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Location: United States
Global Automotive Exterior Materials Market is expected to propel from US$ 12.48 Bn in 2018 and is projected to reach US$ XX Bn by 2026, growing at an estimated CAGR of XX % from 2018 to 2026.
Global Automotive Exterior Materials Market
The report contains a detailed list of factors that will drive and restrain the growth of the Automotive Exterior Materials Market. Steel which is predominantly the material of choice for various exterior components is expected to witness the rise in competition from plastics and carbon composite materials. Manufacturers are focusing on developing new materials to achieve environmental sustainability and to reduce the weight of the vehicle. The automotive industry is continuously focusing on new materials to reduce the overall weight of their products, without affecting the functionality of those products.
A rise in demand for fuel-efficiency, rigorous emission norms by government bodies across the globe, stringent regulations regarding pollution and energy consumption are compelling OEMs to focus on weight reduction. Demand for automotive exterior materials market is likely to rise during the forecast period owing to the factors. In the current years, the environmental concerns have opened the necessity for lighter vehicles for lesser fuel consumption and also for the requirement of recycling. One of the important factors affecting fuel efficiency and vehicular pollution is the curb weight. Reduction in curb weight severely increases fuel efficiency and reduces vehicular pollution.
Automotive exterior materials market is segmented into a product, vehicle type, application, and region. Based on product, steel is the most dominant material among all due to very high strength with good formability, the variety of new design & wide availability, assembling simplicity and attractive cost-benefit ratio for reducing the weight. Aluminum is also gaining popularity among auto manufacturers.
Based on vehicle type, Increase in per capita income, the decrease in bank interest rates, rapid urbanization, and expansion of the automotive industry in developing countries are fuelling the passenger vehicle segment of the market. Similarly, the electric vehicle segment is expected to witness significant growth in the automotive industry.
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