The automotive light weight body panel market is garnering continual traction worldwide. Lightweight body panels are quickly being absorbed in the automotive industry due to the stringent government regulations for fuel-efficient vehicles. Resultantly, the market growth attributes to the rising production and demand for lightweight vehicles. Besides, the growing production & sales of electric vehicles foster the growth of the automotive body panel market.
Moreover, rising uses of light-weighting materials such as carbon-and-composite to make automotive body panels escalate market growth. According to a leading research firm Market Research Future (MRFR), the global automotive light weight body panel market valuation is expected to grow to USD 87.3 BN by 2023. MRFR, in its industry analysis, also asserts that this market rise would be registered at 3.9% CAGR during the assessment period (2017-2023).
Lightweight carbon-and-composite car body structures are revolutionizing the way electric cars are made, offering up to 45 % weight reduction over steel bodies and 20 percent over aluminum bodies. Government initiatives to reduce fuel emissions and meet greenhouse gas requirements promote lightweight structures to significantly reduce the vehicle's weight.
Additionally, the increasing sales of passenger vehicles across the globe substantiate market demand. Improving economic conditions worldwide provide significant impetus to market growth. Also, the explosive demand and subsequent growth in the electric vehicle sector foster the development of the market.
Conversely, high costs associated with light-weighting materials are major factors projected to impede the market. Also, the price volatility and the demand-supply gap in raw materials pose significant concerns restraining the growth of this market. Nevertheless, stringent government regulations to meet fuel emission standards and advancement in technology would support market growth throughout the assessment period.
Automotive Light Weight Body Panel Market – Segments
The report is segmented into four dynamics;
By Material : Metal, Polymer & Composites, Rubber, and others.
By Component : Bumpers, Door panel, Roof, and others.
By Application : Commercial and Passenger vehicles.
By Regions : Americas, Europe, Asia Pacific, and the Rest-of-the-World.
Automotive Lightweight Body Panel Market – Regional Analysis
North America dominates the global automotive light weight body panel market. The largest market share attributes to the rising lightweight automotive body panel production and stringent regulations to meet fuel emission. Besides, the presence of many notable automakers & industry players and high automotive safety regulations in the region drive the market growth. Moreover, the high per capita income of demographics and early adoption of advanced technologies boost the market growth in the region.
Also, increased preference for external styling & customization in vans, pickup trucks, and utility vehicles substantiate the regional market's development. The US and Canada hold notable shares in the regional market. The North American automotive light weight body panel market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global automotive light weight body panel market. The market growth is driven by the rising demand for environment-friendly vehicles and industrialization across the region. Additionally, the presence of large industry players and well-established automotive industries in the region pushes the growth of the market.
Furthermore, engineering innovation and focus on fuel efficiency & sustainability boost the regional market's growth. Germany dominates the regional market landscape with its sizeable automotive industry, followed by France, Sweden, and Italy. The European automotive light weight body panel market is predicted to create a substantial revenue pocket over the assessment period.
The automotive light weight body panel market in the Asia Pacific region is growing rapidly. The region is a competitive automotive manufacturing hub and holds a prominent position in the global automotive light weight body panel market.
Furthermore, the availability of a cost-competitive workforce increases the automotive plants in the region. Besides, factors such as the growing production and sales of passenger cars and commercial vehicles contribute to the largest market share. The APAC automotive light weight body panel market is projected to register substantial growth over the forecast period.
Automotive Light Weight Body Panel Market – Competitive Landscape
Highly competitive, the automotive light weight body panel market appears fragmented due to the presence of several well-established players. To gain a larger competitive share, players incorporate strategic initiatives such as mergers & acquisitions, expansion, and product & technology launches.
Major Players:
Players leading the global automotive lightweight body panel market size include ArcelorMittal SA ( Luxembourg), Hwashin Tech Co Ltd (South Korea), Austem Company Ltd (Korea), Alcoa Corporation (US), BASF SE (Germany), Plastic Omnium (France), Magna International Inc(Canada), ThyssenKrupp AG (Germany), and Kuante Auto Parts Manufacture Co. Limited(China), among others.
Industry/ Innovation/ Related News:
November 12, 2020 ---- BMW AG (Germany), a multinational luxury vehicle and motorcycles company, provided the first look of BMW iX electric SAV much ahead of its US launch in 2022. With its completely newly developed design, the electric BMW iX is the first representative of a generation of cars intended to redefine the driving experience, the feeling of space inside, and the relationship between vehicles and those on board.
The iX would bring together the company's latest developments in the strategic innovation fields of design, connectivity, electrification, digital services, and sustainability. This is reflected in areas such as its optimized aerodynamics, intelligent lightweight carbon fiber reinforced plastic design, and extensive use of natural & recycled materials.
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