Automotive Global Automotive Lightweight Material Market | Page 2

“Global
Automotive
Lightweight
Material
Market
Analysis & Opportunity Outlook 2021”
The global automotive lightweight material market is segmented into
material type such as plastic, steel, aluminium, fiberglass, carbon, leather,
rubbers, magnesium, high strength steel and others. Further, steel is the
most common material used in building cars due to its light weight, high
strength, low cost and easy availability. Lightweight materials are the
material helps to decrease the weight of the product and reduces the total
energy consumption in the vehicle. Lightweight materials support in the
attainment of better energy efficiency and contributing to energy
independence of the nation.
Global Automotive Lightweight Material Market is expected to
register a 13.7% CAGR over the forecast period. Moreover, the global
automotive lightweight material market was valued at USD 77.3 Billion in
2015 and is expected to reach at remarkable revenue by the end of 2021.
The market is poised to display substantial growth during the forecast
period owing to increasing production of vehicles and rising concerns
regarding excessive consumption of fuels all across the globe.
The North American automotive lightweight material market has the
largest market share in the global automotive lightweight material market.
With the introduction of corporate average fuel economy (CAFE) standards
applied for all the light-duty vehicles manufactured during 2017-2025, the
demand for light weight material is projected to increase exponentially in
near future. As a result, the light weight material market in the region is
expected to expand at a CAGR of 5.6% to reach USD 36.23 Billion in 2021.
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