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Sep 25, 2020 (Profound via COMTEX) —
The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Automotive Lightweight Material Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Automotive Lightweight Material market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.
The global automotive lightweight material market is projected to grow from USD 69.7 billion in 2020 to USD 99.3 billion by 2025, at a CAGR of 7.3% during the forecast period. The increasing stringency of vehicle emission and fuel economy regulations and growing government initiatives for vehicle weight reduction are expected to drive the growth of the automotive lightweight material market.
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The outbreak of COVID-19 has impacted and disrupted the supply chain of the entire automotive ecosystem, with halt in production facilities across the globe. This scenario is expected to affect the automotive lightweight material market, as the growth of the market is directly related to the production of vehicles. The decline in vehicle production is expected to adversely affect the lightweight material market. Fluctuation in raw material prices and high-cost of carbon fiber restrict carbon use in manufacturing automotive components as it is more expensive than steel.
Leading material suppliers such as BASF SE are expected to be severely impacted by the decline in production. Other leading players such as Covestro anticipates core volume growth below the previous year due to pandemic impact. Covestro’s core volumes in polycarbonates declined by 4.9% as compared to prior-year quarter as per company’s announcement. This decline was due to considerably lower volumes sold in the electrical, electronics and automotive industry. Such decline in the overall automotive supply chain is expected to further hinder the growth of automotive lightweight material market.
The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Automotive Lightweight Material market are included as given below:
The automotive lightweight material market is dominated by global players and comprises several regional players. The key players in the automotive lightweight material market are BASF SE (Germany), Covestro AG (Germany), LyondellBasell Industries Holdings B.V. (Netherlands), Toray Industries, Inc. (Japan), ArcelorMittal (Luxembourg), thyssenkrupp AG (Germany), Novelis, Inc. (US), Alcoa Corporation (US).
The global Automotive Lightweight Material market has been segmented as below:
Automotive Lightweight Material Market, By Material Type
METALS
HSS
Aluminum
Magnesium amp; Titanium
COMPOSITES
CFRP
GFRP
NFRP
Other Composites
PLASTICS
PC
ABS
PA
PP
PU
Others
ELASTOMER
EPDM
NR
SBR
Others
Automotive Lightweight Material Market, By Application
Body in white
Chassis and suspension
Powertrain s
Closures
Interiors
Others
Automotive Lightweight Material Market, By Component
Frames
Wheels
Bumpers amp; fenders
Engines amp; exhausts
Fuel tanks
Transmissions
Doors
Hood amp; trunk lid
Seats
Instrument panels
Automotive Lightweight Material Market, By Vehicle Type
PC
LCV
HCV
Automotive Lightweight Material Market, By Electric amp; Hybrid Vehicle Type
BEV
HEV
PHEV
Truck
Bus
Electric Vehicle Lightweight Material Market, By Material Type
Metals
Composites
Plastics
Elastomer
Automotive Lightweight Material Market, By Region
Asia Oceania
Europe
North America
RoW
Reasons to Purchase this Report:
Estimates Automotive Lightweight Material development trends with SWOT analysis
bull; Detailed business profiles including product offerings, recent developments, key financial information, and strategies employed by main market players
bull; Analysis of various regions and countries that includes the demand and supply based actions, which consequently have a major influence on the market’s expansion
bull; Market dynamics scenario, along with growth opportunities for players in the years to come
bull; Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the mentioned forecast period
bull; Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
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COMTEX_371866138/2630/2020-09-25T14:15:42
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The MarketWatch News Department was not involved in the creation of this content.