Stringent governmental initiative has increased the overall demand for more fuel economic ground transportation vehicles is expected to drive the demand for Lightweight material in automotive sector!
- Vikas Kumar
- December 30, 2021
- AUTOMOTIVE, NEWS
- Automotive Lightweight Material Market Growth, Automotive Lightweight Material Market news, Automotive Lightweight Material Market Share, Automotive Lightweight Material Market size, Automotive Lightweight Material Market Trend
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Automotive Lightweight Material is expected to witness CAGR growth of more than 7.3% during the forecast period 2021-2027. Stringent governmental initiative has increased the overall demand for more fuel economic ground transportation vehicles, this has led to the entry of new materials such as new high-strength steels, polymer composites, aluminum alloys, and magnesium among other lightweight material for vehicle manufacturing. To cater to the growing demand for emission reductions and increased fuel economy across all new generation vehicle, the steel industry has accelerated the implementation of new innovative steels over other emerging lightweight materials.
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The introduction of lightweight materials has revolutionized the way we travel, be it in planes, trains, and automobiles, to space flight, to heavy machinery and shipping, the transportation industry is witnessing a change towards a lightweight future. Lightweight material offers several benefits but not limited to including increased speed, range, and fuel economy, among others. The innovation of lightweight material has led to a better understanding of safety in the automotive industry. To cater to the growing demand for lightweight material in the automotive sector, steel manufacturers are engaged in development of novel high strength steels for automotive sector also, highlight its benefits compared to aluminum alloys. Global steel industry in response to the lightweight material launched Ultra-Light Steel Auto Body, Advanced Vehicle Concepts (ULSAB-AVC) project in 1995 with an aim to reduce the overall mass of the vehicle by 25%.
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Based on Material Type, the Automotive Lightweight Material Market is segmented into Metal, Plastics, Composites, Elastomer. Composite segment is expected to witness significant growth during the forecast period. As per one of the top consulting firms, since 2010, aluminum uses in the automotive sector have increased from 154 Kg per vehicle to 208 Kg per vehicle in 2020. It is further expected to increase to 233 Kg per vehicle by 2026, an increase of almost 12% compared to 2020 level. Based on Component, the Automotive Lightweight Material Market is bifurcated into Frame, Powertrain, Interior Components, Exterior Components. Use of aluminum as lightweight material in the vehicle production is majorly limited to engine transmission, wheel heat exchangers, chassis, and suspension. High-cost act as main barrier for the use of aluminum in other vehicle parts.
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Based on Application, the Automotive Lightweight Material Market is bifurcated into Body in White, Chassis and Suspension, Powertrain, Closures, Interiors, Others. New and innovative product developments and compositions are gained popularity in the automotive lightweight material market. For instance, in 2020, ESE Carbon Co., composites manufacturer in US, launched carbon fiber wheel which is made with customized fiber positioning and custom presses to reduce waste and increase scalability. Based on Vehicle Type, the Automotive Lightweight Material Market is bifurcated into Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles. Passenger Vehicle segment is expected to witness significant growth during the forecast period. Main application of aluminum in electric vehicle is aluminum sheet battery enclosure which can extend the driving range of the vehicle and allow vehicle to travel 10% more on a single charge.
For a better understanding of the market, the report is analyzed based on different regions including North America (US, Canada, Rest of North America); Europe (Germany, UK, France, Italy, Rest of Europe); Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific); and Rest of World. Europe is expected to be the largest automotive lightweight material market during the forecast period. However, automotive lightweight material market is expected to witness significant growth in the Asia-Pacific owing to growing number of vehicle production and growing demand for luxury/premium cars owing to increased disposable income. Some of the major players operating in the market include BASF SE, ArcelorMittal, Toray Industries, Inc., Stratasys Ltd., Covestro AG, Alcoa Corporation, Owens Corning, Lyondellbasell Industries Holdings B.V., ThyssenKrupp AG, Tata Steel etc.
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Automotive Lightweight Material Market Segmentation
Market Insight, by Material Type
Market Insight, by Component
- Interior Components
- Exterior Components
Market Insight, by Application
- Body in White
- Chassis and Suspension
Market Insight, by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Market Insight, by Region
- North America
- Rest of North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- BASF SE
- Toray Industries, Inc.
- Stratasys Ltd.
- Covestro AG
- Alcoa Corporation
- Owens Corning
- Lyondellbasell Industries Holdings B.V.
- ThyssenKrupp AG
- Tata Steel