market statistics, the sales of Automotive Lightweight Material is rising very rapidly in developed countries such as the US, China, Germany, UK, Norway and others. All these countries are developed and has very good economy with healthy disposable income. As a result, the sales has increased. But moving towards the developing and undeveloped countries, the high prices of Automotive Lightweight Material has become a major hindrance for market growth. Countries such as India, Indonesia and Brazil consumes a large pool of population but still the trend of Automotive Lightweight Material has not come into pace.
Alcoa Inc., (U.S.), Toray Industries Inc.(Japan), ArcelorMittal S.A. (Luxembourg), ThyssenKrupp AG (Germany), BASF SE (Germany), PPG Industries, Inc (U.S.), Covestro AG (Germany), Owens Corning (U.S.), Lyondellbasell N.V. (U.S.), Novelis .Inc.,(U.S.) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Automotive Lightweight Material Market.
The global Automotive Lightweight Material market is characterized by the presence of many global, regional, and local vendors. The market is highly competitive with all the players competing to gain market share. Intense competition, rapid advances in technology, frequent changes in government policies, and environmental regulations are key factors that confront market growth. In addition, in-house research and development capabilities, global footprint network, material offerings, R&D investments, and strong client base have become the key areas to gain an edge over the competitors.
The vendors compete based on cost, product quality, reliability, and aftermarket service. It is crucial for the vendors to provide cost-efficient and high-quality Automotive Lightweight Material services, in order to survive and succeed in an intensely competitive market environment.
The vendors with better technical and financial resources can develop innovative products that render the competitors' products obsolete and non-competitive even before they are launched, or costs are recovered. Therefore, vendors have to develop new technologies and stay abreast of emerging technologies that could affect the continuing competitiveness of their product lines in the market. The competitive environment in the market is likely to intensify further due to an increase in product/service extensions, technological innovations, and M&A.
Automotive Lightweight Material Market – Segmentation
The Global Automotive Lightweight Material Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Material: Comprises Metal, Rubber, Plastic and Others.
Segmentation by Vehicle Type: Comprises Passenger Vehicle and Commercial Vehicle
Segmentation by Application: Comprises Interior, Exterior, Structural and Others
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Automotive Lightweight Material Market: Regional Analysis
The global Automotive Lightweight Material, by region, has been segmented into the four major regions of North America, Europe, Asia Pacific and Rest of the World. Over the last couple of years, the automotive industry has flourished globally, with several technologies emerging in the market. Geographically, Asia Pacific region has been the largest market for automotive exhaust in 2016, followed by North America and Europe. Asia Pacific region has registered the fastest growing region due to the presence of emerging economies such as China, India, South Korea, and Japan. Moreover, several automotive giants have been focusing on this region mainly due to the abundant demand for passenger as well as commercial vehicles, and have therefore planned to expand their operations in the Asia Pacific region. By the end of forecast year, the global market is expected to witness cut throat competition between North America and Europe, in terms of revenue and market share.
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About the AuthorRishikesh Kurane
Joined: May 4th, 2018
Articles Posted: 1,128
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