Automotive Lightweight Material Market Insights
The global automotive lightweight material market has witnessed moderate growth at a CAGR of 3.3% over the past half-decade. However, due to the ongoing outbreak of COVID-19, automotive production has plummeted in quarter Q2 of FY2020, and has cascaded the demand effect towards automotive light weight material.
The market is set to decline by more than twofold over the short-term forecast period, owing to prolonged COVID-19 effect on the automotive industry. By the 1st quarter of FY2022, demand for automotive lightweight material is set to resurrect, owing to normalization of automotive production.
The automotive lightweight material market size is projected to witness nominal expansion at a CAGR of around 5% during the forecast period of 2020 to 2030. Speculative demand of material was observed over the 2nd quarter of FY2020. Reduced market prices have attracted suppliers to charge up their inventories to enhance their profits, post resurrection of the market by the beginning of the 3rd quarter. Signs of price uptake of 2% were observed since the beginning of Q3 in FY2020 across regions. Upswing in prices is credited to the kick-start of production in the automotive industry in East Asia, especially China, and Europe.
Automotive Lightweight Material Market Material Insights
Steel and aluminum are two promising materials owing to their extensive utilization in the automotive industry since past half decade. Steel is channeled in two main types - HSS and AHSS & UHSS. Of these two main types of steel, AHSS & UHSS is gaining traction in the market and is growing at a faster pace.
The HSS market share is declining at a fast pace owing to steel manufacturers inclining towards AHSS manufacturing. Positive externalities play a major role in defining the market growth of automotive lightweight material. Cheap, lightweight, and effective automotive lightweight material is sought-after while constructing automotive bodies.
Apart from metals, polymers have had gained traction over the past half-decade, owing to their capability to absorb collision impacts. Apart from this, they can relatively reduce the weight of cars and the cost of manufacturing them. All-in-all, rising demand for advanced lightweight material such as AHSS & UHSS is projected to thrive the automotive lightweight material market by 2030.
Automotive Lightweight Material Market Vehicle Insights
Demand for automotive lightweight material is soaring for use in passenger vehicles, especially electric vehicles (EVS), owing to the overall weight reduction benefit. Furthermore, rising fuel prices have cascaded the effect to automotive manufacturers to produce lightweight automotive. CAFE standards proposed by the United States government are encouraging manufacturers to develop lightweight materials to enhance the mileage of vehicles.
Regional Outlook of Automotive Lightweight Material Market
China accounted for the largest automotive lightweight materials market share in 2019, and is set to maintain its lead to the end of the assessed forecast period. Rise in consumption of automotive lightweight material in China is mainly due to increasing automotive manufacturing activities.
Promising growth of the lightweight material market has been observed in the United States and Mexico during the historical period. This is attributed to increasing consumption of automotive lightweight material in automotive production in these countries. Moreover, rise in research & development activities by Korean and Japanese automotive lightweight material manufacturers will be favorable for automotive manufacturing in the by the mid-term forecast period.
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The Analyst’s Viewpoint
“AHSS is set to be a promising material by the mid-term forecast period, owing to extensive inclination of automakers towards making vehicles light in weight”.
COVID-19 Impact on Automotive Lightweight Material Market
The coronavirus pandemic has brought the whole world to a standstill. Business activities have registered a downturn in the form of dwindling sales due to reduced production and demand. The same is true for the automotive lightweight material market. A prominent end use of automotive lightweight material is in automotive application. The ongoing pandemic has led to a decline in all industrial activities, in the wake of disrupted supply chains.
Extended lockdowns across different countries have hit the production of automotive lightweight material for the past months, as key manufacturing units and factories are shut. Even after these lockdowns are lifted, it will take at least a couple of quarters to restore production to normal. Thus, contracting demand from allied industries in the second quarter of 2020 will have a prolonged effect on the growth of the global automotive lightweight material market.
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Automotive Lightweight Material Market: About the Report
Fact.MR published an exclusive forecast report for automotive lightweight material market for 2020 and 2030. The foremost objective of this report on the automotive lightweight material market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the market. Also, the study on the automotive lightweight material market addresses the key dynamics that are expected to diversify the sales and future prominence of automotive lightweight material.
The report on the automotive lightweight material market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of automotive lightweight material market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the automotive lightweight material market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with key buying factors for automotive lightweight material.
Supply chain analysis and pricing analysis of the automotive lightweight material market, along with the difference between automotive lightweight material used as per application have also been included in the report to help readers clearly understand the product framework map in the automotive lightweight material market.
Automotive Lightweight Material Market: Segmentation
Fact.MR has studied the automotive lightweight material market with detailed segmentation on the basis of by material, vehicle, application, and key regions.
- AHSS & UHSS
- Aramide & Fiber Glass
- Passenger Cars
- Compact Cars
- Mid-sized Cars
- Luxury Cars
- Premium Cars
- Engine & Mechanical
- Chassis and Suspension
- Exterior & Structural
- Body Structure and Frame
- Body Panels & Trims
- Door Modules
- Instrument Panels
- HVAC & Electrical
- North America
- Latin America Excluding Mexico
- Europe Excluding Germany
- East Asia Excluding China
- South Asia & Oceania
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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