DUBLIN--(BUSINESS WIRE)--The "Automotive Lightweight Material Market by Material (Metal, Composite, Plastic, Elastomer), Application & Component (Frame, Engine, Exhaust, Transmission, Closure, Interior), Vehicle Type (ICE, Electric & Hybrid), Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Automotive Lightweight Material Market is Projected to Grow to USD 157.7 Billion by 2027 from USD 89.1 Billion in 2019, at a CAGR of 7.4% During the Forecast Period
Stringent emission and fuel economy regulations will drive the automotive lightweight material market
The increasing demand for lightweight materials is driven by the rising usage of electric vehicles and stringent emission norms & fuel economy regulations. Several OEMs have set targets for CO2 reduction in the coming years.
Instrument panel is the fastest growing market, by component
The instrument panel is projected to be the fastest growing segment in the automotive lightweight material market. With the increasing demand for lighter interior cabins from car buyers, OEMs plan to use lightweight materials in interior applications. Hence, OEMs are jointly working with component manufacturers and material providers to develop improved and lighter components. As the interior cabin contributes significantly to the overall vehicle weight, the use of lightweight materials in the cabin can help in vehicle weight reduction. Hence, the instrument panel is projected to be the fastest growing market for automotive lightweight material.
Body in White is the largest segment of automotive lightweight material market, by Application
Body in white is estimated to hold the largest share of the automotive lightweight material market, by application. BIW comprises of three major parts - passenger compartment, cross and side beams, and front and rear structure and contributes around 27-29% of the total vehicle's curb weight. Hence, it is the primary target for vehicle weight reduction by OEMs. At present, HSS and aluminum are the major lightweight materials used in BIW for maximum weight reduction. Hence, BIW is projected to be the largest segment, by application.
North America is estimated to be the fastest growing market for automotive lightweight materials, followed by Asia Oceania
North America is expected to be the fastest growing market for automotive lightweight materials. The Corporate Average Fuel Economy (CAF) standards have compelled OEMs to enhance their vehicle lightweighting efforts. The domestic demand for passenger cars has increased due to low gas prices and low interest rates. The demand for light trucks and vans has also witnessed rapid growth in the region.
Asia Oceania, on the other hand, has seen increased usage of HSS and Aluminum, especially in the low and mid-segment vehicles. China is the fastest growing market for automotive lightweight materials in the Asia Oceania region. Factors such as low production cost, abundant availability of metals, and safety norms have driven market growth in the region. The sale of automotive lightweight materials is projected to increase in different regions during the forecast period.
- Stringent Emission and Fuel Economy Regulations
- Growing Government Initiatives for Weight Reduction
- High Cost (Material Cost and Process Cost)
- High Material Cost
- High Process Cost
- Price Sensitive Nature of Developing Regions
- Upward Trend of Vehicle Electrification
- Future Potential Market in Asia Oceania
- Maintenance of Lightweight Material
Industry Trends and Targets
- Light Duty Vehicles Impact the Lightweight Material Industry
- Technological Routes for the Application of Lightweight Materials: US
- AK Steel Corporation
- Alcoa Corporation
- Aleris Corporation
- Asia Oceania
- BASF SE
- Borealis Ag
- Covestro AG
- Lyondellbasell Industries Holdings B.V.
- North America
- Novelis, Inc.
- Owens Corning
- SGL Carbon
- Stratasys Ltd.
- Tata Steel
- Thyssenkrupp AG
- Toray Industries, Inc.
- U.S. Magnesium LLC
- Whb Brasil
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