The market is set to decline by more than twofold over the short-term forecast period, owing to prolonged COVID-19 effect on the automotive industry. By the 1st quarter of FY2022, demand for automotive lightweight material is set to resurrect, owing to normalization of automotive production.
The automotive lightweight material market size is projected to witness nominal expansion at a CAGR of around 5% during the forecast period of 2020 to 2030. Speculative demand of material was observed over the 2nd quarter of FY2020. Reduced market prices have attracted suppliers to charge up their inventories to enhance their profits, post resurrection of the market by the beginning of the 3rd quarter. Signs of price uptake of 2% were observed since the beginning of Q3 in FY2020 across regions. Upswing in prices is credited to the kick-start of production in the automotive industry in East Asia, especially China, and Europe.
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Steel and aluminum are two promising materials owing to their extensive utilization in the automotive industry since past half decade. Steel is channeled in two main types – HSS and AHSS & UHSS. Of these two main types of steel, AHSS & UHSS is gaining traction in the market and is growing at a faster pace.
The HSS market share is declining at a fast pace owing to steel manufacturers inclining towards AHSS manufacturing. Positive externalities play a major role in defining the market growth of automotive lightweight material. Cheap, lightweight, and effective automotive lightweight material is sought-after while constructing automotive bodies.
Apart from metals, polymers have had gained traction over the past half-decade, owing to their capability to absorb collision impacts. Apart from this, they can relatively reduce the weight of cars and the cost of manufacturing them. All-in-all, rising demand for advanced lightweight material such as AHSS & UHSS is projected to thrive the automotive lightweight material market by 2030.
Automotive Lightweight Material Market Vehicle Insights
Demand for automotive lightweight material is soaring for use in passenger vehicles, especially electric vehicles (EVS), owing to the overall weight reduction benefit. Furthermore, rising fuel prices have cascaded the effect to automotive manufacturers to produce lightweight automotive. CAFE standards proposed by the United States government are encouraging manufacturers to develop lightweight materials to enhance the mileage of vehicles.
Regional Outlook of Automotive Lightweight Material Market
China accounted for the largest automotive lightweight materials market share in 2019, and is set to maintain its lead to the end of the assessed forecast period. Rise in consumption of automotive lightweight material in China is mainly due to increasing automotive manufacturing activities.
Promising growth of the lightweight material market has been observed in the United States and Mexico during the historical period. This is attributed to increasing consumption of automotive lightweight material in automotive production in these countries. Moreover, rise in research & development activities by Korean and Japanese automotive lightweight material manufacturers will be favorable for automotive manufacturing in the by the mid-term forecast period.
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Automotive Lightweight Material Market: Segmentation
Fact.MR has studied the automotive lightweight material market with detailed segmentation on the basis of by material, vehicle, application, and key regions.
- AHSS & UHSS
- Aramide & Fiber Glass
- Passenger Cars
- Compact Cars
- Mid-sized Cars
- Luxury Cars
- Premium Cars
- Engine & Mechanical
- Chassis and Suspension
- Exterior & Structural
- Body Structure and Frame
- Body Panels & Trims
- Door Modules
- Instrument Panels
- HVAC & Electrical
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The report sheds light on leading manufacturers in the automotive lightweight material market, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of the automotive lightweight material has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
Company profiles have been included in the report, which includes essentials such as product portfolio and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting market status and predicting the competition level in the automotive lightweight material market. Prominent companies operating in the global automotive lightweight material market include United States Steel Corporation, ThyssenKrupp AG, Formosa, Trinseo, LG Chem, JSR, Eastman, Alerisw International, Guirt Holding AG, SGL Carbon SE, Teijin Limited, Hunstman, ExxonMobil, Covestro, Mitsubishi, DowDupont, DSM, Solvay, SSAB AB, Ak Steel Holding Corp, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Owen Corning, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC, Toray, Celanese, BASF, POSCO, Baoshan Iron & Steel Co., Ltd, and ArcelorMittal SA.
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