APAC Automotive Lightweight Materials Market Share 2020 - Industry Growth Analysis to 2026

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APAC Automotive Lightweight Materials Market
Share 2020 - Industry Growth Analysis to 2026
Graphical Research
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APAC Automotive Lightweight Materials Market Size
is to witness steady growth by 2026. The market
is driven by the rising investments for
developing lightweight and cost efficient
automotive. The growing need for reducing overall
weight of automobile can be attributed towards
minimizing fuel consumption per liter. Consumer
awareness regarding lowering CO2 and other
greenhouse emission has surged the need for
developing hybrid and electric vehicles.
Moreover, rising inflow of foreign investments in
the region will positively contribute towards
industry expansion.   The APAC automotive
lightweight materials market is also witnessing
rapid demand from the growing automotive sector
in terms of domestic production and sales. The
region accounts for major automotive production
and is also experiencing a rapid rise in capacity
expansion from major automotive players such as
Volkswagen, Tesla, Hyundai, Tata Motor, General
Motors, etc.   Aluminum remains the most the
important raw material required to produce
lightweight materials due to its lower cost and
easy availability. Aluminum can help reduce the
weight of automotive components by more than 50
as compared to cast iron on stainless steel.
Growing penetration of electric vehicles across
the region will further drive the APAC automotive
lightweight materials market growth. Growing
competition in the automobile industry requires
application of low-cost production which is
interlinked with lightweight manufacturing. The
growing need for lightweight manufacturing in
automotive industry is supported by various
reasons like stringent and increasing environment
restrictions, the need for reducing toxic
emission and higher safety requirements. To
fulfill these requirements, weight reduction of
automotive is important. In the overall weight of
an automobile, automotive body plays a decisive
role.
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  Battery electric vehicles are anticipated to
grow at 22.9 CAGR in APAC automotive lightweight
materials market till 2026. This can be
attributed to rising demand for lowering fuel
emission and following air quality standards
which primarily contribute towards propelling the
segment share. Rising income level coupled with
tax exemption for electric vehicles will further
boost the Asia Pacific automotive lightweight
materials industry.   Asia automotive lightweight
materials market is predominantly driven by
China, Japan, India and South Korea. India will
witness around 8.7 CAGR in terms of revenue till
2026. The country boasts the presence of many
production facilities for hybrid and electric
vehicles. The positive economic reforms to grow
automotive industry coupled with fast growing
economic conditions have propelled the demand for
lightweight materials. Market participants in
the industry include Tata steel, posco, Luneng
Jinbei, Saint Enterprise, Ace global, Shandong
Xinfa Aluminum group and Hangzhou Jinjiang group.
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