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Automotive Lightweight Materials Market (By Vehicle: Passenger Vehicles, Heavy Commercial Vehicles [HCVs], and Light Commercial Vehicles [LCVs]; By Material: High-strength Steel [HSS], Metal Alloys, Polymers, and Composites; By Application: Exterior, Interior, Powertrain, Structural, and Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027
The global automotive lightweight materials market was valued at USD 65.38 billion in 2019 and expected to reach USD 115.37 billion by 2027 and poised to grow at a compound annual growth rate (CAGR) of 7.4% during the forecast period 2020 to 2027.
Automotive lightweight materials reduce overall weight of the vehicle to a significant level that improves its fuel efficiency. Presently, the automotive industry passing through different challengers in terms of affordability, emission standards, and safety concern of drivers as well as pedestrians. Lightweight materials help in meeting emission standards as fuel consumption and vehicle weight have inherent relationship. In addition, the transportation sector accounts for nearly 23% of the total carbon emission across the globe, hence lightweight materials are a boon to the automobile industry as it is helps to curb the pollution that further expected to fuel the market growth.
Governments of various regions have issued regulations pertaining to emission standards and fuel economy. These regulations have compelled automotive Original Equipment Manufacturers (OEMs) to increase the application of lightweight materials that include composites, lightweight metals, and plastics. Advanced lightweight material helps in increasing the fuel economy of a vehicle even though ensuring performance and safety. As per the analysis, 10% reduction in vehicle mass can improve the fuel economy by nearly 6 to 8%. Consequently, the implementation of lightweight materials reduces the fuel consumption significantly in a vehicle because of less power consumed while accelerating light weight vehicle.
However, high price of lightweight materials, such as carbon fibers as well as few composite materials compared to generic materials increases the overall cost of the vehicle and this expected to restrict the market growth. Beside this, with various research activities to reduce the cost of materials expected to abate the effect of this restraint in the coming years. Furthermore, depleting iron along with other generic material reserve in the earth prominently gives birth to new opportunities for the growth of the market.
Metals alloys held the significant value share in the global automotive lightweight materials market in the year 2019 and estimated to be maintaining its dominance by 2027. There are various types of lightweight materials such as aluminum and Magnesium & Titanium that are extensively used in automotive sector. They are stronger and lighter as compared to steel. Consequently, they are expected to be extensively used in the future vehicles such as electric and battery-powered vehicles.
High-strength Steel [HSS] is a type of metal that encounters prominent demand after aluminum. Presently, OEMs are mainly focusing towards the implementation of lightweight materials such as aluminum and HSS to reduce the vehicle weight and offer better fuel efficiency. Their abundant presence on the earth also aids the manufacturers as natural resources such as iron have limited availability. Apart from this, HSS has witnessed significant penetration in front end structures, chassis components, and body panels expected to accelerate the demand of HSS in the coming years. In the wake of same, the segment exhibits revenue gain with nearly 10% during the forecast period.
Powertrain application expected to be the fastest growing segment over the forecast period. As, powertrain contributes more than 27% of the vehicle’s weight, hence the segment offers huge potential for the implementation of lightweight material. Consequently, the implementation of lightweight material has surge in the powertrain segment within recent years. For instance, the engine blocks were conventionally designed using cast iron and heavy steel. On the other hand, with the increasing trend of lightweight materials, aluminum housings have now replaced the conventional materials.
The Asia Pacific was projected as the front-runner in terms of consumption for the year 2019 owing to rapid growth in the adoption of electric and hybrid electric vehicles in the region. Some Asian countries such as China, India, Japan, and Korea have announced their plan to transform their public transportation sector with electric and advanced vehicle. In addition, these countries have stringent emission norms for automobiles because of increasing carbon percent in the environment at an alarming rate in these areas. To curb these adverse environmental impacts the region has set stringent emission standards for various industries that contribute to the carbon share, automotive is one of them.
Key Companies & Market Share Insights
The global automotive lightweight materials market seeks intense competition among the industry participants. This is mainly because of high rate of partnership, merger & acquisition, collaboration, and joint venture agreements between the manufacturers and automotive players in the recent past. Further, the industry players also invest significantly in the research & development (R&D) for new product development and enhancement. For instance, in May 2019, BASF SE planned to build a Thermoplastic Polyurethane (TPU) plant and an engineering plastics compounding plant at the proposed integrated chemical production (“Verbund”) site of the company in Zhanjiang, China.
| Report Highlights | Details |
| Market Size | USD 115.37 Billion by 2027 |
| Growth Rate | CAGR of 7.4% from 2021 to 2027 |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2027 |
| Segments Covered | Vehicle, Material, Application, Region |
| Companies Mentioned | Henkel AG & Co., DuPont, NovaCentrix, KGaA, Intrinsiq Materials, Inc., Creative Materials Inc., Vorbeck Materials Corporation, Inc, Johnson Matthey PLC,Heraeus Holding GmbH, and Applied Ink Solutions |
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of vehicle, material, application, and region:
By Vehicle
By Material
By Application
By Regional Outlook
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