Automotive Lightweight Material Market Post COVID-19 is Estimated to Grow From USD 69.7 Billion in 2020 to USD 99.3 Billion by 2025, at a CAGR of 7.3%…

NEW YORK, July 21, 2020 /PRNewswire/ --

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Automotive lightweight material market post COVID-19 is estimated to grow from USD 69.7 billion in 2020 to USD 99.3 billion by 2025, at a CAGR of 7.3% during the forecast period. Factors contributing to growth of automotive lightweight material can be attributed to stringent emission and fuel economy regulations. Moreover, advancement in automotive and technology enabling reduced material usage will increasing the demand for automotive lightweight material in the coming years.

With progression in time, the COVID-19 impact has severely disrupted the supply chain for entire automotive ecosystem.This has halted production facilities across the globe resulting in disruption in the exports of the automotive components.

This scenario is expected to affect automotive lightweight material market, as the growth of the market is directly related to the production of the vehicles.The global production of vehicle pre-COVID-19 was expected to reach from ~90-95 million units in 2020 to ~110-115 million units by 2025.

According to OICA, though global vehicle production declined by 5.2% between 2018-2019, the production outlook was supposed to showcase significant growth from 2021-2022 owing to multiple steps taken by OEMs, as well as some government, to attract customers.

Stringent emission and fuel economy regulations will drive the automotive lightweight material marketThe automotive lightweight material market post COVID-19 is estimated to grow from USD 69.7 billion in 2020 to USD 99.3 billion by 2025, at a CAGR of 7.3% during the forecast period. The increasing demand for lightweight materials is driven by the rising usage of electric vehicles and stringent emission norms & fuel economy regulations. Several OEMs have set targets for CO2 reduction in the coming years.

Instrument panel is the fastest growing market, by componentThe instrument panel is projected to be the fastest growing segment in the automotive lightweight material market.With the increasing demand for lighter interior cabins from car buyers, OEMs plan to use lightweight materials in interior applications.

Hence, OEMs are jointly working with component manufacturers and material providers to develop improved and lighter components.As the interior cabin contributes significantly to the overall vehicle weight, the use of lightweight materials in the cabin can help in vehicle weight reduction.

Hence, the instrument panel is projected to be the fastest growing market for automotive lightweight material.

North America is estimated to be the fastest growing market for automotive lightweight materials, followed by Asia Oceania

North America is expected to be the fastest growing market for automotive lightweight materials.The Corporate Average Fuel Economy (CAF) standards have compelled OEMs to enhance their vehicle lightweighting efforts.

The domestic demand for passenger cars has increased due to low gas prices and low interest rates.The demand for light trucks and vans has also witnessed rapid growth in the region.

Asia Oceania, on the other hand, has seen increased usage of HSS and Aluminum, especially in the low and mid-segment vehicles.China is the fastest growing market for automotive lightweight materials in the Asia Oceania region.

Factors such as low production cost, abundant availability of metals, and safety norms have driven market growth in the region. The sale of automotive lightweight materials is projected to increase in different regions during the forecast period.

Breakup of primary respondentsThe study contains insights provided by various industry experts, ranging from equipment manufacturers, OEMs, and Tier-1 suppliers to regional associations members. The break-up of the primaries is as follows: By Company Type: Tier I - 35%, Tier II - 45%, and OEMs -20% By Designation: C level - 40%, D level - 35%, Others 25% By Region: North America - 20%, Europe - 35%, Asia Oceania - 40%, RoW 5%

The automotive lightweight material market is dominated by global players and comprises several regional players. The key players in the automotive lightweight material market are BASF SE (Germany), Covestro AG (Germany), LyondellBasell Industries Holdings B.V. (Netherlands), Toray Industries, Inc. (Japan), ArcelorMittal (Luxembourg), thyssenkrupp AG (Germany), Novelis, Inc. (US), Alcoa Corporation (US), Owens Corning (US), and Stratasys Ltd. (US). The study includes an in-depth competitive analysis of these key players in the automotive lightweight material market with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.

Research CoverageThe study segments the automotive lightweight material market and forecasts the market size based on material type [metals (HSS, aluminum, and magnesium & titanium), composites (CFRP, GFRP, NFRP, and others), plastics (PC, ABS, PA, PP, PU & Others), and elastomers (EPDM, NR, SBR, and others)]; application (BIW, Chassis, Powertrain, Closures, Interiors, and others); component (frame, wheel, bumpers & fenders, engine & exhaust, fuel tank, transmission, doors, hood & trunk lid, seats, and instrument panel); vehicle type (PC, LCV, and HCV); electric & hybrid vehicle type (BEV, HEV, PHEV, Truck, and Bus); electric vehicle lightweight market based on material type (metals, plastic, composites, and elastomers); and region (North America, Europe, Asia Oceania, and RoW).

Key Benefits of Buying the Report:

This report provides insights with reference to the following points:Country-level market for automotive lightweight material by material type: The report offers in-depth market sizing and forecast up to 2025, by material type (Metals, Composites, Plastics, and Elastomers). The market sizing for the automotive lightweight material market is covered at the country and regional levels.

Market coverage by electric & hybrid vehicle type for BEV, HEV, PHEV, Bus and Truck at the regional levelThe report provides "Market Share" of the leading players in the automotive lightweight material market.

Market Development: The report provides comprehensive information about lucrative emerging markets for automotive lightweight materials across different regions.

Product Development/Innovation: The report gives detailed insights into R&D activities, upcoming technologies, and new product launches in the automotive lightweight material market.Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the automotive lightweight material market

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Automotive Lightweight Material Market Post COVID-19 is Estimated to Grow From USD 69.7 Billion in 2020 to USD 99.3 Billion by 2025, at a CAGR of 7.3%...