The report examines the current trends, growth opportunities, restraints, and market drivers that are projected to influence the overall dynamics of the Automotive Lightweight Material Market Insights in the assessment period.
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Key Takeaways from Global Automotive Lightweight Material Market
- The global automotive lightweight material market is anticipated to create a value opportunity of around US$ 150 Bn during the forecast period, adding 1.6X times more value as compared to 2019.
- Growing R&D activities and new product launches are set to benefit the automotive lightweight material market by the end of 2030.
- Passenger vehicles will account for more than 58% of the global automotive lightweight material market by the end of the 2030.
- The chassis & suspension segment is anticipated to lose around 108 BPS during the forecast period of.
- China holds a leading share and accounts for more than 18 MMT of automotive lightweight material production, to cater to the rapidly growing automotive manufacturing in the country.
- The markets in North America and Mexico are set to grow at a moderate pace, together accounting for around 20% demand share, globally.
“Rising integration of AHSS is the automotive industry will to provide a thrust to the automotive lightweight material market,”says a Fact.MR analyst.
Automotive Lightweight Material Market Segmentation
- North America
- East Asia
- South Asia
- Latin America
- Middle East & Africa
- AHSS & UHSS
- Aramide & Fiber Glass
Global Automotive Lightweight Material Market Manufacturers: Key Strategies
The global automotive lightweight material market is fragmented in nature. Voestalpine Stahl GmbH , POSCO, Formosa, JSR, Owen Corning, ThyssenKrupp AG, Trinseo, LG Chem, Aleris International, Dupont, Eastman, SGL Carbon SE, Guirt Holding AG, Teijin Limited, Hunstman, ExxonMobil, Covestro, Mitsubishi, DSM, Solvay, SSAB AB, Baoshan Iron & Steel Co., Ltd, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC, Toray, Celanese, BASF, and ArcelorMittal SA. are among the tier 1 players. Together, they are anticipated to account for more than 80% of the global market share in 2020. Key manufacturers are observed to be involved in extensive research, product development, and collaborations with key manufacturers to enhance their market share. Moreover, these key manufacturers have also showcased inorganic strategies. For instance, in December 2019, two steel market giants, ArcelorMittal and Nippon Steel, together acquired loss making steel firm Essar Steel in India. This acquisition is set to enhance the company’s market share in the South Asia region.