Automotive Lightweight Material Market worth USD 117.1 Billion by 2027, registering a CAGR of 7.56% – Report by Market Research Future (MRFR)
New York, July 02, 2021 (GLOBE NEWSWIRE) — Automotive Lightweight Material Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Lightweight Material Market Research Report by Material, By Application, By Vehicle Type and By Region – Global Forecast to 2027” the market is projected to be worth USD 117.1 Billion by 2027, registering a CAGR of 7.56% during the forecast period (2021 – 2027), The market was valued at USD 71.41 billion in 2020.
Market Scope
The huge demand for reduction of additional weight in commercial and passenger vehicles can facilitate market growth. Commercial availability of plastics, elastomers, and composites in various regions can drive the market. Rising advocacy of vehicle safety and performance of vehicles can lead to rollout of stringent laws. Technological innovations making way for electric vehicles (EVs) coupled with roaring demand for trucks and luxury cars can pave the way for new market opportunities.
Introduction of electric vehicles with superior performance in comparison with conventional vehicles can drive the automotive lightweight materials market growth. Awareness of climate consciousness, government supported initiatives, and investments by OEMs such as Tesla, BMW, Toyota, and Ford Motors can drive market demand.
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Competitive Analysis
Key players profiled in the automotive lightweight material market research report are –
- Alcoa Inc., (U.S.)
- Toray Industries Inc. (Japan)
- ArcelorMittal S.A. (Luxembourg)
- ThyssenKrupp AG (Germany)
- BASF SE (Germany)
- PPG Industries, Inc (U.S.)
- Covestro AG (Germany)
- Owens Corning (U.S.)
- Lyondellbasell N.V. (U.S.)
- Novelis .Inc.,(U.S.) and others.
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Industry Trends
Development of new composite materials has been a technological breakthrough for major automotive OEM manufacturers. Recently, researchers at the University of Bath have developed a graphene-based aerogel that is designed in an image of meringue dessert for reducing noise levels and improving passenger comfort. It has been shown to insulate sound levels in aircraft engine nacelles. The commercialization of the product and interest among car manufacturers can be used in creating panels in engines.
Simulation-driven designs can induce the development of new materials for manufacture of external and internal components. Recently, Forward Engineering has developed a new composite fiber, oregano blanks, with a composition similar to organo blanks.
Development of new lightweight metals by seeking new ways of collaboration with material suppliers and car makers in all lifecycle stages can bode well for the market. Recently, the University of Michigan was granted USD 2 million for manufacture of lightweight materials. Commitment to electric vehicle manufacturing and integration of aluminum sheet in exterior components can drive the market demand significantly.
Segmentation
By material, the market comprises metal, rubber, plastic and others. The metal segment is expected to gain a large market share owing to high strength possessed by magnesium, aluminum, and steel. Replacement of cast iron with high strength steel for manufacture of exterior and internal components can drive segment growth.
By vehicle type, it is divided into passenger vehicle and commercial vehicle. Passenger vehicles can account for the highest market share owing to a middle-class population and huge spending capacity of passengers. On the other hand, commercial vehicles can enjoy a strong growth rate during the forecast period due to user demand for on-road stability and fuel-efficiency for trucks and mini-vehicles.
By application, the automotive lightweight material market comprises interior, exterior, structural, and others. The interior application is expected to register a strong demand owing to production of seats, airbags, hood, liftgate, instrument panel, and others.
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Regional Analysis
APAC is touted to be the fastest-growing region of the automotive lightweight material market owing to huge awareness of emission norms and strict laws for production of future vehicles. Adherence to Euro VI laws and presence of various automotive component manufacturers in the region can drive the market growth. China and India are two major countries that can churn a strong growth rate for the regional market.
Europe is estimated to capture a significant market share owing to development of composite materials and sustainability goals proposed by countries in the European Union. Reduction of pollutants such as carbon monoxide and investments by manufacturers for developing lightweight cars can drive the regional automotive lightweight materials market.
Industry Update
Evergrande Group and Sinopec Group, both Chinese behemoths, have signed an update on developing automotive lightweight materials and fuel-efficient vehicles.
Simulation-driven Designs to Drive Global Automotive Lightweight Material Market Growth
The global automotive lightweight material market is likely to thrive over the forecast period owing to strict emission norms and development of lightweight cars. Development of hybrid and electric vehicles and aims to curb pollution levels can drive market demand. Setup of facilities near car manufacturing plants and investments in R&D are prime strategies of players aiming to achieve last-mile delivery of components and sustain market share.
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Segmentation of Market covered in the research:
Information Report by Material (Metal, Rubber, Plastic and Others), By Application (Interior, Exterior, Structural and Others), By Vehicle Type (Heavy Commercial Vehicles, Light Commercial Vehicles, Passenger Vehicles and Others) and By Region – Global Forecast to 2027
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