A comprehensive overview of the Automotive Lightweight Material Market is recently added by UnivDatos to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Automotive Lightweight Material Market. The report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Automotive Lightweight Material Market at the regional levels. The Automotive Lightweight Material Market is expected to witness CAGR growth of more than 7.3% by 2027.
Market Overview
The innovation of lightweight material has led to a better understanding of safety in the automotive industry. In the years to come, demand for reduced vehicle weight is expected to become a necessity to improve fuel economy, and to meet the electrification of the automotive industry. Automotive OEMs are working on the ongoing trend. Recently, Six car makers including Daimler, VW, Toyota, Fiat Chrysler, Volvo, and Opel have implemented an Alliance project, with an aim to manufacture lighter vehicles through sharing knowledge, research, and experience with lightweight materials. The project aims to reduce vehicle weight by around 21-33%, keeping costs below US$3.26/ kg saved, and reducing emissions by 6%.
Automotive Lightweight Material Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
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By Material Type, the market is primarily bifurcated into:
- Metal
- Plastics
- Composites
- Elastomer
Based on material type, metal segment dominated the market in 2020, accounting for more than 60% share. However, Composite segment is expected to witness significant growth during the forecast period.
By Component, the market is primarily studied into:
- Frame
- Powertrain
- Interior Components
- Exterior Components
Based on component, Powertrain segment is expected to witness high growth during the forecast period. Use of aluminum as lightweight material in the vehicle production is majorly limited to engine transmission, wheel heat exchangers, chassis, and suspension. High-cost act as main barrier for the use of aluminum in other vehicle parts.
By Application, the market is primarily studied into:
- Body in White
- Chassis and Suspension
- Powertrain
- Closures
- Interiors
- Others s
Based on application, powertrain segment would witness significant growth during the analyzed period. Enclosures are developed to accommodate all battery cell type designed particularly for BEV, with large power pack including pick-up trucks, sports vehicles, and crossovers, among others. Moreover, it is up to 50% lighter compared to an equivalent steel design and is suited for mass vehicle production.
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By Vehicle Type, the market is primarily studied into:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Based on vehicle type, Passenger Vehicle segment dominated the market in 2020. Automotive lightweight materials are being used for manufacturing body in white, chassis and suspension, powertrain, closures, interiors, and other parts in the passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
Automotive Lightweight Material Market Region Segmentation Includes:
- North America
- Europe
- Asia-Pacific
- Rest of World
Based on the estimation, Europe is expected to be the largest automotive lightweight material market during the forecast period. However, automotive lightweight material market is expected to witness significant growth in the Asia-Pacific owing to growing number of vehicle production and growing demand for luxury/premium cars owing to increased disposable income.
The major players targeting the market includes:
- BASF SE
- ArcelorMittal
- Toray Industries, Inc.
- Stratasys Ltd.
- Covestro AG
- Alcoa Corporation
- Owens Corning
- Lyondellbasell Industries Holdings B.V.
- ThyssenKrupp AG
- Tata Steel
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Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Automotive Lightweight Material Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
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