Automotive Lightweight Material Market: Current Analysis and Forecast (2021-2027)

$3999$7577

Emphasis on Material Type (Metal, Plastics, Composites, Elastomer); Component (Frame, Powertrain, Interior Components, Exterior Components); Application (Body in White, Chassis and Suspension, Powertrain, Closures, Interiors, Others); Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles); and Regions/Country

Published:

Dec-2021

Pages:

292

Table:

59

Figure:

127

Report ID:

UMAU21596

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description


Automotive Lightweight Material is expected to witness CAGR growth of more than 7.3% during the forecast period 2021-2027 to reach a market size of around US$ 153.1 billion by 2027.
In the past decade, weight of passenger cars has continuously increased to offer improved passenger comfort and safety, this has led to increased fuel consumption and greenhouse gas emissions from the automotive sector. 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. Steel manufacturers are engaged in development of novel high strength steels for automotive sector also, highlight its benefits compared to aluminum alloys.

Comparison of mechanical properties between conventional & composite materials

Insights Presented in the Report

“Amongst Material Type, Metal segment dominates the market”

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. Lightweight materials including aluminum, magnesium, beryllium, titanium, titanium aluminides, structural ceramics, composites with polymer, metal, ceramic materials have emerged as an essence for weight reduction strategy for the automotive OEMs.

“Amongst Component, Powertrain segment to witness significant growth”

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. Examples of Magnesium (Mg) application includes instrument panel, steering wheels, engine seats, transfer cases etc.

“Amongst Application, Powertrain segment to witness significant growth”

Based on Application, the Automotive Lightweight Material Market is bifurcated into Body in White, Chassis and Suspension, Powertrain, Closures, Interiors, Others. Elastomers are polymers owing to their high viscoelasticity characteristic are used in the production of components which require to withstand extreme temperatures such as hoses, insulators, seals, bushes, engine mounts, and gaskets.

“Amongst Vehicle Type, Passenger Vehicle segment dominates the market”

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.

“Asia-Pacific is expected to witness significant growth during the forecast period”

For a better understanding of the demand of Automotive Lightweight Material, the market is analyzed for major 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. Lightweight materials manufacturers and suppliers have increased their investment in R&D to create new and advanced lightweight materials. With the increasing demand for vehicles, Europe is expected to be the largest automotive lightweight material market during the forecast period. 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.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

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1.1.Market Definitions
1.2.Limitation
1.3.Stake Holders
1.4.Currency used in Report
2.1.Research Process of the Automotive Lightweight Material Market
2.2.Research Methodology of the Automotive Lightweight Material Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Automotive Lightweight Material Market Study
3.       MARKET SYNOPSIS
4.       EXECUTIVE SUMMARY

 

5AUTOMOTIVE LIGHTWEIGHT MATERIAL MARKET COVID-19 IMPACT
6AUTOMOTIVE LIGHTWEIGHT MATERIAL MARKET REVENUE (USD BN), 2019-2027F
7.1.Metal
7.2.Plastics
7.3.Composites
7.4.Elastomer
8.1.Frame
8.2.Powertrain
8.3.Interior Components
8.4.Exterior Components
9.1.Body in White
9.2.Chassis and Suspension
9.3.Powertrain
9.4.Closures
9.5.Interiors
9.6.Others
10.1.Passenger Vehicles
10.2.Light Commercial Vehicles
10.3.Heavy Commercial Vehicles
11.1.North America
 11.1.1.US
 11.1.2.Canada
 11.1.3.Rest of North America
11.2.Europe 
 11.2.1.Germany
 11.2.2.UK
 11.2.3.France
 11.2.4.Italy
 11.2.5.Rest of Europe
11.3.Asia-Pacific
 11.3.1.China
 11.3.2.Japan
 11.3.3.India
 11.3.4.South Korea
 11.3.5.Rest of Asia-Pacific
11.4.Rest of World
12.1.Market Drivers
12.2.Market Challenges
12.3.Impact Analysis
13AUTOMOTIVE LIGHTWEIGHT MATERIAL MARKET OPPORTUNITIES
14AUTOMOTIVE LIGHTWEIGHT MATERIAL MARKET TRENDS
15LEGAL & REGULATORY FRAMEWORK
16.1.Demand Side Analysis
16.2.Supply Side Analysis
 16.2.1.Top Product Launches
 16.2.2.Top Business Partnerships
 16.2.3.Top Business Expansions
 16.2.4.Top Merger and Acquisitions
17VALUE CHAIN ANALYSIS
18.1.Competitive Landscape
 18.1.1.Company Shares, By Revenue
19.1.BASF SE
19.2.ArcelorMittal
19.3.Toray Industries, Inc.
19.4.Stratasys Ltd.
19.5.Covestro AG
19.6.Alcoa Corporation
19.7.Owens Corning
19.8.Lyondellbasell Industries Holdings B.V.
19.9.ThyssenKrupp AG
19.10.Tata Steel
20DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Automotive Lightweight Material were the three major steps undertaken to create and analyze the demand and sales of Lightweight Material in the automotive sector globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Automotive Lightweight Material through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Automotive Lightweight Material, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are material type, component, application, vehicle type. Further regional level analyses were conducted to evaluate the overall demand of Automotive Lightweight Material in global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as growing demand for lightweight and environment friendly materials for vehicle manufacturing, growth in sales of luxury vehicles, etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the demand of Automotive Lightweight Material across the major regions globally
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Automotive Lightweight Material Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Automotive Lightweight Material market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of material type, component, application, vehicle type, and region.

The main objective of the Automotive Lightweight Material Market Study

The current & future market trends of the Automotive Lightweight Material Market are pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Automotive Lightweight Material in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments of the industry
  • Segments in the study include material type, component, application, vehicle type, and Regions
  • Defined analysis of the regulatory framework for the Automotive Lightweight Material industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors pertaining to the industry
  • Major regions analyzed in the report include 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. Define and analyze the competitive landscape of the Automotive Lightweight Material sector and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry