According to a new report by EMR titled, ‘Global Automotive Lightweight Material Market Report and Forecast 2019-2024, the global automotive lightweight material market reached a value of nearly USD 135 billion in 2018. The market is further expected to reach USD 217 billion by 2024, growing at a CAGR of 7% between 2019 and 2024.
1. BASF SE (ETR: BAS)
2. Covestro AG (ETR: 1COV)
3. LyondellBasell Industries Holdings B.V.
4. Toray Industries Inc (TYO: 3402)
5. ArcelorMittal S.A.
6. thyssenkrupp AG
7. Novelis Inc.
8. Alcoa Corporation
9. Owens Corning Ltd.
The global automotive lightweight material market is growing rapidly due to the increasing demand for lightweight automotive products globally. Governments are constantly working to reduce rising levels of pollution caused by vehicle emissions. Furthermore, the rising fuel prices, the introduction of emission standards, and the financial implications of adhering to these standards are expected to fuel the demand for lightweight materials in the automotive industry over the forecast period.