According to the latest market research study released by Technavio, the global automotive lightweight materials market is expected to grow at a CAGR of more than 9% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global automotive lightweight materials market based on application type:
Global automotive lightweight materials market share by application type for 2015
|
Structural components |
34.00% |
|
Interior components |
21.00% |
|
Exterior components |
20.00% |
|
Powertrain components |
18.00% |
|
Other components |
7.00% |
Source: Technavio
The top three contributing application segments are discussed below:
Global automotive lightweight materials market for structural components
The structural components segment accounted for around 34% of the global automotive lightweight materials market during 2015. Among all other segments the structural components of vehicles is one of the largest application segment. This segment comprises of body panels (body in white), chassis, and cross-members, where the body components contain windows, trims, bonnets, and doors. The chassis comprises of the internal vehicular frame that supports the whole automobile construction and mechanical parts, such as engine, wheels, axle, breaks, steering, and other components. The lightweight materials used for structural components are HSS, carbon composites, foam, natural fibers, and thermoplastic composites (for doors).
“Automakers and OEMs are focusing on reducing weight and strength in the structural components, as these include the main frame and have the highest percentage of automotive weight. Structural components are the most substantial areas for automakers to concentrate and is expected to have a high growth rate, due to their high importance,” says Ajay Adikhari, a lead analyst at Technavio for research on metals and minerals.
Global automotive lightweight materials market for interior components
The interior components of automobiles comprise of parts, such as upholstery, door panels, dash panels, steering wheels, headliners, floor components (carpet and center console), all parts of automotive seats, roll cages, and traps. In terms of geography, APAC has been the largest revenue generator. APAC has been the largest revenue generator in terms of geography. A customer’s buying decision and the visual appeal of a vehicle are highly influenced by the interior of an automobile. To deliver maximum comfort and the pleasure of riding, automakers and OEMs use designed materials. For the interiors, the lightweight materials include leather, thermoplastic polymers, magnesium, plastics (mainly polyurethanes), glass composites, natural fibers, and carbon composites. Even though the weight of the interior components are less, the cost of the materials is high, leading to the high revenue share of interior components.
Global automotive lightweight materials market for exterior components
The exterior components of automobiles comprise of fascias, mirror housings, wheel cover, bumper, run channels, door modules, wheel trim, trunk lid, hydrographic, rocker panels, front grilles, hood, rub strips, and claddings. For exterior components, the lightweight materials used are aluminum, AHSS, glass composites, carbon composites, plastics (mainly polyurethane), and fiber armored thermoplastic composites using polycarbonates. Among all regions, APAC holds the maximum market share for exterior components’ lightweight materials due to the huge demand for innovative solutions from the local automakers. Besides this, APAC also has a profusion of raw materials that are required to produce lightweight components, such as composites, plastics, and aluminum.
The top leading vendors operating in the global automotive lightweight materials market are:
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ArcelorMittal
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BASF
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Toray Industries
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US Magnesium
Other prominent vendors in the market include Akzo Nobel, Aleris, AMG Advanced Metallurgical Group, Borealis, Constellium, Covestro, Dead Sea Magnesium, Dow Chemical, Henkel, Johnson Controls, KOBELCO, LyondellBasell Industries, Magna International, Norsk Hydro, Novelis, Owens Corning, POSCO, PPG, SABIC, Teijin, ThyssenKrupp, and UACJ.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Lightweight Materials Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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