Automotive Lightweight Materials Market Size worth $310bn by 2026

Automotive Lightweight Materials Market size is set to exceed USD 310 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Stringent fuel emission regulations will drive the industry demand

Increasing demand for higher fuel efficiency coupled with stringent environmental regulations are prominently supporting the development and adoption of new materials. Rising consumer awareness regarding the greenhouse gas emissions and energy security issues is prominently propelling the demand for automotive lightweight materials over the projected timeframe. Growing penetration of new generation electric vehicles in conjunction with fuel economy standards will drive the automotive lightweight materials market over the forecast timeframe.

 

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Initiatives and policies formulated by regional government bodies for reducing the fuel emissions is supporting the adoption of lightweight vehicles in the coming years. Government regulations including corporate average fuel consumption standards (CAFC), Automobile fuel efficiency standards and Corporate average fuel economy standards are driving the global automotive industry towards optimum material selection to allow maximum weight reduction.
 

Focused R&D efforts will boost the automotive lightweight materials market outlook

Vehicle manufacturers are striving to incorporate innovative materials to improve the vehicle performance. Systematic methods are being identified to select the best material mix for developing automotive products featuring better performance, reduced weight and lower cost. Utilization of advanced simulation software to perform multi-domain analysis combing vibration, thermal and composite analysis will accurately predict the product performance. Moreover, improved manufacturing techniques are allowing the OEM’s to develop parts incorporating new material formulations.
 

Browse key industry insights spread across 252 pages with 317 market data tables, 23 figures & charts from the report, “Automotive Lightweight Materials Market Size By Material (Metals & Alloys [High Speed 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 (ICEV, Battery electric, Hybrid Electric), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-lightweight-materials-market
 

Higher design flexibilities will trigger the plastics demand

Plastics will showcase a growth rate with a CAGR of over 5% from 2019 to 2026. Surging penetration of plastics in automobiles is attributed towards the growing demand for fuel efficient vehicles. Moreover, multiple benefits including higher design flexibility, improved performance and corrosion resistance shall further support the automotive lightweight materials market size. The introduction of new models incorporating advanced plastic polymers will significantly augment the segment share over the forecast timeframe.
 

Lower production cost and higher efficiency will foster the segment growth

Closed molding will hold around 15% volume share in the market owing to the rising penetration of composites and plastic auto-components. Additionally, lower cost and enhanced abilities of manufacturing large and intricate vehicle parts are primarily driving the segment share. Higher production output in conjunction with automated processes are prominently escalating the industry size over the study timeframe.
 

Collaborative efforts for chassis light weighting proves beneficial for segment growth

Innovative materials solutions are currently being developed to achieve lighter chassis designs. Incorporation of stronger materials in chassis offers higher component durability and performance safety. Moreover, collaborative efforts targeted towards redeveloping suspension structures will escalate the segment size. For instance, in September 2018, Ford, Autotech, Warwick Manufacturing Group and GRM Consulting developed new composite rear suspension knuckles for C-segment vehicles.
 

Growing BEV adoption will promote the industry growth

Battery electric vehicles will account for a significant growth with around 26% CAGR in the automotive lightweight materials market from 2019 to 2026. Shifting preferences towards battery electric vehicles is attributed towards their higher energy efficiencies. Growing demand for reduction in energy consumption of battery electric vehicles is driving the market revenue over the study timeframe.
 

Stringent regulatory standards to boost the market outlook in North America

North America automotive lightweight materials market will witness a significant growth rate with a CAGR of over 6.5% from 2019 to 2026. Stringent regulatory norms are emphasizing on adoption of advanced lightweight materials for maximum weight reduction and optimum driving performance. Moreover, consumer inclination towards lightweight vehicles offering improved efficiency and enhanced safety will foster the product demand. Increasing production of electric vehicles will further compliment the industry growth.
 

Development of innovative materials for enhanced driving comfort

OEM’s are actively involved with development activities of lightweight materials to achieve potential; weight savings and sustainability. Manufacturers are opting to develop innovative materials to improve vehicle performance and offer comfortable riding options. For instance, in September 2017, BASF introduced microcellular polyurethane elastomer Cellasto featuring higher power density and better durability. Incorporation of these materials in new generation vehicles will prominently reduce the vibrations and improve driving comfort. Key amrket participants in the automotive lightweight materials market include LyondellBasell, BASF SE, Covestro AG, ArcelorMittal, Alcoa Corporation and ThyssenKrupp AG.
 

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