Global Automotive Lightweight Materials Market is estimated to reach $169.6 billion by 2024; growing at a CAGR of 12.5% from 2016 to 2024. The lightweight materials are the mixture of metal-alloys and composites. They are used to decrease the weight of aircrafts, automotive, and windmills without affecting the strength and proficiency of the structure. They have high strength to weight ratio, greater design flexibility, and exceptional corrosion resistance. Their efficiency depends on the mixture of alloys and composites used. Where, metal alloys comprise of lightweight & high strength steel, aluminum alloys, titanium alloys, and magnesium alloys. These alloys are easy to shape by welding, machining, and forming. They find extensive applications in several industries such as aerospace and automobile, among others.
Global Automotive Lightweight Materials Market Size and Forecast, 2015 - 2024 (US$ Billion)
The global automotive lightweight materials market is primarily driven by rising penetration of lightweight components, strict emission and fuel economy guidelines to increase the demand for lightweight materials in automotive industry, and increase in production of aircraft modules. Though, issues such as high cost of carbon fiber, and rapid fluctuations in raw material prices may hindrance the market growth. Moreover, rise in the demand for lightweight and fuel-efficient vehicles across the world, and ongoing R&D along with technological advancement in lightweight materials used in automotive is expected to generate various growth opportunities for the market in the coming years.
The global automotive lightweight materials market is mainly classified on the basis of material type, application, and geography. On the basis of material type, the market is segmented into metals, plastics, and composites. Metal is further sub-segmented into aluminium, high strength steel (HSS), and other metals. Composite segment is further bifurcated into carbon fiber reinforced plastic (CFRP), and glass fiber reinforced polymer (GFRP). By application the market is segregated into structural, powertrain, interior, exterior, and other applications.
Global Automotive Lightweight Materials Market, by Material Type
Based on geography, the automotive lightweight materials market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consist of UK, Germany, France, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific while RoW is bifurcated into South America, Middle East, and Africa.
Global Automotive Lightweight Materials market Regional Revenue % (2016 Vs 2024)
The prominent players operating in the market are BASF SE, Covestro AG, PPG Industries, Inc., ArcelorMittal S.A., ThyssenKrupp AG, Novelis Inc., Toray Industries, Inc., LyondellBasell Industries N.V., Owens Corning, and Alcoa Inc., among others.
The key takeaways from the report
- The report will provide detailed analysis of Global Automotive Lightweight Materials Market with respect to major segments such as material type, and application
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Automotive Lightweight Materials Market has been included in the report
- Profile of the key players in the Global Automotive Lightweight Materials Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Automotive Lightweight Materials Market
Material Type Segments
- High Strength Steel (HSS)
- Other Metals
- Carbon Fiber Reinforced Plastic (CFRP)
- Glass Fiber Reinforced Polymer (GFRP)
- Others Applications
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- South America
- Middle East
Global Automotive Lightweight Materials Market Primary Interviews by Geography