The research authors at Transparency Market Research had placed the evaluation of the global automotive lightweight materials market at US$ 149 billion in 2018. They predict that the industry will grow at a stellar CAGR of 7.2% over the forecast period of 2019 to 2027, reaching the evaluation of US$ 270 billion by 2027 i.e. end of the forecast period. Products in the global automotive lightweight materials market play an important role in enhancing the fuel economy of automobiles. They are also applied to enhance overall performance and increase safety in the automobiles. Replacement of traditionally used metal components such as steel and cast iron materials will products from the global automotive lightweight materials market such as aluminium and magnesium alloys significantly reduce the weight of the automobile and decrease the requirement for higher fuel consumption. This is anticipated to foster the development of the global automotive lightweight materials market in coming years.
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Increasing Regulations Pertaining to Automobile Emission Control Propel the Demand in Automotive Lightweight Materials Market
Rising demand for lightweight materials to be used in automotive industry along with stringent government regulations pertaining to the mandatory emission control in automotive industries are anticipated to fuel the demand in global automotive lightweight materials market in coming years. High demand for commercial as well as passenger vehicles in developing nations is also a favorable driver for the development of the global automotive lightweight materials market in near future. Segments in the global automotive lightweight materials market by the type of material include metal alloys (including Magnesium, Titanium, and Aluminium), Composites (including Carbon fiber and Glass fiber, among others), high strength steel (including HSS, UHSS, and AHSS), and polymers (including PP, ABS, PA66, PU, and PVC, among others).
Automotive manufacturers are constantly looking for creative ways to handle the greenhouse gases emission norms and meet the fuel economy targets. Usage of lightweight materials from the global automotive lightweight materials market can assist them in doing so efficiently. Increasing impetus on reducing the weight of the manufactured vehicle to reduce fuel consumption is likely to drive the global automotive lightweight materials market in coming years. Segments in the global automotive lightweight materials market according to the type of the vehicle are passenger vehicles, heavy commercial vehicles or HCVs, and light commercial vehicles or LCVs. Segments in the global automotive lightweight materials market by application include interior, structural, exterior, and powertrain, among others.
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Asia Pacific Leads the Automotive Lightweight Materials Market in Terms of Consumption
Key geographical regions covered in the business intelligence report on global automotive lightweight materials market include North America, Asia Pacific, Middle East and Africa, Europe, and Latin America. Asia Pacific region leads the global automotive lightweight materials market in terms of consumption. This can be attributed to rapid growth of automotive industry in the region along with increasing demand from Japan and China. Furthermore, increasing demand for lightweight vehicles in Middle East and Africa as well as Latin America regions is also expected to work out favorably for the development of the global automotive lightweight materials market in near future.
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Players in Automotive Lightweight Materials Market Launching New Products to Expand their Consumer Base
Some of the major incumbent players assessed in the market analysis on global automotive lightweight materials market include Henkel AG & Co., KGaA, NovaCentrix, Intrisiq Materials, Inc., Johnson Matthey PLC, Applied Ink Solutions, DuPont, Vorbeck Materials Corporation, Inc., Heraeus Holding GmbH, and Creative Materials, Inc. The competitive landscape of the global automotive lightweight materials market is highly fragmented. Several major players and manufacturers in the global automotive lightweight materials market are launching new products in order to expand their existing consumer base. This trend is expected to increase the competition in the global automotive lightweight materials market in coming years.
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