The lightweight automotive materials market size is expected to grow at a CAGR of around 5% over the forecast period from 2020 to 2030
The global market for lightweight construction materials for the automotive industry has grown moderately over the past half decades with a CAGR of 3.3%. However, due to the ongoing COVID-19 outbreak, automobile production slumped in the second quarter of fiscal 2020, cascading the demand effect towards lightweight materials for the automotive industry.
The market is expected to more than double in the short-term forecast period due to the ongoing COVID-19 effect on the automotive industry. By the 1st quarter of FY2022, the demand for lightweight materials for the automotive industry will pick up again due to the normalization of automotive production.
The automotive lightweight construction material market size is expected to grow at a nominal CAGR of around 5% in the forecast period 2020 to 2030. Speculative demand for materials was observed in the 2nd quarter of fiscal 2020. Reduced market prices have encouraged suppliers to replenish their inventories in order to increase their profits after the market revived at the beginning of the third quarter. Since the beginning of the third quarter of FY2020, signs of a price increase of 2% have been observed in all regions. The price upswing is attributed to the start of production in the automotive industry in East Asia, especially China, and Europe.
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Insights into the materials of the automotive lightweight construction market
Steel and aluminum have been two promising materials for the past half decade due to their extensive uses in the automotive industry. Steel is channeled into two main types – HSS and AHSS & UHSS. Of these two main types of steel, AHSS & UHSS is gaining importance in the market and growing faster.
The HSS market share is falling rapidly as steelmakers turn to AHSS manufacturing. Positive externalities play an important role in defining the market growth of lightweight automotive materials. Cheaper, lighter and more effective lightweight automotive material is in demand in body construction.
Metals aside, polymers have grown in importance over the past half decades due to their ability to absorb collision impacts. Besides that, they can relatively reduce the weight of automobiles and the manufacturing cost. Overall, it is forecast that the increasing demand for advanced lightweight construction materials such as AHSS and UHSS will allow the market for lightweight construction materials for the automotive industry to grow by 2030.
Vehicle insights into the automotive lightweight construction market
The demand for lightweight automotive construction materials for use in passenger cars, especially electric vehicles (EVS), is increasing due to the overall benefit of weight reduction. In addition, rising fuel prices have led automakers to manufacture lightweight automobiles. The CAFE standards proposed by the US government encourage manufacturers to develop lightweight materials to increase the mileage of vehicles.
Regional outlook on the market for lightweight construction materials for the automotive industry
China had the largest market share for lightweight automotive materials in 2019 and is expected to maintain its lead until the end of the forecast period under review. The increase in the consumption of lightweight automotive materials in China is mainly due to the increasing activities in the automotive industry.
Promising growth in the lightweight materials market has been observed in the United States and Mexico over the historic period. This is attributed to the increasing consumption of lightweight automotive construction materials in automobile production in these countries. In addition, the increase in research and development activities of the Korean and Japanese automotive lightweight construction material manufacturers will have a positive effect on the automotive industry in the medium-term forecast period.
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Automotive Lightweight Materials Market: Segmentation
Fact.MR has examined the automotive lightweight construction market with detailed segmentation by material, vehicle, application and key regions.
- AHSS & UHSS
- Aramid & fiberglass
- Passenger cars
- Compact car
- Mid-range cars
- Luxury cars
- Premium cars
- Motor & Mechanics
- Chassis and suspension
- Exterior & structure
- Body structure and frame
- Body parts & moldings
- Door modules
- Instrument panels
- HVAC & electrical
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Lightweight Materials Market for the Automotive Industry: In-Depth Analysis of the Competitive Landscape
The report highlights leading manufacturers in the automotive lightweight construction market with their detailed profiles. With the help of a detailed dashboard view, essential and current data on market participants who are mainly active in the production of lightweight automotive materials were made available. The market share analysis and comparison of prominent players in the report enables the report readers to take preventative measures to further develop their business.
Company profiles have been incorporated into the report containing key information such as product portfolio and key strategies, as well as a comprehensive SWOT analysis for each player. The company’s presence is mapped and represented by a matrix for all prominent players and thus offers the readers actionable insights that help in the well-thought-out presentation of the market status and the prediction of the level of competition in the lightweight automotive construction market. Well-known companies active in the global automotive lightweight construction market include United States Steel Corporation, ThyssenKrupp AG, Formosa, Trinseo, LG Chem, JSR, Eastman, Alerisw International, Guirt Holding AG, SGL Carbon SE, Teijin Limited, Hunstman , ExxonMobil, Covestro, Mitsubishi, DowDupont, DSM, Solvay, SSAB AB, Ak Steel Holding Corp, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Owen Corning, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC , Toray, Celanese, BASF, POSCO, Baoshan Iron & Steel Co., Ltd and ArcelorMittal SA.
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The Post Automotive Lightweight Materials Market size is expected to show nominal expansion at a CAGR of around 5% during the forecast period from 2020 to 2030, first appeared in the latest market reports.