The global automotive lightweight material market is projected to grow from USD 69.7 billion in 2020 to USD 99.3 billion by 2025, at a CAGR of 7.3% during the forecast period. The increasing stringency of vehicle emission and fuel economy regulations and growing government initiatives for vehicle weight reduction are expected to drive the growth of the automotive lightweight material market.
New product development is the key strategy adopted by the major players in the automotive lightweight material market from 2015 to 2020. Automotive lightweight material manufacturers and tier-I suppliers are focusing on expanding their manufacturing facilities and investing in R&D to provide technologically advanced materials such as carbon fiber composites and advanced alloys. Expansion of facilities and increase in production will help reduce the cost of the material and hence create demand in the market. For instance, in November 2018, Toray developed TORAYCA MX Series carbon fiber with high compressive strength and high tensile modulus. The company will also introduce prepreg (high-performance resin-impregnated fabric) using the MX series carbon fiber to contribute to a variety of applications. In September 2018, BASF SE developed the worlds first particle foam based on polyether sulfone. The foam is characterized by its unique combination of properties: high-temperature resistance, inherent flame retardancy, and extreme light weight coupled with great stiffness and strength.
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The automotive lightweight material market is dominated by a few global players and comprises several regional players. BASF SE (Germany), Covestro AG (Germany), Toray Industries, Inc. (Japan), and thyssenkrupp AG (Germany) are the leading players in the automotive lightweight material market. These companies are established players and globally renowned suppliers of automotive lightweight materials. They have adopted the strategy of new product development to gain a competitive edge in the automotive lightweight material market. In March 2018, Toray Industries, Inc. announced that it succeeded in developing a new fabrication technology for Carbon Fiber Reinforced Plastics (CFRP) that enables both improved dimensional accuracy and energy savings.
ArcelorMittal (Luxembourg) is another leading player in the automotive lightweight material market. The company invests heavily in R&D activities. It plans to expand its automotive lightweight material portfolio to cater to various customers around the world while establishing itself as a strong player in the market. It has adopted the strategy of partnerships/collaborations/joint ventures/agreements/supply contracts to increase its presence in the automotive lightweight material market. In March 2018, ArcelorMittal signed a joint venture formation agreement with Nippon Steel & Sumitomo Metal Corporation (NSSMC) in relation to its offer to acquire Essar Steel India Limited (Essar Steel).
Automotive Lightweight Material Market by Material (Metal, Composite, Plastic, Elastomer), Application & Component (Frame, Engine, Exhaust, Transmission, Closure, Interior), Vehicle Type (ICE, Electric & Hybrid), Region - Global Forecast to 2025
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