LOS ANGELES, March 12, 2020 (GLOBE NEWSWIRE) -- The global vehicle lightweighting technologies market size is expected to reach around US$ 260 Bn by 2026 and is anticipated to grow at a CAGR of around 14% in terms of revenue during the forecasting period 2019 to 2026.
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Drivers and Challenges of Market
Several governments worldwide have imposed strict regulations on automotive emissions and fuel economy. Such laws compel the use of lightweight materials such as lightweight metals, composites, and plastics for automotive OEMs. Advanced lightweight technologies help to improve automotive fuel consumption and guarantee safety and performance.
In the past decade, the automotive industry has seen major changes over products and manufacturing procedures to meet the emission criteria. Auto manufacturers have been forced to find substitutes such as lightweight materials, boost drive performance and use of pure electric battery vehicles by law. So, in contrast with powertrain performance measures and regulations, it is easy for lightweight materials to compete in quality.
In the automotive industry, lightweighting is a major trend. Demand for increased fuel efficiency and rising innovation in automotive lighting are the key factors driving the global vehicle lightweighting technology market. Both large and moderate-scale players of original equipment in vehicles (OEMs) are more advanced than previous technologies, as they are built by several new lightweighting technologies. Both primary and secondary manufacturers provide lightweight parts and materials for smaller vehicles. Automotive manufacturer’s growing focus on fuel economy also fuels market growth.
Nevertheless, the high costs of carbon fiber can also impede the development of the global vehicle lightweighting technologies industry. If the labor-intensive method to reduce costs is being resisted, production and the carbon fiber industry will plummet.
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Lightweight technologies require high upkeep in addition to high costs. Their shortcomings, however, are difficult to trail. It is a struggle to manufacture products that are easy to repair and sustain compared to regular steels in the lightweight technologies industries.
Regional Outlook
Asia Pacific played an important part in 2018 in the global market for lightweight vehicle technologies. Due to the growth of the automotive industry in major countries, automotive lightweight technologies demand in Japan and China is expected to grow at a rapid rate during the forecast timeframe. In the Middle East, Africa and Latin America, the automotive lightweight material markets are developing. The industry in Middle East & Africa and Latin America is driving high demand for lightweight vehicles.
USA Strategies
The administration of Trump is currently considering Corporate Average Fuel Economy (CAFÉ) scaling back requirements at 2020 rates. How far this plan is going to go is uncertain. This could lead to one of two situations if USA expectations are set in 2020. First, carmakers selling to the USA will continue to improve the production of fuel efficiency, which would help preserve manufacturing coherence worldwide. Second, automakers exporting to the USA could avoid the study, development and marketing of automation innovations that are already being designed for efficiency. This move will reduce R&D activities in the USA and transfer those activities worldwide — especially Western Europe, Japan, South Korea, and China.
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Key Players & Strategies
The number of players in the vehicle lightweighting technologies market around the world is increasing steadily. Participants include major global players such as 3M, BASF, General Motors, Toyota, and others.
The global vehicle lightweighting technologies market is highly competitive and the main players used different tactic for growing their footprints in the industry, such as new releases, extensions, alliances, mutual undertakings or collaborations or acquisitions.
CHASSIX revealed in March 2018 that it had completed its acquisition of the lightweight low-pressure aluminum casting division at Benteler International. CHASSIX will be able to significantly extend its product range and develop the offerings in the European region with this purchase.
In September 2017, Magna International Inc., announced that its aluminum casting capability would increase. The rise lets vehicle manufacturers meet their requirements for lightweight technologies required for lightweight vehicles.
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