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Automotive Lightweight Materials Market Size

Report ID: GMI3315
Published Date: Dec 2020
Report Format: PDF

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Automotive Lightweight Materials Market Size

Automotive Lightweight Materials Market size surpassed USD 184.9 billion in 2019 and is projected to register a CAGR of over 8.2% between 2020 and 2026. Positive trends associated with the electric vehicle industry will create several opportunities for the automobile sector.

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The rising trend of automobile weight reduction and strict emission controls are expected to drive the automotive lightweight materials market growth. For instance, trimming the automotive body weight by more than 1 kg can reduce close to 20kg of CO₂ emitted by the vehicle during its total lifespan. European regulatory authorities are working toward achieving 95g of CO₂emission per km from 140g of CO₂per km in every passenger vehicle.

Automotive Lightweight Materials Market Report Attributes
Report Attribute	Details
Base Year:	2019
Automotive Lightweight Materials Market Size in 2019:	184.9 Billion (USD)
Forecast Period:	2020 to 2026
Forecast Period 2020 to 2026 CAGR:	8.2%
2026 Value Projection:	247.2 Billion (USD)
Historical Data for:	2016 to 2019
No. of Pages:	300
Tables, Charts & Figures:	340
Segments covered:	Material, Application, Manufacturing Process, Vehicle Type and Region
Growth Drivers:	Stringent regulations for reducing fuel emissions Increasing adoption of alternative powertrains Emerging future mobility Surging production of electric vehicles
Pitfalls & Challenges:	Affordability of light weighting solutions High risks associated with new material adoption Limited collaboration across automotive supply chain

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Such regulations have compelled automotive manufacturers to look for various other alternatives such as developing new engineering technology in powertrain system, working on alternative fuel, and increasing the use of automotive lightweight materials.

Currently, more than 18% of passenger vehicle parts are made from high strength steel, and close to 11% of automobile parts are made from composites or another polymer. Such trends will spur the automotive lightweight materials market expansion.

The materials offer numerous benefits, which include improved automotive performance coupled with controlled noise and vibration. Automotive lightweight materials also reduce greenhouse gas emissions, thereby contributing to an eco-friendly society. Despite a recent slowdown in the demand from the automobile sector in the backdrop of weakened economic conditions, the industry is likely to offer ample opportunities in the long run.

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Automotive lightweight materials market industry size surpassed USD 184.9 billion in 2019 and may grow at a CAGR of 8.2% between 2020 to 2026.

Aluminum segment may record 7% CAGR through 2026, as it delivers an excellent cost-to-benefit ratio and also boasts of high production capacity.

Chassis segment accounted for 20% revenue share in 2019 and may depict appreciable proceeds by 2026, driven by the rising number of strict emission standards.

North America automotive lightweight materials market may register 8.5% CAGR through 2026, driven by the rising number of regulatory bodies in the U.S. that are coming up with new standards to reduce fuel emissions.