NEW YORK, Jan. 20, 2021 /PRNewswire/ -- The global automotive lightweight material market size is expected to reach USD 109.5 billion by 2027. according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 7.2% from 2020 to 2027. Increasing stringent policies regarding vehicle emission along with fuel economy regulations are some of the key factors that drive major growth for the market. In addition to this, rising government initiatives and campaigns for vehicle weight reduction is another major factor responsible for the rising demand for automotive lightweight material. Key features such as materials provide enhanced strength, less material consumption, low corrosion rate, and increased efficiency for vehicles. Moreover, the introduction of modern electric vehicles has made a huge revolution in the automotive industry, which in turn favoring market growth.
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Key Takeaways for Automotive Lightweight Material Market
The increasing need to improve the performance of the vehicles and optimized the fuel consumption by reducing the vehicle weight is expected to drive the demand for lightweight materials in automotive industry. Furthermore, the growing demand for composites in premium cars to improve vehicle performance and aesthetics is likely to complement demand over the forecast period.
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Regional Analysis
North America's regional market is witnessing a surge in the demand for the last several years and is expected to move ahead as the largest revenue contributing region. Growing developments regarding the emission regulations procedures related to light-duty cars have forced the manufacturer to use light weight material for manufacturing cars, hence fueling the market growth. The Asia Pacific is set to emerge as the second-largest region, with a surge in requirements from major economies such as China, Japan, and India. Stringent policies from local authorities for automotive sectors have also contributed to the regional growth of the automotive lightweight material market.
Market Participants:
BASF, Convestro, Toray, Borealis, WHB Brasil, Lyondell Basell, ThyssenKrupp AG, Owens Corning, Alcoa Corporation, ArcelorMittal, Stratasys Ltd., LANXESS, Aleris Corporation, POSCO, SGL Carbon, AK Steel Corporation, and Novelis.. are some of the leading companies working in the global automotive lightweight material market. The market has become highly competitive as major international companies started investing in the industry. The industry is witnessing several key strategic collaborations among leading players to gain a competitive edge.
Target Audience :
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Polaris Market Research has segmented the automotive lightweight materials market report on the basis of vehicle type, material type, application, and region
Automotive Lightweight Material, Vehicle Type Outlook (Revenue ? USD Million, 2016 ? 2027)
Automotive Lightweight Material, Material Type Outlook (Revenue ? USD Million, 2016 ? 2027)
Automotive Lightweight Material, Application Outlook (Revenue ? USD Million, 2016 ? 2027)
Automotive Lightweight Material, Regional Outlook (Revenue ? USD Million, 2016 ? 2027)
List of Key Players of Automotive Lightweight Material Market
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About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.
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