Demand for Automotive Lightweight Materials Soaring

By on March 20, 2019 in IN THE NEWS

The Transparency Market Research Reports predicts the global automotive lightweight materials market will rise at a compound annual growth rate (CAGR) of 7.2 percent from 2018 to 2026, reaching $260,000 million by 2026. Most revenue will be from the Asia-Pacific region. This is due to the developing nations recently starting up automotive lightweight materials industries.

Players are taking full advantage of the rise in demand for lightweight automotive materials, and hence, the competition is getting tougher by the day. The competitive landscape is intense, and players are competing at a neck-to-neck level. Small companies are finding it almost impossible to enter the market since top players are dominating.

The market is growing due to several factors. One is the increase in the price of fuel. Others are the surge in enhanced shelf life and strength of the vehicle. Apart from that, the main factor is the push to reduce carbon-dioxide gas emissions from vehicles, which is a major boost to the market growth in the long run.

Prominent players in the global market are DowDuPont Inc., SABIC, LyondellBasell Industries Holdings B.V., Lear Corporation, Faurecia and Magna International Inc. Since lightweight materials are the perfect replacement for heavy generic materials that were used traditionally, there is rise in demand. Hence, players of this market are investing more on research and development strategies in order to achieve the best of the best features in their lightweight materials.