Automotive Lightweight Materials Market Size to Hit US$ 115.37 Bn by 2027
OTTAWA, March 01, 2021 (GLOBE NEWSWIRE) — The global automotive lightweight materials market size was valued at USD 65.38 billion in 2019. Automotive lightweight materials are prominently used in automotive industry to boost their speed and fuel efficiency by reducing their weight. These lightweight materials are an appropriate replacement for heavy generic materials that were previously used to build the outer frame of vehicles owing to the advantages that include improved handling, enhanced strength, less material consumption, and low corrosion rate. Carbon fiber is one those lightweight materials that is extensively used by automobile manufacturers worldwide, as it notably reduces the weight of the vehicle while preserving the strength.
Shifting trend towards new powertrain technologies coupled with higher emphasis on fuel economy standards are the key forces that drives the adoption of lightweight materials over the analysis period. The product demand is positively impacted by the increasing inclination towards battery-powered electric vehicles, as they carry an additional weight due to the components that include electric motors and batteries, and consequently require lightweight materials to improve the vehicle efficiency. Reduced weight provides multiple benefits that include improved vehicle performance & handling along with controlled vibration & noise.
However, high cost of lightweight materials, limited infrastructure availability, and supply chain volatility may hinder the growth of automotive lightweight materials market over the study timeframe.
- The Asia Pacific was projected as the front-runner in terms of consumption for the year 2019 owing to rapid growth in the adoption of electric and hybrid electric vehicles in the region
- Europe and North America are the prominent revenue contributors in the global market due to availability of advanced transportation infrastructure as well as large R&D investment
- Based on vehicle, passenger vehicle witness high demand for lightweight materials compared to other types of vehicles owing to high sales percentage across the globe
- Light commercial vehicles exhibit lucrative growth during the forecast period because of escalating trend of e-commerce and online shopping
- Metals alloys held the significant value share in the global automotive lightweight materials market in the year 2019 and estimated to be maintain its dominance by 2027
- High-strength Steel [HSS] is a type of metal that encounters prominent demand after aluminum
- Powertrain application expected to be the fastest growing segment over the forecast period due to its significant contribution of more than 27% in the vehicle’s weight
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In 2019, the Asia Pacific emerged as the dominant market for the automotive lightweight materials. This is mainly attributed to the on-going green revolution in various countries of Asia. For instance, China has announced its plan to convert its public transportation sector with green mobility by the end of 2025. In the wake of same, the country is significantly investing in the upgradation of transport infrastructure in support of the electric and advanced vehicle technology. Similarly, other countries such as Singapore, India, Malaysia, Japan, and Korea are also following the same path and supporting the electric vehicle adoption across the country.
On the other side, Europe being an automotive hub contributes prominently towards the value gain in the global automotive lightweight materials market. The region is a home for several OEMs that include Audi, Mercedes, Porsche, BMW, Ferrari, Alfa Romeo, Bentley, Aston Martin, Jaguar, and many more, this also positively influence the market growth of lightweight materials in the region. In addition, the government in the region has issued stringent norms pertaining to carbon emission such as Euro 6 that will significantly reduce the pollutants that include carbon monoxide and nitrogen oxide, thereby improving the air quality along with the fuel efficiency of the vehicle.
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Key Players & Strategies
The global automotive lightweight materials market is highly competitive in nature, as the market players are prominently involved in the inorganic growth strategies such as merger & acquisition, partnership, and joint venture. Furthermore, the industry participants also introduce novel approach for identifying the supply and demand gaps by delivering materials with multiple benefits. For instance, in May 2018, SABIC developed new materials for autonomous, connected, and electric vehicles. Technical expertise in chassis and crash solutions aids the development and design of light reinforcement parts for improving vehicle crash worthiness.
In addition, these industry players also focus prominently on new product development and enhancement. For instance, in March 2018, LyondellBasell introduced its new materials to advance surfaces at the Plastics in the Automotive Engineering technical conference that was organized by the Association of German Engineers (VDI) in Germany.
Some of the key players operating in the market are Henkel AG & Co., DuPont, NovaCentrix, KGaA, Intrinsiq Materials, Inc., Creative Materials Inc., Vorbeck Materials Corporation, Inc, Johnson Matthey PLC,Heraeus Holding GmbH, and Applied Ink Solutions among others.
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