Automotive Lightweight Materials Market

ArcelorMittal S.A. (Luxembourg) and BASF SE (Germany) are the Leading Players in the Automotive Lightweight Materials Market

The demand for lightweight materials in the automotive industry is driven by the increasingly stringent emission limits in the existing and upcoming regulations. The lightweighting trend is observed in passenger cars, while electric vehicles and plug-in hybrid vehicles use a higher proportion of lightweight materials. Based on the aforementioned factors, the global automotive lightweight materials market is projected to grow to USD 110.42 Billion by 2021 at a CAGR of 13.06%, during the forecast period.

The key strategy followed by the market leaders is expansion and investments, as key lightweight material suppliers have expanded their manufacturing facilities and are working towards technologically advanced materials such as carbon fiber composites and advanced alloys, by investing in R&D. The expansion in facilities is to cater the growing demand for lightweight materials, especially metals and plastics. According to industry experts, increased demand, and hence, production is projected to reduce the cost of the lightweight materials, especially CFRP materials, in the near future.

ArcelorMittal S.A. (Luxembourg) is a leading automotive lightweight material supplier owing to the company’s strong presence in the metals sector. The company supplies more than 80 grades of automotive lightweight steel and has generated approximately USD 11.6 billion from its automotive business in 2015. The company recently expanded its automotive steel segment with introduction of advanced high strength steel which has major applications in body-in-white. The company also invested heavily in R&D with its 2015 R&D expenditure close to USD 227 million. The company recently signed a joint venture agreement with Steel Authority of India Ltd (SAIL) to setup an automotive steel factory in India which is worth USD 1 billion. With these types of expansion and investment strategies, the company has held on to its leading position in the automotive lightweight materials market.

BASF SE (Germany) offers automotive lightweight materials through its functional materials and solutions business segment, which accounted for approximately 26% of the company’s total revenue in 2015. The company recently expanded its engineering plastic segment in Europe and increased production to 70,000 metric tons per year of Ultramid and Ultradur materials, to meet global demand. The company is also investing heavily in R&D, with an investment of USD 2,168 million in 2015. R&D innovations have led the company to launch new products such as Utramid Advanced or Power 2750, which has automotive applications.

Apart from aforementioned players, ThyssenKrupp AG (Germany), Covestro AG (Germany), and Lyondellbasell Industries NV (U.S.) are other leading players in the automotive lightweight materials market.

Related Reports:

Automotive Lightweight Materials Market by Material (Metal, Composite, Rubber, and Plastic), Application, Component (Frame, Engine-Exhaust, Wheel, Door, Hood & Trunk Lid, Seat, Instrument Panel, Bumper-Fender), Vehicle Type - Global Forecast to 2021

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Report Code
AT 3364
Published ON
Mar, 2017
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