The global automotive lightweight material market is anticipated to witness significant CAGR during the forecast period, i.e., 2021-2029, on the back of increasing demand for passenger cars backed by a growing population and increasing disposable income. Moreover, rising public awareness towards energy conservation is estimated to boost the demand for lightweight material for manufacturing cars, as vehicles made from this material consume less fuel.
The global automotive lightweight material market is segmented by vehicle type into light-duty, heavy-duty, electric vehicles, and others, out of which, the electric vehicle segment is estimated to garner the largest share by the end of 2029. This growth can be attributed to the increasing manufacturing of electric cars backed by the investment from major market players in this segment. Based on material, the plastic segment is estimated to hold a significant CAGR during the forecast period owing to its varied application in the manufacturing of vehicle interiors.
Research Nester has released a report titled “Automotive Lightweight Material Market – Global Demand & Opportunity Outlook 2029” which delivers a detailed overview of the global automotive lightweight material market in terms of market segmentation by vehicle type, material, application, and region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, along with a detailed discussion on current and future market trends that are associated with the growth of the market.
Get a PDF Sample For More Detailed Market Insights:https://www.researchnester.com/sample-request-67
Regionally, the global automotive lightweight material market regions is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Among these, the market in North America is projected to garner the largest share in the forecast period on the back of the increasing sales of electric cars, combined with increasing personal disposable income.
Developed economies, such as Canada and U.S.A are currently the major consumer of electric cars. The sale of electric vehicles (EV) in the U.S. crossed the mark of 240,000 vehicles in the year 2019. Moreover, strict government regulations regarding energy-efficient vehicles are estimated to promote market growth. Government initiatives, such as Corporate Average Fuel Economy (CAFE) standards by the National Highway Traffic Safety Administration (NHTSA) which regulate the manufacturing of light-duty vehicles, are further estimated to boost the market growth.
The market in the Asia Pacific is anticipated to attain the highest CAGR during the forecast period owing to the increasing demand for passenger cars, backed by a growing population and changing consumer lifestyle in countries, such as China and Japan. Japan is one of the major producers of cars, on the back of the presence of major vehicle manufacturing companies. In the year 2020, more than 6 million cars were manufactured in Japan.
Growing Manufacturing and Sale of Cars to Boost the Market Growth
The global sale of passenger cars amounted to almost 61 million in 2020. This is estimated to increase up to 70 million cars in 2021.
The changing urban lifestyle and increasing personal disposable income have raised the demand for passenger cars around the world. The growing manufacturing and sale of vehicles are, in turn, expected to boost the demand for lightweight materials amongst car manufacturers. Lightweight material enhances the fuel efficiency of the vehicle without compromising the performance of the engine, which is foreseen to significantly promote market growth.
The report also provides the existing competitive scenario of some of the key players of the global automotive lightweight material market, BASF SE (ETR: BAS), Convestro AG (ETR: 1COV), LyondellBasell Industries Holdings B.V. (NYSE: LYB), TORAY INDUSTRIES, INC. (TYO: 3402), ThyssenKrupp AG (ETR: TKA), Novelis Group (Hindalco Industries Limited), Alcoa Corporation (NYSE: AA), Trinseo LLC (NYSE: TSE), LANXESS AG (ETR: LXS) which includes company profiling and key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments.
On the whole, the report depicts a detailed overview of the global automotive lightweight material market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
Get a Sample Copy Of This Report With Graphs and Charts: https://www.researchnester.com/sample-request-67
Research Nester is a one-stop service provider, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives to make wise decisions for their future investment and expansion by providing them qualitative market insights and strategies while avoiding future uncertainties. We believe in honesty and sheer hard work that we trust is reflected in our work ethics. Our vision is not just limited to gain the trust of our clients but also to be equally respected by our employees and being appreciated by the competitors.
For more information, please contact:AJ Daniel
Email: [email protected]