The automotive lightweight materials industry size is projected to grow from USD 73.9 billion in 2022 to USD 101.5 billion by 2027, at a CAGR of 6.5% for the same period. The base year for the report is 2021, and the forecast period is from 2022 to 2027.
The market for automotive lightweight materials is anticipated to expand primarily as a result of stricter pollution regulations and the growing demand for fuel-efficient automobiles. To make cars lighter, automakers are turning to carbon fibre and aluminium. Another major driver of the need for lightweight materials is the growing need for long-range electric vehicles. With the introduction of electric vehicles, battery and electronic components will take the place of traditional vehicle parts like the engine and gasoline tank. This will not only eliminate traditional revenue streams but also open up new revenue streams for material suppliers.
Over the course of the forecast period, the passenger car category is anticipated to have the highest share.
The market for automotive lightweight materials is expected to be driven primarily by the passenger car sector. The main specialists believe that there is a lot of room for the passenger car market to use lightweight materials for a variety of purposes, including body-in-white, closures, and interiors. A 10% decrease in vehicle weight can result in a 6-8% increase in fuel efficiency, according to the Office of Energy Efficiency & Renewable Energy. However, in contrast to the present aim of a 37.5% reduction in CO2 emissions in 2021, the strict standards established by government agencies like the European Commission advocated a 55% reduction in CO2 emissions from passenger automobiles by 2030. OEMs are investing in lighter and more fuel-efficient passenger automobiles as a result of these aims. High-strength steel (HSS), magnesium and titanium alloys, aluminum, carbon fiber, and composites are replacing traditional materials in passenger automobiles. These materials can directly lower the weight of the vehicle body and chassis by up to 50%. It is anticipated that the lightweight materials—such as CFRP, aluminum, plastics, HSS, and others—will greatly contribute to the development of lightweight passenger cars. Lightweight metals like aluminum and HSS, for example, are essential components of sophisticated lightweight frames and chassis. The majority of OEMs use these materials in their white constructions. The majority of lightweight polymers are found in automotive interior components like dashboards, instrument panels, seats, and more. These plastics are a great option if you want to cut costs and weight.
Lightweight CFRP composites are also utilized in high-end and performance passenger cars. Although these composites can provide an exceptional strength-to-weight ratio, they are somewhat costly. Because of these benefits, it is predicted that over the forecast period, there will be a strong demand for HSS, aluminum, and plastics for parts such frames, chassis, seats, and instrument panels in North America and Asia Pacific.
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During the projection period, the automotive lightweight materials market would be dominated by the metals sector.
The main lightweight materials found in cars are metals, composites, polymers, and elastomers. The chassis and wheel design make use of lightweight metals, such as magnesium alloys, aluminum, and HSS. The US Department of Energy estimates that by 2030, fleet drivers will save 5 billion gallons of fuel a year because to the use of lightweight components and innovative materials in highly efficient engines. For example, the use of lightweight metals like magnesium will reduce bulk by 30–70%, while other lightweight metals like titanium will reduce mass by 40–55%, HSS would reduce mass by 10–28%, and aluminum will reduce mass by 30–60%. For example, the main experts claim that Maruti Suzuki (India) reduced the weight of the front end and steering columns by using lightweight magnesium alloys in their chassis and other components. The inclusion of sophisticated features has led to a rise in the use of plastics to support the vehicle’s higher weight. The car’s interior, exterior trims, and bumpers are all made of lightweight plastic.
Throughout the projected period, Asia Pacific is expected to dominate the automotive lightweight materials market.
High vehicle production and stricter pollution and fuel consumption laws in China, South Korea, India, and Japan are responsible for the Asia Pacific market’s expansion. China and India, for example, have rigorously enforced the emission standards, China-6 and BS VI, respectively. In order to successfully lower emissions, these requirements need a variety of electronics and after-treatment systems, which raises the vehicles’ total weight. Additionally, features like ADAS systems and automated systems have become more important because to the growing desire for comfort, safety, and elegance. One tactic used by OEMs to offset the increase in vehicle weight is the use of lightweight materials. The need for lightweight automobiles is also fueled by the growing requirement for safety equipment and the most recent safety laws in many emerging nations. For example, the Ministry of Road Transport & Highways (MoRTH) suggests making six airbags standard in Indian automobiles. Driver-side airbags and ABS became required in July 2019 and were redesigned as dual front airbags starting in January 2022. Because a six-airbag feature would make the car heavier overall, there would be a greater need for lightweight materials. The region has the largest sales of cars in the A, B, and C segments, and there is a considerable demand for luxury sector automobiles. Because of this, the region’s use of composites like CFRP is limited, and lightweight metals and inexpensive plastics are prioritized. Nonetheless, the demand for SUVs in the area is rising. Compared to other passenger car segments, SUVs are often heavier and bulkier. The SUV market is projected to grow at a compound annual growth rate (CAGR) of 5.0% between 2022 and 2027, according the MarketsandMarkets report.
Key Market Players
The automotive lightweight materials market is dominated by giants such as BASF SE (Germany), Covestro AG (Germany), LyondellBasell Industries Holdings B.V. (Netherlands), Toray Industries, Inc. (Japan), ArcelorMittal (Germany), ThyssenKrupp AG (Germany), Novelis, Inc. (US), Alcoa Corporation (US), Owens Corning (US), and Stratasys Ltd. (US).
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