Global Body in White Market Worth $90.5 Billion by 2027 - Exclusive Market Report by M&M

CHICAGO, Aug. 23, 2019 /PRNewswire/ -- According to the new market research report "Global Body in White Market by Vehicle Type, Construction (Monocoque, Frame Mounted), Manufacturing Method (Cold Stamping, Hot Stamping, Roll Forming), Material (Steel, Aluminum, Magnesium, CFRP), and Region - Global Forecast to 2027", published by MarketsandMarkets,  The Global Body in White Market is projected to grow from USD 77.0 billion in 2019 to reach USD 90.5 billion by 2027, at a CAGR of 2.0%.

The growth of the Body in White Market is influenced by the implementation of stringent emission regulations on the automotive industry to reduce CO2 emissions by the adoption of electric vehicles to employ lightweight solutions and at the same time comply with the safety standards. Manufacturers are focusing on upgrading their facilities to accommodate advanced materials which are high in cost and require different manufacturing process and production techniques like hot stamping, roll forming, and other methods.

This makes the process costlier than the usual cold stamping manufacturing process. Additionally, upgrading the materials to ultra-high-strength steel or aluminum will increase the material cost, thereby impacting the BIW component costs. These factors will ultimately drive the global market growth.

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Asia Pacific is expected to lead the global market during the forecast period

Asia Pacific is expected to be the largest market due to the massive production of vehicles in China. With the adoption of higher standards for emission regulations, countries like Japan are estimated to be the fastest-growing market in adopting lightweight solutions such as using aluminum. Aluminum is low weight as compared to steel and has a high strength when manufactured through hot forming; however, the cost of implementation is higher; thus, boosting the BIW market revenues.

Other lightweight materials used in BIW components are magnesium and composite materials, which are high in cost and the future usage of these materials is expected to increase in line with the new regulations.

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Electric vehicles sales market is expected to contribute to the BIW market at the Highest CAGR