Automotive Lightweight Material Market : Industry Analysis, Market Size, Cost Structures by 2022
The global automotive lightweight material market was estimated at $77.1 billion in 2015, and it is expected to grow at a CAGR of 14.0% during 2016 - 2022.
The global automotive lightweight material market was estimated at $77.1 billion in 2015, and it is expected to grow at a CAGR of 14.0% during 2016 - 2022.
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Global <strong>Automotive</strong> <strong>Lightweight</strong> <strong>Material</strong> <strong>Market</strong>: <strong>Industry</strong><br />
<strong>Analysis</strong>, <strong>Market</strong> <strong>Size</strong>, <strong>Cost</strong> <strong>Structures</strong> <strong>by</strong> <strong>2022</strong><br />
The global automotive lightweight material market is witnessing significant growth,<br />
due to rapid increase in number of vehicles, increasing demand for improved<br />
vehicle performance, and government regulations and mandates.
The global automotive lightweight material market was estimated at $77.1 billion in 2015, and<br />
it is expected to grow at a CAGR of 14.0% during 2016 - <strong>2022</strong>. The factors driving the growth of<br />
the global market include growing enforcement <strong>by</strong> government for environmental regulations,<br />
increasing number of passenger vehicles and advancement in technology, along with change in<br />
material used for manufacturing. Various manufacturers are forced to operate and adopt the new<br />
policy and regulations, as per different legislations worldwide to reduce CO2 emission.<br />
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Using a high grade of metal and alloys, the use of composites and plastics, development in the<br />
design of electrified powertrain are some of the advancements that have been made in the recent<br />
years.<br />
Geographically, the North American market held the largest share in the global automotive<br />
lightweight material market in 2015. The major reasons behind the growth of the market in the<br />
region include the regulatory pressure <strong>by</strong> government to reduce CO2 emission, and strict fuel<br />
economy majors being adopted throughout North America.<br />
Asia-Pacific is anticipated to be the fastest growing market for automotive lightweight industry.<br />
The production volume for passenger car and LCV segment in Asia-Pacific accounted for more<br />
than 50% share of the global production.<br />
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The key companies operating in the global automotive lightweight material market include Arcelor<br />
Mittal S.A., Owens Corning, PPG Industries Inc., ThyssenKrupp AG, Toray Industries, Inc.,<br />
Novelis Inc., Alcoa Inc., LyondellBasell Industries N.V., Hexcel Corporation, and Saudi Basic<br />
Industries Corporation.<br />
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