According to a new market research report published by Credence Research, Inc. “Automotive Lightweight Materials Market – Growth, Future Prospects and Competitive Analysis, 2017 – 2025,” automotive lightweight material market was valued at US$ 59.7 Bn in 2016, and is expected to reach US$ 180.9 Bn by 2025, expanding at a CAGR of 13.1% from 2017 to 2025.
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Lightweight materials help to decrease the weight of the vehicle and reduce energy consumption. Technological advancement, worldwide increase in vehicle production and rise in disposable income are the major factors driving the growth of automotive lightweight material market. Government regulation on environmental and standard enforced to cut down CO2 emission and technological evolution are driving the global automotive lightweight materials market. High cost associated with lightweight materials may restrain the growth of automotive lightweight materials market.
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Chassis and suspension comprise more than 30% of the overall weight of the vehicle, which creates the huge market for the lightweight materials. The lightweight materials which is used in chassis and suspension are AHSS and aluminum. The plastic materials segment is likely to grow at the fastest rate in the forecast period due to increased usage of plastic in automobile interiors, such as seats, dashboard, instrument panel, and interior roofs. Electric vehicles uses large amount of lightweight materials, as these are mainly driven by battery, wherein lightweight materials help to improve their performance.
North America and Europe were the largest regional markets for automotive lightweight materials. Advanced fuel economy, growing demand for low CO2 emission and stringent government regulations are supporting the lightweight materials market in the region. Government raised the norms such as CAFÉ fuel standards and EPA Tier-3 norms for light duty vehicles, to ensure that a vehicles produced from now on would be much lighter in weight. North America has the largest market for light trucks. In North America highest demand for automotive lightweight material is majorly driven by U.S. Asia Pacific will be the fastest growing region in the forecast period due to an increase in the production of automobiles followed by rise in the demand for fuel efficient vehicles. In Asia Pacific demand is manly comes from countries like India, China, and Japan.
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Some of the major companies operating in the market include Alcoa, Inc., BASF SE, Thyssenkrupp AG, Covestro AG, Arcelormittal S.A., Lyondellbasell Industries N.V., Novelis, Inc., Toray Industries, Inc., PPG Industries, Inc., and Owens Corning.
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