Automotive Lightweight Materials Market: Worldwide Analysis, Business Opportunities and Forecast To 2026
Global automotive lightweight materials market is anticipated to depict a CAGR of 8.2% through 2026, having recorded a valuation of USD 184.9 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 245 billion.
Increasing concerns regarding the reduction of carbon footprint could have a positive impact on automotive lightweight materials market growth. Stringent emission standards and limitations set by various governments on pollutants including CO2 would encourage automakers to incorporate lighter automotive materials that improve vehicle fuel efficiency.
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usage of steel in the production of automotive structures. Advanced high strength steel, ultra-high strength steel, and high strength steel are proven to be extremely beneficial for new automotive structures. These modern grade steel help in mass reduction by reducing sheet gages and lowering of specific density, hence permitting substantial emission reduction.
In terms of application, the powertrain segment is likely to register over USD 50 billion in the upcoming years owing to its considerable share in the overall vehicle weight. Engine blocks are being made of aluminum housing instead of traditional materials like heavy steel and iron, given the growing use of automotive lightweight materials.
With regards to manufacturing process, the extrusion process segment is expected to record around 10% CAGR over the forecast period. The process helps manufacturers to assemble metal where it is required, introduce features in a single part and eliminates the need for the assembly of multiple parts composed of alternative materials. Aluminum extraction is costlier than steel extrusion, but it makes the automobile lighter in weight and adds features which are not possible with steel parts.
Based on vehicle type, battery electric vehicles segment could witness impressive growth on account of mounting need to decrease fuel emissions and adhere to stringent air quality standards. Tax exemption for battery electric vehicles along with rising income levels could boost segment growth over time.
On a regional standpoint, Europe automotive lightweight materials market is estimated to hold around 25% share owing to estimated steady recovery of automobile production in Q1 and Q2 of 2021, post the impact of the COVID-19 pandemic. Implementation of strict Euro 6 norms is expected to lessen CO2, nitrogen oxide and carbon monoxide emissions, which could force automakers to develop more fuel efficient vehicles. Additionally, increasing R&D expenditure to create efficient automotive lightweight materials could propel industry expansion.
The global automotive lightweight materials market consists of firms such as BASF SE, LyondellBasell Industries Holding B.V., LANXESS Deutschland GmbH, Owens Coming, POSCO, ArcelorMittal, Aleris Corporation, SGL Carbon, AK Steel Corporation, Stratasys Ltd., WHB Brasil, and Tata Steel. These companies are adopting different business strategies such as new product development and geographical expansions in order to enhance their market reach.
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Some Point from Table of Contents:
Chapter 6 Automotive Lightweight Materials Market, By Manufacturing Process
6.1 Global automotive lightweight materials market share by manufacturing process, 2019 & 2026
6.2 Casting
6.2.1 Global market estimates and forecasts, 2016 – 2026
6.2.2 Market estimates and forecast, by region, 2016 – 2026
6.3 Extrusion
6.3.1 Global market estimates and forecasts, 2016 – 2026
6.3.2 Market estimates and forecast, by region, 2016 – 2026
6.4 Forging
6.4.1 Global market estimates and forecasts, 2016 – 2026
6.4.2 Market estimates and forecast, by region, 2016 – 2026
6.5 Forming
6.5.1 Global market estimates and forecasts, 2016 – 2026
6.5.2 Market estimates and forecast, by region, 2016 – 2026
6.6 Open molding
6.6.1 Global market estimates and forecasts, 2016 – 2026
6.6.2 Market estimates and forecast, by region, 2016 – 2026
6.7 Closed molding
6.7.1 Global market estimates and forecasts, 2016 – 2026
6.7.2 Market estimates and forecast, by region, 2016 – 2026
Chapter 7 Automotive Lightweight Materials Market, By Vehicle
7.1 Global automotive lightweight materials market share by vehicle, 2019 & 2026
7.2 Internal combustion engine vehicles (ICEV)
7.2.1 Global market estimates and forecasts, 2016 – 2026
7.2.2 Market estimates and forecast, by region, 2016 – 2026
7.3 BEV
7.3.1 Global market estimates and forecasts, 2016 – 2026
7.3.2 Market estimates and forecast, by region, 2016 – 2026
7.4 HEV
7.4.1 Global market estimates and forecasts, 2016 – 2026
7.4.2 Market estimates and forecast, by region, 2016 – 2026
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