Global Advanced Automotive Materials Market: Overview
The basic functionality of using the advanced automotive materials market is to minimize the weight of the vehicle. By reducing the overall weight of the vehicle further, helps in increasing the fuel efficiency and thereby limiting the carbon emissions in the environment. The advanced automotive materials have improved mechanical performance, better dimensional stability than the traditional materials, and elevated service temperature.
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The market for the advanced automotive materials is globally segregated into types of materials and application. Depending on the types of materials, the global market is divided into engineered plastics, composites, metals, and thermoplastic elastomers (TPEs). The Metals segment is sub-segmented into powder metals, high-strength steel (HSS), aluminum, stainless steel, and others. The engineered plastics segment is sub-divided into ABS, polyphenylene oxide, nylon, polycarbonate, and others. Thermoplastic elastomers segment is sub-categorized into thermoplastic polyolefin, styrene block copolymer, thermoplastic vulcanizates, thermoplastic polyurethanes, copolyester elastomer, and others. The composites segment is sub-segmented into glass fiber reinforced plastic (GFRP) and carbon fiber reinforced plastic (CFRP). Based on the applications, the market is bifurcated into powertrain, structural, interior, exterior, and others.
The key factor that is driving the advanced automotive materials market is the increasing demand from the consumers to reduce the weight of the vehicles which in turn improves the fuel efficiency thus leading to reduced emissions of carbon dioxide. The growing focus towards durability, safety, vibration, and noise by changing the conventional materials are other significant driving factors for the growth of the global market. The improvements that are made in resins and metal alloys, and the new process technologies helps in increasing the popularity of advanced automotive materials manufacturing, thus fuelling the market growth. The strength provided by the advanced automotive materials is better as compared to the other materials which help in facilitating the absorption of higher energy during the crash. The factors that hamper the growth of advanced automotive materials market are increasing limited raw material, particularly for engineered plastics, pressure for materials recycling, and lack of the awareness regarding the benefits of advanced automotive materials.
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The geographical segmentation of the global advanced automotive materials market is diversified into Asia Pacific, North America, Western Europe, Eastern Europe, the Middle East and Africa, and Latin America. The region that is dominating the advanced automotive materials market is the North America. The U.S. accounted for the largest market share in the North America region for the advanced automotive materials. Asia-Pacific region is estimated to become a good lucrative regional market for the market players having good opportunities in the coming years. Sizeable population, strict regulations about the emission, economic development, growing knowledge about the systems that are eco-friendly, and the advantages of good fuel efficiency are the foremost factors that are driving the growth of the market for advanced automotive materials in this region.
Market Competitive Players
The key market players that are involved in the advanced automotive materials market include National Steel, DuPont, A. Schulman, Norsk Hydro, ThyssenKrupp AG, ArcelorMittal S.A., AK Steel, General Electric, Bayer AG, Alcoa, Johnson Matthey, Toray Industries Inc., Novelis Inc., among others.
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