Jan. 18, 2017—Sales revenue of lightweight automotive body panels is expected to register a compound annual growth rate (CAGR) of 4.8 percent over the forecast period (2016–2026), according to a report from Reportlinker.
Due to strict regulations to meet fuel emission standards, automakers are also looking into lightweighting vehicles. Increasing automotive production along with an increasing focus on lightweighting is anticipated to drive market demand over the forecast period.
High costs associated with lightweighting materials are hindering widespread adoption and this is likely to restrict market growth over the forecast period, the report notes.
The passenger car segment is anticipated to witness the highest CAGR over the forecast period. This segment is estimated to account for 46.9 percent share of the global lightweight automotive body panels market by 2016 end.
The market in North America is estimated to account for 34.1 percent value share of the global lightweight automotive body panels market by the end of 2016.
Reportlinker’s study shows that market players are focusing on expanding their market presence in emerging markets through joint ventures and collaborations.