Passenger and personal transport vehicles account for a significant share of total vehicular emission. Manufacturers are focusing on developing new materials in order to achieve environmental sustainability and to reduce the weight of the vehicle. The automotive industry is continuously focusing on new materials in order to reduce the overall weight of their products, without affecting the functionality of those products.
Rise in demand for fuel-efficiency, stringent emission norms by government bodies across the globe, stringent regulations regarding pollution and energy consumption are compelling OEMs to focus on weight reduction. Demand for automotive exterior material is likely to rise during forecast period owing to the factors mentioned above. However, manufacturing processes and systems need to upgrade according to the development of new material, which is likely to restrain the new development of exterior material.
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The global automotive exterior material market can be segmented based on material, vehicle type, application, and region. Based on material, the automotive exterior material market can be segregated into steel, aluminum, plastics, and others. Steel is the dominant material that is utilized in the automotive industry. Advanced steel offers multiple advantages such as weight reduction and good forming qualities and hence, steel is likely to remain the dominant segment of the market during the forecast period. Likewise, aluminum also offers low specific weight, good formability, and an attractive cost benefit ratio for weight saving; hence, aluminum is also gaining popularity among auto manufacturers.
Based on vehicle type, the automotive exterior material market can be classified into passenger vehicle and commercial vehicle. Passenger vehicle sub segment is anticipated to drive the automotive exterior material market during the forecast period, owing to the increase in production of passenger vehicles across the globe. Increase in per capita income, decrease in bank interest rates, rapid urbanization, and expansion of the automotive industry in developing countries are fueling the passenger vehicle segment of the market. Similarly, the electric vehicle segment is expected to witness significant growth in the automotive industry. Continuous research and development is being carried out on new exterior material for the vehicle in order to increase the performance of the passenger vehicle by reducing its weight.
Based on application, the automotive exterior material market can be split into bumpers, fenders, doors, and others. Automotive bumpers and hood components hold a major share of the market owing to considerable high priority provided to safety issues. The door segment also holds a considerable share of the automotive exterior material market owing to its importance in the vehicle. Generally, vehicle doors are manufactured from steel, which provides super strength and durability.
Based on region, the automotive exterior material market can be segmented into North America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to hold a major share of the global automotive exterior material market owing to the presence of major automotive hubs in China, India, Japan, and South Korea. China is a leading manufacturer of passenger vehicles across the globe and recently, India become the fourth-largest manufacturer of vehicles in the world. Availability of raw material, low labor cost, and usage of advanced manufacturing process in Asia Pacific are anticipated to drive the automotive exterior material market during the forecast period.
Key players operating in the global automotive exterior material market include KIRCHHOFF Automotive GmbH, Magna International Inc., TOYOTA BOSHOKU CORPORATION, Trinseo, and DuPont.
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