Global Automotive Lightweight Materials Market size is projected to be valued $41 Billion by 2024; with a CAGR of 9.2% from 2017 to 2025. The lightweight materials are used to decrease the weight of aircrafts, automotive, and windmills without affecting the strength and proficiency of the structure. They are mixture of metal-alloys and composites and have high strength to weight ratio, greater design flexibility, and exceptional corrosion resistance. They find extensive applications in several industries such as aerospace and automobile, among others. The market poses huge opportunities in passenger cars, light commercial vehicles, and heavy commercial vehicles.
The global automotive lightweight materials market is primarily driven by rising penetration of lightweight components, strict emission and fuel economy guidelines to increase the demand for lightweight materials in automotive industry, and increase in production of aircraft modules. Though, issues such as high cost of carbon fiber, and rapid fluctuations in raw material prices may hindrance the market growth. Moreover, rise in the demand for lightweight and fuel-efficient vehicles across the world, and ongoing R&D along with technological advancement in lightweight materials used in automotive is expected to generate various growth opportunities for the market in the coming years.
The global automotive lightweight materials market is mainly classified on the basis of material type, application, and geography. On the basis of material type, the market is segmented into metals, plastics, and composites. Metal is further sub-segmented into aluminium, high strength steel (HSS), and other metals. Composite segment is further bifurcated into carbon fiber reinforced plastic (CFRP), and glass fiber reinforced polymer (GFRP). By application the market is segregated into structural, powertrain, interior, exterior, and other applications.
Based on geography, the automotive lightweight materials market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Germany, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
The prominent players operating in the market are PPG Industries, Inc., BASF SE, Covestro AG, ArcelorMittal S.A., Novelis Inc., Toray Industries, Inc., ThyssenKrupp AG, LyondellBasell Industries N.V., Owens Corning, and Alcoa Inc., among others.
The report covers
Scope of the Global Automotive Lightweight Materials Market
Material Type Segments