Automotive Lightweight Materials Market
base, and the presence of a large pool of automobile manufacturers are also projected to boost the North America market for automotive lightweight materials in the years to come.
Europe, which stood second in the global automotive lightweight materials market in 2015, is anticipated to remain seated in this position over the forthcoming years. The alarming rise in carbon emission from automobiles, especially in Spain, and the proposed Euro VI regulations to reduce this emission are likely to propel the Europe automotive lightweight materials market substantially in the near future. However, the Asia Pacific market is predicted to exhibit a greater cumulative average growth rate over the forecast period, owing to the rising trend of owning a vehicle, fueled by changing lifestyle and the increasing disposable income of consumers, states the research report.
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Stringent Regulations Compel Automakers to Reinvent Products using Automotive Lightweight Materials“ The global market for automotive lightweight materials has gained substantial impetus from the enforcement of various government regulations intended to curb carbon emission from automobiles,” says a TMR analyst. Owing to these regulations, automobile manufacturers are now focusing aggressively on reinventing their products through downsizing engines, electric power steering and hollow seat frames, which require lightweight materials. As a result, the demand for these materials has increased remarkably, having a great impact on this market.
The expansion in the automotive industry in emerging economies is also reflecting positively on the sales of automotive lightweight materials, implying a thriving future for this market. However, the high cost of these materials may limit their uptake, hampering the growth of this market in the near future, states the research study.
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