LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive lightweight materials market is expected to grow at a CAGR of close to 9% during the forecast period.
This research report titled ‘Global Automotive Lightweight Materials Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Swapnil Tejveer Sharma, a lead analyst at Technavio for metals and minerals research, “The high growth rate of the market can be attributed to the strict regulatory norms regarding fuel efficiency and emission, and the emergence of eco-friendly vehicles that have led to the demand for automotive lightweight materials.”
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The report categorizes the global automotive lightweight materials market into three major product segments. They are:
Global automotive lightweight metals market
Global automotive lightweight metals market has the largest market share among the three product types of the global automotive lightweight materials market as metals have properties, such as low density, high strength, and low cost. These metals have applications in almost all automotive components, and thus they have dominated the lightweight materials market.
Aluminum has its applications in components, such as transmission casings, wheels, heat exchangers, and engine blocks. Many OEMs have started using aluminum for the entire vehicle manufacturing. Most of the aluminum production is in APAC, where China leads the global production with a market share of 40%-45%. Other important aluminum producing regions are North America and ROW.
Engineered lightweight steel is referred as AHSS. This type of steel offers the best opportunity for growth of the global automotive lightweight metals market because of its low cost, along with exceptional strength and formability. Magnesium, Titanium, and other metals are used in the automotive parts, such as powertrain, interior components, and electronics and electrical parts. Magnesium is used in cross car beams and instrument panels.
Global automotive lightweight plastics market
The global automotive lightweight plastics market is broadly categorized into different varieties of plastics. Some of the plastics used as automotive lightweight materials are polypropylene, polyurethanes, polyvinyl chloride, etc. Among these plastic products, polypropylene has the largest market share.
High-performance plastics that are used as automotive lightweight plastics are durable, scratch and abrasion-resistant, and recyclable. These plastics can also control the noise, vibration, and harshness in automobiles. They are mainly used in exterior, interior, and electronic and electrical applications in automobiles.
“APAC is the largest market for the automobile plastic materials, followed by the Europe and North America. The automotive plastic manufacturers engage in continuous R&D for the development of advanced plastic materials that are biodegradable, recyclable, and also adhere to the regulatory restriction on automobiles,” says Swapnil.
Global automotive lightweight composites market
Lightweight composite materials are preferred by automotive designers and researchers as these materials can be easily molded to any shape and size. They are the fastest growing product type in the automobile industry. The lightweight composites include products, such as metal matrix composites, polymer matrix composite (glass fiber composites, carbon fiber composites, and natural fiber composites), and ceramic matrix composites. The glass fiber composites are divided into thermoplastics and thermosets.
Glass fiber composites have the largest market share among the composite products. There is also a huge scope for the growth of carbon fiber composites in most of the automobile components mainly chassis, interiors, and powertrain because of its strength. APAC is the largest market for the consumption of automotive lightweight composite materials.
The top vendors highlighted by Technavio’s chemicals and materials research analysts in this report are:
- Toray Industries
- US Magnesium
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