Automotive Lightweight Material Market – Key Insights
- The automotive lightweight material market registered a volume CAGR of nearly 3% during 2013-2018. Aspects influencing growth of the automotive lightweight materials industry range from rising need to improve vehicle performance to concerns over energy consumption and carbon emissions.
- In 2018, worldwide volume sales of automotive lightweight materials reached approximately 74 kilotons, and is pegged to record a Y-o-Y growth of 3.4% in 2019.
- East Asia is expected to be the leading market for automotive lightweight material, with China accounting for bulk market share in the region. Total volume sales of automotive lightweight materials in East Asia exceeded 27 kilotons in 2018.
- China is also likely to emerge as the high-growth market for automotive lightweight materials, with volume sales estimated to grow at a CAGR of nearly 5.0% through 2028. Sales will remain driven by steady demand from the country’s automotive industry.
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What are the Key Challenges Limiting the Growth of Automotive Lightweight Material Market?
- High cost of sourcing the raw materials such as carbon fiber, titanium, and magnesium, continues to remain a key concern among players in the automotive lightweight materials market.
- Limited availability of premium raw materials such as titanium and magnesium, which are extracted from the earth’s crust in developing nations may confine growth of the automotive lightweight material market to a certain extent.
Automotive Lightweight Material Market – Notable Developments
- In February 2019, Tata Steel Ltd. was named one of the ‘World’s Most Ethical Companies’ in 2019 by Ethisphere Institute for the eighth time. The company won the coveted recognition in category of ‘Metals, Minerals and Mining’.
- In September 2018, LANXESS, a Germany-based specialty chemicals company, announced to build a new production unit at its Krefeld-Uerdingen site with an aim to expand its global production network for high-performance plastics. By the latter half of 2019, the company plans to produce Durethan and Pocan engineering plastics, which are used in electronics and automotive industries.
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- In July 2018, LyondellBassel, a leading player in the automotive lightweight material market, announced that it signed an agreement with Karlsruhe Institute of Technology to advance the chemical recycling of plastic materials and support the global efforts towards circular economy and plastic waste recycling needs. The company acquired A. Shulman in a US$ 2.25 billion deal in February 2018.
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