Automotive Lightweight Materials Market
Automotive Lightweight Materials Market (Material: Metal Alloys, High-strength Steel [HSS], Composites, and Polymers; Vehicle: Passenger Vehicles, Light Commercial Vehicles [LCVs], Heavy Commercial Vehicles [HCVs]; and Application: Interior, Exterior, Structural, Powertrain, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
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Automotive Lightweight Materials: Description
- 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.
- The automotive lightweight materials market was valued at about US$ 149 Bn in 2018 and is projected to expand at a CAGR of 7.2% during the forecast period.
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What are Key Growth Drivers of Global Automotive Lightweight Materials Market?
- 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. 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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What are Key Challenges for Global Automotive Lightweight Materials Market?
- The cost associated with lightweight materials is high. Some lightweight materials such as carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics (GFRP) are costly compared to other traditional materials such as steel and aluminum.
- Carbon fiber composites currently cost 1.5 to five times more than steel. High fiber production costs inhibit high volume deployment. Thus, there is a need to reduce precursor and processing costs.
- Composites offer significant improvements over metals in specific strength and stiffness, creating a myriad of opportunities. However, they are more expensive. Composites typically consist of matrix and reinforcement materials. Their cost is usually dependent on the individual prices of these two materials. Reinforcements include carbon fiber and glass fiber. The high price of carbon fibers restricts the potential use of composites in many applications. Therefore, the high cost of composites is likely to considerably restrict the market.
Lucrative Opportunities for Players in Global Automotive Lightweight Materials Market
- To meet fuel economy and CHG emission norms, automakers are constantly changing the material makeup of their products. The inclusion of lightweight materials in vehicles will require new investments on assembly lines.
- Automakers have to retool and recalibrate their facilities in order to handle new materials. Meanwhile, automotive suppliers, in an attempt to keep up with the higher demand from automakers, will continue to expand their existing plants as well as build new facilities.
- In the U.S., the demand for carbon fiber from BMW and demand for aluminum from Ford have led to new investments in plants that supply those materials. Although lightweight materials are creating some new opportunities in the material supplier space, there are also many more opportunities in the overall material supply chain.
- Responding to the increase in demand for aluminum and composites, suppliers are working to increase their capacities. For instance, Alcoa is one of the largest producers of aluminum. It is investing US $ 300 Mn to build a new production line in Davenport, Iowa and US$ 275 Mn to add more capacity in the plant in Alcoa, Tennessee.
- All parts of the supply chain change due to a change in materials. For instance, the areas of design engineering, tooling, prototype development, fabrication, and joining are likely to offer significant opportunities as automakers continue the push for vehicle weight reduction.
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Asia Pacific to Dominate Global Automotive Lightweight Materials 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.
Leading Players in Global Automotive Lightweight Materials Market
- The global automotive lightweight materials market is highly fragmented. Major players operating in the automotive lightweight materials market are
- Henkel AG & Co.
- Vorbeck Materials Corporation, Inc
- Intrinsiq Materials, Inc.
- Heraeus Holding GmbH
- Johnson Matthey PLC,
- Creative Materials Inc.
- Applied Ink Solutions.
- Market players are developing new products to widen their consumer base. This is likely to intensify the competition in the global automotive lightweight materials market in the next few years.
Global Automotive Lightweight Materials Market: Overview
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global automotive lightweight materials market to gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating a landscape for growth of the global automotive lightweight materials market. The study also identifies growth avenues for stakeholders. The report provides insightful information about how the global automotive lightweight materials market is likely to expand during the forecast period of 2019 to 2027.
The report offers intricate dynamics about different aspects of the global automotive lightweight materials market that aid companies operating in the market in making strategic decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the automotive industry with respect to the global automotive lightweight materials market during the forecast period. It also includes a key indicator assessment to highlight growth prospects of the global automotive lightweight materials market and estimates statistics related to growth of the market in terms of volume (Kilo Tons) and value (US$ Mn).
This study covers a detailed segmentation of the global automotive lightweight materials market, along with key information and a competition landscape. The report mentions company profiles of key players operating in the global automotive lightweight materials market, wherein various developments and expansion, and winning strategies practiced and executed by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Global Automotive Lightweight Materials Market
The report provides detailed information about the global automotive lightweight materials market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global automotive lightweight materials market that would help them design successful strategies and make target-driven decisions.
- Which material segment of the global automotive lightweight materials market would emerge as a leading revenue generator during the forecast period?
- What would be the Y-o-Y growth rate of the global automotive lightweight materials market between 2019 and 2027?
- What are winning imperatives of frontrunners in the global automotive lightweight materials market?
- Which application segment is expected to generate maximum revenue in the global market for automotive lightweight materials during the forecast period?
Research Methodology – Global Automotive Lightweight Materials Market
The research methodology adopted by analysts for compiling the report on the global automotive lightweight materials market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global automotive lightweight materials market.
For primary research, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global automotive lightweight materials market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global automotive lightweight materials market.
Global Automotive Lightweight Materials Market – Segmentation
TMR’s research study segments the global automotive lightweight materials market in terms of type, application, and region. This report presents extensive market dynamics and growth trends associated with different segments and explains how they are influencing the growth of the global automotive lightweight materials market.
Metal Alloys (Magnesium, Aluminum, and Titanium)
High-strength Steel (HSS, AHSS, UHSS)
Composites (Carbon Fiber, Glass Fiber, and Others)
Polymers (PP, PU, ABS, PVC, PA66, and Others)
Light Commercial Vehicles (LCVs)
Heavy Commercial Vehicles (HCVs)
Middle East & Africa