Global Automotive Lightweight Materials Market 2016-2020
About Automotive Lightweight Materials
Automotive lightweight materials are of lower density than traditional automotive materials, such as iron and steel. The lightweight materials have a wide range of applications in automobiles because they not only help to reduce the weight of the vehicles, but also aid in providing enhanced automotive safety and fuel efficiency. The common lightweight materials used in the market are high-strength steel (HSS), aluminum, magnesium, plastics, carbon fiber, glass fiber, and composites, such as metal and ceramic matrices. These materials are light weight and have high strength that adds to the suitability of these products.
Technavio’s analysts forecast the global automotive lightweight materials market to grow at a CAGR of 8.57% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive lightweight materials market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of lightweight materials to original equipment manufacturers (OEMs) and automotive manufacturers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Lightweight Materials Market 2016-2020
Technavio recognizes the following companies as the key players in the global automotive lightweight materials market: Alcoa, ArcelorMittal, BASF, Toray Industries, and US Magnesium
Other Prominent Vendors in the market are: Akzo Nobel, Aleris, AMG, Borealis, Constellium, Covestro, Dead Sea Magnesium, Dow Chemical, Henkel, Johnson Controls, KOBELCO, LyondellBasell Industries, Magna, Norsk Hydro, Novelis, Owens Corning, POSCO, PPG, SABIC, Teijin, ThyssenKrupp, and UACJ
Commenting on the report, an analyst from Technavio’s team said: “The use of electronics and software is a growing trend in the automotive sector. Only a decade ago, cars had very few electronic applications and had a simple interface, but now, automobiles have advanced electrical systems, such as telematics and in-car entertainment systems. They are used in areas such as engine electronics, transmission systems, chassis systems, passenger safety and comfort systems, driver assistance, energy efficiency, and infotainment systems (navigation system, vehicle audio, and information access).”
According to the report, the number of laws and regulation regarding the reduction of emission of carbon dioxide from the automobiles is on the rise. The Kyoto protocol restricts the emission of carbon dioxide and other greenhouse gasses into the atmosphere. With the emission norms becoming stricter every passing day, there is a rise in demand for the lightweight materials. The application of lightweight materials in automobile components can help to achieve the necessary emission requirements and also increase the vehicular efficiency. The reduction vehicular weight is highly necessary, and there is a range of new lightweight materials that can be considered for the automotive components. Replacing heavy iron and steel with weight-saving materials, such as aluminum, magnesium, HSS, advanced composites, and polymers, is the need of the day.
Further, the report states that raw materials are the biggest cost driver in the automotive industry and consists of 47% of the cost of a vehicle. The fluctuating prices of the automotive raw materials is a topic of concern for the automakers, as well as OEMs. The raw materials, such as crude oil, ores of lightweight metals, and advanced composites are highly fluctuating due to the global production and utilization scenarios. The price of Brent crude oil started reducing from a peak price of $110.45 per barrel in 2014 and was recorded to be $30.65 per barrel in 2015.
Alcoa, ArcelorMittal, BASF, Toray Industries, US Magnesium, Akzo Nobel, Aleris, AMG, Borealis, Constellium, Covestro, Dead Sea Magnesium, Dow Chemical, Henkel, Johnson Controls, KOBELCO, LyondellBasell Industries, Magna, Norsk Hydro, Novelis, Owens Corning, POSCO, PPG, SABIC, Teijin, ThyssenKrupp, UACJ.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook