Market Research Report
Automotive Lightweight Materials Market Size By Material, By Application, By Manufacturing Process, By Vehicle Type, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
|Automotive Lightweight Materials Market Size By Material, By Application, By Manufacturing Process, By Vehicle Type, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026|
Published: December 12, 2020
Global Market Insights Inc.
Content info: 300 Pages
Delivery time: 2-3 business days
Automotive Lightweight Materials Market Size By Material (Metals & Alloys [High Strength Steel, Aluminum, Magnesium], Plastics [Polypropylene, Polyurethane, Polyvinyl Chloride, ABS, Polycarbonate], Composites [Glass Fiber, Carbon Fiber]), By Application (Body In White, Chassis, Powertrain, Interior, Exterior), By Manufacturing Process (Casting, Extrusion, Rolling, Forging, Forming, Open Molding, Closed Molding), By Vehicle Type (Internal Combustion Engine Vehicle, Battery Electric Vehicle, Hybrid Electric Vehicle), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026.
The global automotive lightweight materials market size is slated to grow substantially over the next several years, driven by the need for lightweight and energy efficient vehicles. The presence of strict regulatory norms worldwide are fueling developments in the electric vehicle space, which will create a significant demand for lightweight automotive parts and components.
Based on the material, the automotive lightweight materials industry can be segmented into metals & alloys, composites, and plastics. The plastic segment includes polyurethane (PU), polypropylene (PP), polycarbonate, ABS, and polyvinyl chloride (PVC), among others.
Today's modern vehicles require high performance materials which help produce cleaner, more energy efficient, and cheaper vehicles that last longer and provide a smooth driving experience to occupants. As a result, different types of plastics, including PVC in particular, are playing a significant role in the production of lightweight vehicles that offer greater efficiency and an improved performance.
The demand for PVC parts and components in the auto industry is expected to grow at an 8% CAGR through 2026. The material is widely preferred as it is inexpensive and fairly durable compared to other alternatives.
According to the British Plastics Federation, it is estimated that every 100 kg of plastic, including PVC, can be used to replace nearly 200-300 kg of conventional materials. Consequently, the 100 kg of plastics can help reduce fuel consumption by almost 750 liters along with the subsequent carbon emissions over the lifespan of the vehicle.
In addition, PVC is one of the most effective component of shock absorbing systems such as soft dashboards which help reduce injury during impact. PVC coated fabrics are often used in automotive airbags. The fire resistant properties of the material further help improve the overall safety of passengers.
The incorporation of flexible varieties of PVCs can help further expand the life of automobiles by minimizing the effects of road, weather, and driving conditions, providing a smooth and comfortable driving experience.
In terms of the applications, the market is classified into chassis, BIW, interior, powertrain, exterior, and others. The automotive lightweight materials market size from exterior applications is estimated to record a CAGR of more than 6.5% up to 2026. This growth can be attributed to the increasing demand for lightweight materials to lower the overall vehicle weight and enhance the performance.
On the basis of the manufacturing process, the automotive lightweight materials industry is bifurcated into casting, rolling, extrusion, forming, forging, open molding, and close molding, among others. The open molding segment is projected to witness a significant adoption in the near future, supported by the strict government regulations pertaining to fuel emissions.
Geographically, the automotive lightweight materials market in Latin America is anticipated to witness notable growth in the forthcoming years, driven by favorable government regulations promoting the production of lightweight and fuel efficient vehicles. The rapidly growing trend of electric vehicles will certainly boost the demand for lightweight materials, providing the regional suppliers with ample opportunities.