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Automotive Lightweight Materials Market Size By Material (Metals & Alloys [High Strength Steel, Aluminum, Magnesium], Plastics [Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polycarbonate], Composites [Glass Fiber, Carbon Fiber]), By Application (Body In White, Chassis, Powertrain, Interior, Exterior), By Manufacturing Process (Casting, Extrusion, Rolling, Forging, Forming, Open Molding, Closed Molding), By Vehicle Type (Internal Combustion Engine Vehicle, Battery Electric Vehicle, Hybrid Electric Vehicle), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

  • Report ID: GMI3315
  • Published Date: Dec 2020
  • Report Format: PDF

Industry Trends

Automotive Lightweight Materials Market size surpassed USD 184.9 billion in 2019 and is projected to register a CAGR of over 8.2% between 2020 and 2026. Positive trends associated with the electric vehicle industry will create several opportunities for the automobile sector.
 

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The rising trend of automobile weight reduction and strict emission controls are expected to drive the automotive lightweight materials market growth. For instance, trimming the automotive body weight by more than 1 kg can reduce close to 20kg of CO emitted by the vehicle during its total lifespan. European regulatory authorities are working toward achieving 95g of COemission per km from 140g of COper km in every passenger vehicle.
 

Such regulations have compelled automotive manufacturers to look for various other alternatives such as developing new engineering technology in powertrain system, working on alternative fuel, and increasing the use of automotive lightweight materials.
 

Currently, more than 18% of passenger vehicle parts are made from high strength steel, and close to 11% of automobile parts are made from composites or another polymer. Such trends will spur the automotive lightweight materials market expansion.
 

The materials offer numerous benefits, which include improved automotive performance coupled with controlled noise and vibration. Automotive lightweight materials also reduce greenhouse gas emissions, thereby contributing to an eco-friendly society. Despite a recent slowdown in the demand from the automobile sector in the backdrop of weakened economic conditions, the industry is likely to offer ample opportunities in the long run.
 

Aluminum to propel the demand for automotive lightweight materials

Aluminum segment in the automotive lightweight materials market will attain around 7% gains through 2026. Aluminum offers a better cost-to-benefit ratio as compared to any other substitute lightweight materials. The future potential of aluminum as an automotive lightweight material is immense due to its low cost, high strength, and high production capacity. The average aluminum content per vehicle is growing steadily.
 

Growing stringent fuel emission standards to support chassis sector growth

Chassis segment held over 20% of the industry share in 2019. Replacing iron and steel parts with lightweight materials, such as high-strength steel, aluminum alloys, magnesium alloys, or polymer composites, can reduce vehicle body and chassis weight by up to 50%, thus lower automotive fuel consumption. A reduction of 10% of automotive weight can result in 7% to 8% fuel economy improvement. Lightweight materials are necessary for boosting fuel economy of modern automotive along with maintaining safety and performance as it requires less energy to accelerate lighter objects.
 

Casting will follow an upward trajectory

Aautomotive Lightweight Materials Market, By Manufacturing Process

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The casting automotive lightweight materials market revenues was more than USD 40 million in 2019 led by its use to produce lightweight aluminum and magnesium automobile parts. The casting process provides various benefits, such as flexibility during operation, reduced cost per part, and increased production capacities, which will aid segment’s business outlook. The process is highly adaptable for mass production and a large number of casting can be developed quickly.
 

Increasing adoption of hybrid vehicle

Automotive lightweight materials market for hybrid electric industry is anticipated to register 25% growth rate through 2026. The mounting awareness of fuel emissions has compelled regulatory agencies to incorporate stringent emission regulations. Stringent emission norms have forced automotive manufacturers toward hybrid electric vehicles. Hybrid vehicles in general emit less greenhouse gas as compared to petrol or diesel vehicles.
 

Stringent vehicle emission regulations in North America

Automotive Lightweight Materials Market, By Region

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The North American automotive lightweight materials market is poised to expand at 8.5% growth rate during 2020 to 2026. Regulatory bodies in the U.S. are coming up with new standards and requirements to lower fuel emissions and reduce greenhouse gases emissions. Growing awareness of COemissions is pushing customers toward more efficient and superior electric & hybrid electric vehicles. This is evident from the fact that the sales of electric vehicles in the region grew by 10% in 2019 as compared to 2018. Rising demand for electric vehicles will positively impact the growth by end of 2026.
 

Rising R&D expense for automotive lightweight materials among players

The key automotive lightweight materials market participants are formulating various strategies including product development, strategic collaboration, and development of production capacity to gain a competitive advantage. Major companies operation in the market are Alcoa Corporation, BASF SE Covestro AG, thyssenkrupp AG, LyondellBasell, and ArcelorMittal.
 

This market research report on automotive lightweight materials includes in-depth coverage of the industry with estimates & forecast in terms of volume in million tons and revenue in USD billion from 2016 to 2026 for the following segments:

Market, By Material

  • Metal & Alloys
    • High strength steel
    • Aluminum
    • Magnesium
  • Plastic
    • Polypropylene
    • Polyurethane
    • Polyvinyl chloride
    • ABS
    • Polycarbonate
    • Others
  • Composite
    • Glass fiber composite
    • Carbon fiber composite
  • Others

Market, By Application

  • Body in White (BIS)
  • Chassis
  • Powertrain
  • Interior
  • Exterior
  • Others

Market, By Manufacturing Process

  • Casting
  • Extrusion
  • Forging
  • Forming
  • Open molding
  • Closed molding

Market, By Vehicle

  • Internal Combustion Engine Vehicle (ICEV)
  • BEV
  • HEV

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Russia
    • Netherland
    • Poland
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Thailand
    • Indonesia
  • LATAM
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • Saudi Arabia
    • UAE
    • Iran 

 

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Automotive lightweight materials market industry size surpassed USD 184.9 billion in 2019 and may grow at a CAGR of 8.2% between 2020 to 2026.

Aluminum segment may record 7% CAGR through 2026, as it delivers an excellent cost-to-benefit ratio and also boasts of high production capacity.

Chassis segment accounted for 20% revenue share in 2019 and may depict appreciable proceeds by 2026, driven by the rising number of strict emission standards.

North America automotive lightweight materials market may register 8.5% CAGR through 2026, driven by the rising number of regulatory bodies in the U.S. that are coming up with new standards to reduce fuel emissions.

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Premium Report Details

  • Base Year: 2019
  • Companies covered: 17
  • Tables & Figures: 340
  • Countries covered: 24
  • Pages: 300

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