Automotive Lightweight Materials Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026
Automotive Lightweight Materials Market – Snapshot
Automotive lightweight materials play an important role in boosting the fuel economy of automobiles. These materials also enhance safety and the overall performance of vehicles. The fuel efficiency of a vehicle increases if it is lighter in weight, as less energy is required to accelerate a lighter object than a heavier one. With the use of automotive lightweight materials, the fuel economy of a vehicle may improve by 6% to 8% with a 10% decrease in weight. Replacement of cast iron and traditional steel components with lightweight materials such as high-strength steel (HSS), magnesium and aluminum alloys, and polymer and carbon fiber composites can significantly lower the vehicle weight. This, in turn, decreases its fuel consumption.
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The global automotive lightweight materials market is anticipated to expand at a significant pace during the forecast period. Growth of the market can be attributed to increase the demand for automotive lightweight materials from developing countries. The automotive lightweight materials market was valued at about US$ 140 Bn in 2017 and is projected to expand at a CAGR of 7.2% during the forecast period. Factors such as stringent government regulations and rise in the demand for automotive lightweight materials from the automotive industry are boosting the market. Surge in the demand for automotive lightweight materials for use in lightweight vehicles is a major driver of the market. Increasing use of lightweight materials has helped achieve higher fuel economy. The factor of weight reduction is appealing for automakers, as it tends to enhance other performance factors valued by customers. Demand for vehicles is increasing at a rapid pace, especially in developing countries. Mandatory emission control by governments is a major factor driving the adoption of lightweight vehicles. Emission criteria vary from region to region. In the U.S. and Canada, these are based on the vehicle size and hence, entail the incorporation of aluminum in the vehicle body. In Rest of World, these criteria are based on vehicle weight, which leads to utilization of high-strength steel.
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Key players operating in the global automotive lightweight materials market need to focus on promoting benefits of using automotive lightweight materials. Major players are engaged in establishing new facilities and enter into acquisitions and mergers to develop and launch new products. These strategies are likely to propel the automotive lightweight materials market during the forecast period. In February 2018, LyondellBasell Industries Holdings B.V. entered into a definitive agreement to acquire A. Shulman, a global supplier of high-performance plastic compounds, composites, and powders. The deal was valued at US$ 2.25 Bn. In September 2018, Lanxess announced plans to build a compounding facility at Krefeld-Uerdingen, Germany in order to invest more in its global production network of high-performance plastics. By the second half of 2019, the company would be producing Durethan and Pocan engineering plastics, which are primarily used in automotive and electric & electronic (E&E) industries.
Based on application, the global automotive lightweight materials market has been divided into interior, exterior, structural, powertrain, and others. Automotive lightweight materials are mostly used to reduce the vehicle weight. Automotive lightweight materials are used in various applications in vehicle interiors. The current automotive interior designs are characterized by improved component functionality and an elegant and luxurious appearance. PC + ABS and PC + ASA blends are used to generate a variety of colors, surface grains, and finishes. The vehicle exterior includes parts that can be seen from the outside. Aerodynamics, aesthetics, and ergonomics are required to be considered while designing automotive exteriors. The structural part of a vehicle includes body parts and chassis parts. Purpose of the structure is to maintain the vehicle shape and support various loads applied onto it. In motor vehicles, powertrain is the key component that generates power and delivers it to the road surface, water, or oil. Powertrain includes engine, transmission system, drive shaft, differential drive, and final drive.
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Based on region, the global automotive lightweight materials market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe are key regions of the global market. In terms of consumption, Asia Pacific holds a major share of the global automotive lightweight materials market. The automotive lightweight materials market in Japan and China is anticipated to expand at a rapid pace during the forecast period, due to growth of the automotive industry in these countries. China is a major consumer of automotive lightweight materials in Asia Pacific. Middle East & Africa and Latin America are emerging markets for automotive lightweight materials. High demand for lightweight vehicles in these regions is fueling the market in Middle East & Africa and Latin America.
Key players operating in the global automotive lightweight materials market include Faurecia, Lear Corporation, Grupo Antolin, Magna International Inc., LyondellBasell Industries Holdings B.V., SABIC Group, Reliance Industries Limited, BASF SE, DowDuPont Inc., and Lanxess.
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