The global automotive lightweight material market is forecast to witness a moderate growth rate of around 5% over the forecast period of 2024-2030. Growing demand for automotive lightweight material over the past half-decade could be attributed to the production uptake of automotive since 2015.
Regions such as China and North America are providing promising growth to the market, owing to the high utilization of AHSS & UHSS. Moreover, demand for aluminium in South Asia & Oceania is rising at a much faster pace, owing to its extensive integration in automotive manufacturing, especially for building the bodies of electric vehicles.
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But since H2 of FY2019, the automotive market has slowed down, declining the prices of automotive lightweight material by 2%. In the second quarter of FY2020, decline in production ceased the production of automotive lightweight material by more than 70% across regions.
According to Fact.MR, the market is set to resurrect by the end of the 3rd quarter of FY2021, and regain its normal pace by the mid-first quarter of FY2022.
Key Takeaways from Global Automotive Lightweight Material Market
- The global automotive lightweight material market is anticipated to create a value opportunity of around US$ 150 Bn during the forecast period, adding 1.6X times more value as compared to 2019.
- Growing R&D activities and new product launches are set to benefit the automotive lightweight material market by the end of 2030.
- Passenger vehicles will account for more than 58% of the global automotive lightweight material market by the end of the 2030.
- The chassis & suspension segment is anticipated to lose around 108 BPS during the forecast period of.
- China holds a leading share and accounts for more than 18 MMT of automotive lightweight material production, to cater to the rapidly growing automotive manufacturing in the country.
- The markets in North America and Mexico are set to grow at a moderate pace, together accounting for around 20% demand share, globally.
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“Rising integration of AHSS is the automotive industry will to provide a thrust to the automotive lightweight material market,” says a Fact.MR analyst.
Global Automotive Lightweight Material Market Manufacturers: Key Strategies
The global automotive lightweight material market is fragmented in nature. Voestalpine Stahl GmbH , POSCO, Formosa, JSR, Owen Corning, ThyssenKrupp AG, Trinseo, LG Chem, Aleris International, Dupont, Eastman, SGL Carbon SE, Guirt Holding AG, Teijin Limited,
Hunstman, ExxonMobil, Covestro, Mitsubishi, DSM, Solvay, SSAB AB, Baoshan Iron & Steel Co., Ltd, Nucor Corp, Trinseo, Luxfer, Kaiser, Hindalco, Braskem, UFP Technologies, Asahi Kasei Corporation, Ineos, Chevron Phillips, SABIC, Toray, Celanese, BASF, and ArcelorMittal SA. are among the tier 1 players.
Together, they are anticipated to account for more than 80% of the global market share in 2024. Key manufacturers are observed to be involved in extensive research, product development, and collaborations with key manufacturers to enhance their market share.
Moreover, these key manufacturers have also showcased inorganic strategies. For instance, in December 2019, two steel market giants, ArcelorMittal and Nippon Steel, together acquired loss making steel firm Essar Steel in India. This acquisition is set to enhance the company’s market share in the South Asia region.
More Valuable Insights on Automotive Lightweight Material Market
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive lightweight material market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2024-2030. The study divulges essential insights on the automotive lightweight material market on the basis of material (steel [HSS and AHSS & UHSS] metals [aluminium, magnesium, and titanium], polymers [PP, PU,
ABS, polycarbonates, polyamides, and others), composites [carbon and aramide & fibre glass), and elastomers), vehicle (passenger vehicles [compact cars, mid-sized cars, luxury cars, and premium cars], LCVs, and HCVs), and application (engine & mechanical, exterior & structural, interior, HVAC, and electrical),
across nine major regions (North America, Latin America excluding Mexico, Europe Excluding Germany, East Asia Excluding China, South Asia & Oceania, Middle East & Africa, Germany, Mexico, and China).
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