Automotive Lightweight Materials Market Industry Trends and Analysis Report, 2024 | Page 2

Automotive Lightweight Materials Market
REPORT DESCRIPTION
Automotive Lightweight Materials Market (Product - Plastics,
Rubber, Composites, and Metal; Vehicle Type - Passenger Cars,
Commercial Vehicles, and Heavy Trucks and Buses; Application -
Interior, Exterior, Under Bonnet, and Structural) - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Transparency Market Research (TMR) observes that global automotive lightweight materials
market is highly competitive due to a strong presence of players. Currently, the competitive
landscape is being defined by big players such as BMW, Tata, General Motors, Ford, and Audi. Their
unwavering geographical presence and excellent brand equity is expected to bolster the position of
these market players in the coming years.
According to the research report, the global automotive lightweight materials market is expected to be
worth US$301.36 bn by the end of 2024 from US$149.03 bn in 2015. Between the forecast years of
2016 and 2024, the global market is projected to be surge at a CAGR of 8.30%.
Obtain Report Details @ http://www.transparencymarketresearch.com/automotive-
lightweight-materials-market.html
Metals to Remain Popular Choice of Lightweight Materials in Automotive Industry
On the basis of product, the global automotive lightweight materials market is segmented into
plastics, composites, rubber, and metal. As of 2015, metals held a dominant share in the global
market, accounting for nearly 60% of it. Research indicates that this product segment will continue to
thrive and lead in the coming years as well. Aluminum, magnesium, and steel have emerged as the
key metals being used for making automotive lightweight parts due to their exceptional suitability. Of
these, steel has shown tremendous progress due its properties such as rigidity, strength,
machinability, and durability. The innovation in steel production such as CP, UHSS, and DP to bring
down the weight of the components has also had a positive impact on this segment.
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