Global Automotive Lightweight Materials Market size is estimated to grow at a double digit CAGR in the projected period due to increasing demand for improving safety and performance in vehicles along with enhancing fuel economy. Continuous upgradation of vehicles for complying to latest regulatory and compliance norms along with increasing focus of automobile manufacturers to offer highly efficient vehicles are expected to positively influence the industry share. Rising prevalence of electric vehicles along with the requirement for extending driving range of such vehicles are further boosting the industry size.
Stringent efficiency and emission norms are expected to provide a positive outlook for the automotive lightweight materials market expansion. The Corporate Average Fuel Economy (CAFE) standards mandate the automobile manufacturers to maintain a minimum standard fuel economy average of up to 55 miles per gallon. These are enabling automobile manufactures to invest in advanced and lightweight materials, thereby expanding the industry share.
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Based on vehicle, the automotive lightweight materials market share can be segmented into PCV, LCV, and HCV. PCV will account for a significant share over the projected timeframe. This can be attributed to the increasing vehicle production across the globe. Moreover, the rising preference for affordable and efficient means of personal transportation along with convenient financing and ownership schemes are expected to further boost the segment share.
Based on application, the automotive lightweight materials market size is classified into interior, exterior, powertrain, and structure. The interior segment is expected to grow significantly over the projected timeframe. This can be attributed to the increasing focus of automobile manufacturers to launch vehicles with premium interior experience. Moreover, the incorporation of advanced electronics and sensors in vehicle interiors for enhancing the passenger experience, along with improving vehicle performance are expected to boost the segment size.
The automotive lightweight materials market share based on materials can be classified into composites, metals, plastics, and rubber. Composites will exhibit considerable growth over the projected timeframe. This can be credited to the benefits offered by the material including lower weight, higher strength, and superior design flexibility. The enhanced corrosion resistance along with tighter tolerance limits are expected to further expand the segment size.
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Asia Pacific will account for a significant share in the automotive lightweight materials market share. This can be attributed to the increasing demand for low cost and light weight compact vehicles across the region. The increasing demand for Kei cars in Japan and sub-four-meter vehicles in India are expected to further expand the regional share. Moreover, consumers across the region usually prefer vehicles with superior fuel economy, thereby enabling automobile manufacturers to invest in R&D for significantly lowering vehicle weight
Industry players are continuously investing in R&D for developing light weight vehicles for expanding the automotive lightweight materials market size. For instance, from 2016 to 2018, General Motors launched around 14 vehicle models with an overall weight reduction of around 5,000 pounds, thereby accounting to 350 pounds per vehicle. Additionally, major automobile manufacturers are continuously investing in a diversified range of materials including carbon fiber composites, aluminum, magnesium, along with a diversified range of plastics and foams for use in chassis, powertrain, and body structure.
The automotive lightweight materials market share is highly competitive owing to the presence of multiple industry players including Aleris International, Covestro LLC, Sabic group, Dow DuPont Inc, Kaiser Aluminium, US Magnesium LLC, Reliance Industries Limited, Nippon Fiber Graphite Corporation and Owens Corning Corporation. Industry players are engaged in strategic partnerships and joint ventures for boosting their market share. For instance, in January 2016, Saint Gobain entered into a strategic partnership with Corning for launching light weight automotive glass solutions.
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