Global Automotive Lightweight Materials Market To Touch Us$ 260,000 Mn By 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.

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