Automotive Exterior Materials Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2157
Automotive Exterior Materials Market size will witness a significant growth owing to need for better aerodynamics designs in order to improve fuel efficiency and reduce overall weight. To meet the regulation standards and legislation concerned with the environment and safety will stimulate the product market demand. In addition, strict fuel economy norms are probably to drive the scope of lightweight materials usage. It has been assessed that for each 10% of heaviness removed from an automobile's total weight, fuel economy improves by 7%.
Shift in consumer preference towards new car models with low emission, light weight and high fuel efficiency will propel the automotive exterior materials market demand. Lighter automobiles can be motorized with small engines, bringing down the carbon footprints without reducing vehicle operational efficiency, which will influence the demand for lightweight automotive resulting in increased market for automobile exterior materials.
In the more current years the environmental concern has opened the necessity for lighter vehicles for lesser fuel consumption and also for the requirement of recycling. These recent fulfilments of criteria have opened the door for new material introduction to the vehicle market, including alternative composites and metals. However, there are yet noteworthy barriers in bulk scale usage of these materials mostly due to high cost of raw constituents and large capital investment needed for transformation of the forming processes.
On the basis of product, automotive exterior materials market is segmented into steel, aluminum, plastics, glass, carbon and magnesium. Steel is the most widely used material among all due to very high strength with good formability, variety of new design & fabrication, wide availability, assembling simplicity and attractive cost-benefit ratio for reducing weight. Usage of plastics has also shown a significant increase owing to weight reduction, comparative lower cost, degree of freedom in design, corrosion resistance and material anisotrophy.
Based on application, automotive exterior materials market is grouped into fenders, tailgates, hoods, doors, bumpers, beams and frames. Automobile bumpers and hoods holds a major market share due to given highest priority to pedestrian safety. Bumpers are generally made up of fiber composites or engineering thermoplastics. Hood, fenders, doors and tail gates are mainly made up of steel, stainless steel or composite materials.
North America, dominated by the U.S. for automotive exterior materials market is likely to remain the largest industry owing to rise in market demand from the end-users. The U.S. automobile production has grown at over 16% from 2012 to 2016. New expansion and investments in auto factories coupled with improved installed capacity in Mexico will serve Latin America as well as global markets. This needs automobile manufacturers and suppliers to bring about their supply chains and factory usage cautiously in the nation.
Asia Pacific automotive exterior materials market is anticipated to exhibit significant growth due to the increase in demand of passenger cars and light commercial fuel-efficient vehicles particularly in China and India. The presence of key industry automotive players including Honda, Toyota, Tata, Maruti Suzuki, Nissan, Mazda, Mitsubishi, Mahindra & Mahindra, Dongfeng, Geely, Changan and Hyundai will boost the demand of automobile exterior materials in this region.
Automotive exterior materials market is highly competitive due to presence of some key industry participants with a minimal difference in their market share. The main industry players include Magna International, INOAC, Covestro, Toyota Boshoku Corporation, Trinseo, DuPont and DURA Automotive Systems.
Some other market share holders are Gurit, Kirchhoff Automotive, PPAP, Plastic Omnium, Intertek, Cadillac Products Automotive Company and Mitsubishi. The key vendors mostly have a competitive edge over regional and local vendors in terms of research & development inventiveness, strong client base, innovative technology, in-house manufacturing capabilities and product offerings. The industry is expected to witness mergers & acquisitions, along with increased partnerships and collaborations with the alliance participants worldwide during forecast period.
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