Automotive Lightweight Materials Market Size & Share 2020 to 2026
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, & Forecast.
Report ID: GMI3315
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Published Date: December 2020
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Report Format: PDF
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Authors:
Kiran Pulidindi, Akshay Prakash
Automotive Lightweight Materials Market Size
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.
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 CO2 emitted by the vehicle during its total lifespan. European regulatory authorities are working toward achieving 95g of CO2 emission per km from 140g of CO2 per 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.
Automotive Lightweight Materials Market Analysis
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.
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.
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.
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.
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 CO2 emissions 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.
Automotive Lightweight Materials Market Share
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
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:
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Market, By Material
Market, By Application
Market, By Manufacturing Process
Market, By Vehicle
The above information is provided on a regional and country basis for the following:
Research methodology, data sources & validation process
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Our 6-step research process
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