Dublin, June 24, 2021 (GLOBE NEWSWIRE) -- The "Automotive Lightweight Material Market Share, Size, Trends, Industry Analysis Report, By Material Type; By Vehicle Type; By Application; By Region; Segment Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive lightweight material market size is expected to reach USD 109.5 billion by 2027
Automotive lightweight materials have low corrosion rate, high design flexibility, and high weight to strength ratio. These are the mixture of alloys and composites and common alloys used are non-ferrous metals with low density. Metal alloys are easy to forge and find utility in several applications. Growing trend for vehicle customization is expected to drive the demand for lightweight materials in automotive aftermarket.
With improvements in materials and technology used for automotive manufacturing, the average age of vehicles has increased substantially. For instance, in Thailand, the average age of vehicles is between 5 and 7 years in 2019. As per the survey, consumers are holding previously owned cars as back up vehicles rather than scraping them. With the increasing vehicle age, there is growing need for replacement of parts and MRO.
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.
Market participants include BASF, Covestro, Toray, Borealis, WHB Brasil, LyondellBasell, ThyssenKrupp AG, Owens Corning, Alcoa Corporation, ArcelorMittal, Stratasys Ltd., LANXESS, Aleris Corporation, POSCO, SGL Carbon, AK Steel Corporation, and Novelis, among others.
Automotive producers are shifting their production houses or manufacturing plants in low-income countries to capitalize on growing local needs and to benefit from low capital and labor costs. Major automotive manufacturers are mostly based in Brazil, India, South Korea, China, and Mexico, and are projected to benefit from OEM and aftermarket.
Key Topics Covered:
1.1. Report Description
2. Executive Summary
3. Research Methodology
3.2. Data Sources
4. Automotive Lightweight Material Market Insights
4.1. Automotive Lightweight Materials - Industry snapshot
4.2. Automotive Lightweight Material Market Dynamics
4.2.1. Drivers and Opportunities
126.96.36.199. Innovations in material science
188.8.131.52. Strong government support
4.2.2. Restraints and Challenges
184.108.40.206. High procurement cost
4.3. Porter's Five Forces Analysis
4.4. PESTLE Analysis
4.5. Automotive Lightweight Material Market Industry trends
5. Automotive Lightweight Material Market Assessment by Vehicle Type
5.1. Key Findings
5.3. Passenger Cars
5.4. Light Commercial Vehicles (LCV)
5.5. Light Commercial Vehicles (HCV)
6. Global Automotive Lightweight Material Market, by Material Type
6.1. Key Findings
7. Automotive Lightweight Material Market Assessment by Application
7.1. Key Findings
7.3. Powertrain & Chassis
7.4. Engine & Mechanical
7.5. Exterior & Structural
7.7. HVAC & Electrical
8. Automotive Lightweight Material Market Assessment by Geography
8.1. Key findings
8.2.1. Automotive Lightweight Material Market Assessment, By Geography, 2016-2027 (USD Million)
9. Competitive Landscape
9.1. Expansion and Acquisition Analysis
10. Company Profiles
10.1. Company Overview
10.2. Financial Performance
10.3. Product Benchmarking
10.4. Recent Developments
AK Steel Corporation
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