The automotive lightweight materials market share based on materials can be classified into composites, metals, plastics, and rubber. Composites will exhibit considerable growth over the projected timeframe. This can be credited to the benefits offered by the material including lower weight, higher strength, and superior design flexibility. The enhanced corrosion resistance along with tighter tolerance limits are expected to further expand the segment size.
Based on vehicle, the automotive lightweight materials market share can be segmented into PCV, LCV, and HCV. PCV will account for a significant share over the projected timeframe. This can be attributed to the increasing vehicle production across the globe. Moreover, the rising preference for affordable and efficient means of personal transportation along with convenient financing and ownership schemes are expected to further boost the segment share.
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Based on application, the automotive lightweight materials market size is classified into interior, exterior, powertrain, and structure. The interior segment is expected to grow significantly over the projected timeframe. This can be attributed to the increasing focus of automobile manufacturers to launch vehicles with premium interior experience. Moreover, the incorporation of advanced electronics and sensors in vehicle interiors for enhancing the passenger experience, along with improving vehicle performance are expected to boost the segment size.
Asia Pacific will account for a significant share in the automotive lightweight materials market share. This can be attributed to the increasing demand for low cost and light weight compact vehicles across the region. The increasing demand for Kei cars in Japan and sub-four-meter vehicles in India are expected to further expand the regional share. Moreover, consumers across the region usually prefer vehicles with superior fuel economy, thereby enabling automobile manufacturers to invest in R&D for significantly lowering vehicle weight.
The automotive lightweight materials market share is highly competitive owing to the presence of multiple industry players including Aleris International, Covestro LLC, Sabic group, Dow DuPont Inc, Kaiser Aluminium, US Magnesium LLC, Reliance Industries Limited, Nippon Fiber Graphite Corporation and Owens Corning Corporation.
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