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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Industry Trends

Automotive Lightweight Materials Market size valued at around USD 174.7 billion in 2018 and will witness a CAGR of 5.8% between 2019 and 2026.
 

Get more details on this report - Request Free Sample PDF
 

Automotive lightweight materials offer significant weight reduction to improve the vehicle fuel efficiency. Currently, the automotive sector is facing various challenges pertaining with emission levels, affordability and overall safety. Lightweighting of vehicles plays an important role in meeting the stringent emission requirements owing to the inherent relationship between the fuel consumption and vehicle weight. Automotive lightweight materials include high strength steel, aluminum, engineering plastics and composites. Optimum weight reduction processes are being developed to meet the product requirements at minimum cost and time.
 

Shifting preference towards new powertrain technologies along with higher emphasis on fuel economy standards are the driving forces for the adoption of lightweight materials over the forecast timeframe. The product demand is positively influenced by growing inclination towards battery electric vehicles, as they have additional weight owing to the components such as batteries and electric motors, and therefore they essentially require lightweight materials to improve the vehicle efficiency. However, high material costs, supply chain volatility and limited infrastructure availability may hinder the automotive lightweight materials market growth over the study timeframe.
 

The Corporate Average Fuel Economy (CAFE) standards are primarily forcing the vehicle manufacturers to seek various strategies for fuel consumption reductions. Moreover, increasing penetration of new energy vehicles/hybrid vehicle is also propelling the demand for reducing the vehicle curb weight. Further, decarbonization targets specified by European Commission are currently pressurizing the improvement in vehicle fuel efficiency and reduction in the environmental impact. These factors are majorly contributing towards incorporating lightweight materials and achieve potential weight savings.
 

Reduced weight offers multiple benefits including improved vehicle performance, handling and along with controlled vibration and noise. Moreover, automotive lightweight materials provide prominent greenhouse gas emission reductions further contributing towards eco-friendly objectives. Innovative technologies are being developed to reduce the cost of manufacturing structures with optimized designs. Multimaterials are gaining a higher visibility along with development of new joining techniques and prevent corrosion in complex material systems.
 

Request 15% Free Customization on this Report
 

High strength steel to foster demand for automotive lightweight materials

High strength steels will witness significant gains over 7% CAGR in the automotive lightweight materials market over the forecast timeframe owing to their combination of higher strength, lower cost and high production volume capacity. Increasing penetration of HSS in chassis components, front end structures and body panels will further accelerate the segment size. Further, incorporation of AHSS in new alloys will offer enhanced strength and formability.
 

Composites will showcase potential growth prospects owing to their higher strength to weight ratio as compared with other materials. Surging demand for reducing the battery weight is positively supporting the product penetration over the projected timeframe. OEM’s industry players including BMW and Daimler are currently working with carbon fiber material providers for jointly developing and integrating advanced materials.
 

Potential opportunities for reducing the battery weight reductions

Get more details on this report - Request Free Sample PDF
 

Powertrain segment will account for 20% volume share in the business owing to the increasing requirement of reducing the battery weight in electric vehicles. Incorporation of aluminum and engineering plastics in advanced battery packages will prominently contribute towards propelling the segment size. New battery chemistries coupled with new generation thermal management systems will lower the cost of sourcing raw materials, further escalating the industry share.
 

BIW segment is anticipated to hold close to 25% volume share in the global automotive lightweight materials market till 2026. Manufacturers are currently emphasizing on developing strategies to utilize the advanced materials in BIW structures. Utilization of CATIA V5 techniques enable the development of complex aluminum structures compatible with vehicle engineering and packaging requirements.
 

Extrusion will follow an upward growth trend

Extrusion will showcase positive growth potential due to their increasing integration for manufacturing lightweight aluminum automotive parts. Multiple benefits including flexibility in operation, lower cost per part and higher production volume capacities will aid the segment growth over the projected timeframe. Enhanced abilities to develop extrusions for controlling energy absorption in crash tests will further support the manufacturing technology.
 

Hybrid vehicles will impart significant growth potential

Hybrid electric vehicles are estimated to grow with around 25% CAGR in the automotive lightweight materials market till 2026 owing to the numerous development programs supporting the weight reduction in HEV’s. Increasing demand for reducing the fuel emissions and complying with stringent air quality standards shall primarily contribute towards driving the segment share. Further, increasing affordability with supportive incentives along with exemption from tax duties are propel the hybrid vehicle adoption over the forecast timeframe.
 

Asia Pacific will continue to dominate the product demand

Get more details on this report - Request Free Sample PDF
 

Asia Pacific will witness substantial rise with around 6.3% CAGR owing to the surging production of electric vehicles across the region. The regulatory bodies in China, Japan and India are proposing new standards and requirements for improving the overall fuel efficiency. Shifting inclination of consumers for adopting superior and better value electric vehicles will prominently contribute towards escalating the regional growth over the study timeframe.
 

Europe automotive lightweight materials market revenue is estimated to proliferate over the study timeline due to the availability of advanced processing methods and infrastructure pertaining with automotive lightweight materials. Strong presence of manufacturers across the region is augmenting the product penetration and significantly accelerating the industry growth. Rising demand of next generation vehicles from developed economies will further support the industry size.
 

Industry players are targeting the supply-demand gaps to strengthen their foothold in the industry

Industry players are introducing novel approaches for identifying various demand and supply gaps for delivering materials with multiple benefits. For instance, in May 2018, SABIC announced the development of new materials for connected, autonomous and electric vehicles. Technical expertise in crash and chassis solutions are aiding the design and development of light reinforcement parts to improve vehicle crash worthiness. Other major industry participants in the market include BASF, LyondellBasell, Covestro AG, ArcelorMittal, ThyssenKrupp AG and Alcoa Corporation.
 

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

By Material

• Metal & alloys
  • High speed steel
  • Aluminum
  • Magnesium
• Plastics
  • Polypropylene (PP)
  • Polyurethane (PU)
  • Polyvinyl chloride (PVC)
  • ABS
  • Polycarbonate (PC)
  • Others
• Composites
  • Glass fiber
  • Carbon fiber
• Others

By Application

• BIW
• Chassis
• Powertrain
• Interior
• Exterior
• Others

By Manufacturing Process

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

By Vehicle

• ICEV
• BEV
• HEV

The above information is provided for the following countries:

• U.S.
• Canada
• Germany
• UK
• France
• Italy
• Spain
• Russia
• Poland
• Netherlands
• China
• India
• Japan
• Australia
• Thailand
• South Korea
• Brazil
• Mexico
• Argentina
• Saudi Arabia
• South Africa
• UAE
• Iran