ID: MRFR/AM/2696-HCR | 100 Pages | Author: Swapnil Palwe | May 2023
Automotive Light Weight Body Panel Market Size is expected to cross USD $87.3 billion by 2025 at a CAGR of 3.9% during the forecast period 2022-2030
Automotive Light Weight Body Panel Market is expected to reach a market size of USD 87.3 Billion by the end of the forecast period at CAGR of 3.9%. Automotive light weight body panel market in North America is expected to dominate the global market during the forecast period, owing to the presence of major manufacturers such as Ford Motor Company and Fiat Chrysler Automobiles N.V. Lightweight automotive body panel production, stringent regulations to meet fuel emission, are also some factors driving the market towards growth. Moreover, the region follows high automotive safety regulations. The growth in Asia-Pacific automotive lightweight body panel market is forecast due to the rise in production of automobiles and a subsequent rise in the demand for fuel efficient vehicles. Countries such as China, Japan, and South Korea contribute majorly in this automotive light weight body panel market.
Stringent government regulations to meet fuel emission standards, advancement in technology, increased focus of manufacturers on automotive lightweighting vehicles, are some of the factors driving the market of automotive Light weight body panels. However, high costs associated with light weighting materials are hindering its widespread adoption and this is likely to restrict market growth over the forecast period.
Light weight body panels play an important role in improving fuel economy and performance of vehicles by reducing the overall weight of the vehicle. The increase in the development of technology in automotive industry, and the global automotive production along with an increasing focus on light weighting of vehicles, are some of the factors which help in the market growth automotive light weight body panels. Manufacturers are mainly focusing on adopting lightweight body panels in vehicles to fulfill government regulations concerning greenhouse gas emissions.
The automotive light weight body panels market has been segmented based on materials and components. On the basis of materials the market is segmented by metal, polymer & composites, rubber and other. Metal, by material segment is expected to dominate the global automotive light weight body panel due to their ability to enhance design freedom and the longer life. On the basis of component, the market includes bumpers, door panel, roof and other. Door Panels component type segment projected to retain its dominance over the forecast period. On the basis of vehicle type, is the market segments are Passenger vehicle and Commercial vehicle. Passenger vehicles accounted for the largest market share of the global automotive light weight body panels market.
The prominent players in the automotive light weight body panel market include Austem Company Ltd (Korea), ArcelorMittal S.A. ( Luxembourg), Hwashin Tech Co Ltd (South Korea), BASF SE (Germany), Alcoa Corporation (U.S.), Plastic Omnium (France), Magna International Inc (Canada), ThyssenKrupp AG (Germany), Kuante Auto Parts Manufacture Co. Limited (China).
The report for Global Automotive Light Weight Body Panel Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Sizing||· 2025: USD 87.3 Billion · 2030 : Significant value|
|Current & Projected CAGR||3.9% CAGR (2022 to 2030)|
|Considered Base Year||2021|
|Foresight Period||2022 to 2030|
|Historical Analytical Data||2019 & 2020|
|Market Units||Value (USD Billion)|
|Report Outlook by||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Segments||Material, Component and Application|
|Global Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Austem Company Ltd (Korea), ArcelorMittal S.A. ( Luxembourg), Hwashin Tech Co Ltd (South Korea), BASF SE (Germany), Alcoa Corporation (U.S.), Plastic Omnium (France), Magna International Inc(Canada), ThyssenKrupp AG (Germany), Kuante Auto Parts Manufacture Co. Limited(China)|
|Global Market Opportunities||Increasing focus on light weighting of vehicles|
|Market Growth Drivers||· Stringent government regulations to meet fuel emission standards · Advancement in technology · Increased focus of manufacturers on automotive light weighting vehicles|
The market expansion is bound to take place at a rate of 3.9%.
The market can showcase surplus growth by 2030, with the chief reasons being technological development within the automotive industry, surge in the global automotive production and the rising focus on light weighting of vehicles all over the world.
The most renowned vendors in the market are Austem Company Ltd (Korea), Hwashin Tech Co Ltd (South Korea), Alcoa Corporation (U.S.), BASF SE (Germany), Plastic Omnium (France), Kuante Auto Parts Manufacture Co. Limited(China), ArcelorMittal S.A. (Luxembourg), ThyssenKrupp AG (Germany), Magna International Inc(Canada), and others.
The material-based market segments highlighted in the report are Polymer & Composites, Metal, Rubber and others.
The regions that can experience market growth in the near future are North America, APAC, Europe, as well as Rest of the World.
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