According to a new report published by Transparency Market Research (TMR) titled ‘Automotive Lightweight Materials – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026, the global automotive lightweight materials market was valued at around US$ 141,000 Mn in 2017 and is anticipated to expand at a CAGR of over 7.2% from 2018 to 2026.
Ascend in the interest for automotive lightweight materials in the automotive business drives the worldwide market. As far as worth, the market in Asia Pacific is foreseen to grow at a CAGR of over 7.3% during the figure time frame. Automotive producers are progressively selecting automotive lightweight materials so as to diminish carbon discharges and increment the vehicle productivity.
High-strength Steel (HSS) segment to the dominate global automotive lightweight materials market
Rising utilization of automotive lightweight materials in vehicles is relied upon to impel the automotive lightweight materials showcase during the figure time frame. Inclination for utilization of high-quality steel over the conventional steel diminishes the vehicle weight. High-quality steel utilized in the automotive business has been ordered into ordinary high-quality steel, propelled high-quality steel, and ultra-high-quality steel.
High-quality steel is made by utilizing a mix of compound sytheses and preparing techniques in order to accomplish high quality and formability like mellow steel. Segment weight diminishes by 10% to 60% when substantial steel is supplanted by cutting edge high-quality steel in automotive parts.
Passenger vehicles segment to dominate the global market
Based on vehicle, the automotive lightweight materials market has been divided into passenger vehicles, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). In passenger cars, lightweight materials are used in instrument panels, doors, side panels, pillars and cover panels, seating, headrest, center consoles, sun visors, flooring covers, seat backs, and rear trays. All components are made of lightweight materials, mostly engineering plastic compounds and composites. Use of lightweight materials in passenger vehicles can effectively increase the fuel efficiency. The lighter the vehicle, the higher is its efficiency. The fuel efficiency of lighter vehicles is higher by 5% to 7% compared to heavier vehicles. A majority of leading manufacturers of passenger cars such as BMW, Tesla, Mercedes Benz, and Ford use lightweight materials in their vehicles.
Structural segment to dominate the global automotive lightweight materials market
The structural part of a vehicle includes body parts and chassis parts. The structural part accounts for a large percentage of costs of development and manufacture of a vehicle. Purpose of the structure is to maintain the vehicle shape and support various loads applied onto it.
Various structural concepts are available for designers. Use of automotive lightweight materials in the structure of vehicles enhances their cost effectiveness and safety. These materials can also be recycled.
Wide customer base in developing countries to present growth opportunities to the market
Based on region, the global automotive lightweight materials market has been categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe hold a major share of the global automotive lightweight materials market, as most industries in these regions are well established. North America constitutes a significant share of the global market.
Rise in use of automotive lightweight materials by several automotive manufacturers in developing economies such as China, Japan, and India is projected to boost the market in Asia Pacific during the forecast period. The market in Middle East & Africa and Latin American is estimated to expand at a moderate pace during the forecast period.
Key players operating in the global automotive lightweight materials market are Faurecia, Lear Corporation, Grupo Antolin, Magna International Inc., LyondellBasell Industries Holdings B.V., SABIC Group, Reliance Industries Limited, BASF SE, DowDuPont Inc., and Lanxess. Major players engage in acquisitions or joint ventures to enhance their market position.