The global automotive lightweight materials market is expected to grow at a CAGR of 8.0% over the forecast period 2019 to 2026 and market to attain valuation of over US$ 155,985 Mn by 2026.
In order to reduce their weight and increase their speed and fuel consumption, automotive lightweight materials are used. These lightweight materials are an appropriate replacement for heavy conventional materials that were previously used to build the vehicle frame due to advantages such as lower material usage, increased strength, better handling and low corrosion rate. Carbon fiber is one of those materials that are commonly used by global manufacturers as it provides a reduction in vehicle weight while retaining strength.
Higher fuel efficiency, increased vehicle durability and shelf life, and reduced CO2 emissions from vehicles are the main factors driving growth of automotive lightweight materials market. The transportation industry accounts for 23% of total global CO2 emissions; automotive manufacturers have developed lightweight pollution-reducing materials that have further boosted market growth. Higher prices of lightweight materials such as few composite materials and carbon fibers compared to standard materials increase the vehicle overall cost, which in turn constraints the market growth. However, the effect of this restriction is expected to be further reduced with different research facilities working on low-cost replacements. Depleting iron and other common material stocks in the world creates new opportunities for market growth.
The market research study on “Automotive Lightweight Materials Market– “Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”, offers a detailed insights on the global automotive lightweight materials market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global automotive lightweight materials market, its product, power source, application, and major geographic regions. The report covers basic development policies and layouts of technology development processes. The automotive lightweight materials market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, Middle East & Africa followed by major countries. For each region, the market size for different segments has been covered under the scope of report. The Europe projected to lead the global market of automotive lightweight materials due to implementation of Euro 6 norms in Europe region which gives knock-on consequence of decreasing air pollution, such as nitrogen oxide and carbon monoxide. Furthermore, increasing demand for vehicles is one of the major factor driving the growth of the market in this region and will show significant growth during forecast period. However North America is second leading region for the automotive lightweight materials market followed by Asia-Pacific. During the forecast period, the Asia-Pacific region is projected to be the fastest growing in the automotive lightweight materials market. This region growth is attributed to factors such as thriving automotive industry and the growing awareness of the people about reducing car emissions using heavyweight materials. Latin America and Middle East & Africa are emerging markets due to rise in demand of lightweight vehicles in this region.
The global automotive lightweight materials market is highly competitive and consists of a key major manufactures like ArcelorMittal, BASF SE, LyondellBasell Industries Holdings B.V., Covestro AG, Toray Industries, Inc., Novelis, Inc, thyssenkrupp AG, Alcoa Corporation and among other.
Market By Material Type
Market By Electric & Hybrid Vehicle Type
Market By Vehicle Type
Market By Component
Market By Application
Market By Geography
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