The global automotive exterior materials market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing demand for materials that improve look and safety of vehicles in automobiles is expected to be a major factor driving market growth.
The global automotive exterior materials market report has been segmented on the basis of product, application, and region.
On the basis of product, the global automotive exterior materials market has been segmented into steel, aluminum, plastic, carbon composites, glass composites, and others (magnesium and titanium). Penetration of plastics is expected to grow over the forecast period owing to increasing demand for lightweight materials for automobiles to improve automotive performance. Furthermore, technological advancements have improved the heat resistance property of plastics which is expected to drive market growth.
On the basis of application, the global automotive exterior materials market has been segmented into doors, hoods, bumper, tailgates, fenders, and others (mudguard, spoiler, hitches, and grills). Hoods segment is expected to witness steady growth over the forecast period. Hoods, doors, fenders, and tailgates are made up mostly of steel or composite materials. Steel provides solid and long-lasting protection as compared to other materials.
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On the basis of region, the global automotive exterior materials market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is expected to grow at rapid pace owing to increasing automotive production coupled with investments in the automotive sector in the region. Growing demand for innovating exterior materials in attractive luxury cars is expected to drive market growth in the region.
Key players operating in the global automotive exterior materials market include Magna International Inc., Toyota Boshoku Corporation, DURA Automotive Systems, LLC, Grupo Antolin, Plastic Omnium Co., Kirchhoff Automotive GmbH, Trinseo S.A., Flex-N-Gate Corporation, Gestamp Group, and Toyoda Gosei Co., Ltd.