Automotive Lightweight Materials Market Size

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.

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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 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.