The global lightweight automotive materials market is growing at a brisk pace due to a variety of factors. Some of the factors include the pressing need to improve the safety of the vehicles along with improving the fuel economy of the vehicles. This can be achieved by using lightweight materials in the manufacturing of the vehicles and eliminating kind of materials and parts that are heavy in nature.
Also, governments around the world are enforcing strict environmental legislations regarding the emission norms of vehicles and more stringent norms are being made mandatory as the levels of air pollution increase and global warming problems become more serious resulting in changing climatic patterns and increase in the frequency of natural disasters.
To counter such pressing problems, automobile manufacturers are increasingly shifting to lightweight materials that make the handling of the vehicles easier, increases the safety of the vehicles and reduces the weight of the vehicles, making them more fuel efficient and thereby cutting emissions. However, the global lightweight automotive materials market is restrained by the high costs of such lightweight materials.
According to the assessment of Persistence Market Research, the global lightweight automotive materials market is forecasted to reach a figure of about US$ 76,200 Mn in 2022 and is poised to exhibit a steady CAGR in the period of assessment.
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- BASF SE
- ThyssenKrupp AG
- Covestro AG
- ArcelorMittal S.A.
- Lyondellbasell N.V.
- Novelis .Inc
- Toray Industries
- PPG Industries, Inc
- Alcoa Inc.,
- Owens Corning
APEJ Market Set to Dominate the Global Lightweight Automotive Materials Market in Terms of Revenue
The market in APEJ is set to dominate the global lightweight automotive materials market in terms of value and this trend is projected to sustain itself throughout the assessment period. APEJ lightweight automotive materials market is the most attractive market, growing at a robust CAGR over the forecast period.
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Aluminum Additive Type Segment Slated to Touch a Value of About US$ 14,500 Mn in 2022
According to the projections of Persistence Market Research, the aluminum additive type segment is expected to reach a value of about US$ 14,500 Mn in the year 2022. This signifies a robust CAGR during the forecast period of 2017-2022. The aluminum additive type segment is estimated to account for nearly one-fifth of the revenue share of the additive type segment by the end of the year 2017 and is expected to gain in market share by 2022 over 2017.
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Compact Passenger Cars Segment to Exhibit a CAGR of Nearly 6% During the Assessment Period
According to the assessment of Persistence Market Research, the compact passenger cars segment is poised to touch a figure of about US$ 18,900 Mn in the year 2022. This signifies a CAGR of nearly 6% during the assessment period from 2017 till the year 2022.
The compact passenger cars segment is estimated to account for nearly one-fourth of the revenue share of the vehicle type segment by the end of the year 2017 and is projected to gain market share by 2022 over 2017.
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The report also profiles companies that are expected to remain active in the expansion of global lightweight automotive materials market through 2022, which include BASF SE, Covestro AG., LyondellBasell Industries NV, Novelis, Inc., Owens Corning, PPG Industries, Inc., ThyssenKrupp AG, Toray Industries, Inc., ArcelorMittal SA and Alcoa Inc.