Automotive Lightweight Materials Market is Expected to Reach $240.78 Million by 2026

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OVERVIEW

Automotive Lightweight Materials Market is valued at USD XX million in 2019 and is expected to reach USD 240.78 million by the end of 2026.

Bizlytik analysts forecast the global Automotive Lightweight Materials market to grow at a CAGR of 12.8% during the forecast period, according to their latest market research report.

Lightweight materials are mixture of metal alloys and composites. They are used to reduce the weight of aircrafts, automotive, and windmills without affecting the strength and proficiency of the structure. They have a 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 lightweight & high strength steel, aluminum alloys, titanium alloys, and magnesium alloys. These alloys are easy to shape by welding, machining and forming. Automotive Lightweight Materials helps automakers to reduce vehicle weight, improve performance and emissions without compromising on safety.

The number of regulations regarding the reduction of emission of carbon dioxide from the automobiles is on the rise. The US automakers for both passengers as well as commercial vehicles follow the Corporate Average Fuel Economy (CAFÉ) standards of 35 miles per gallon by 2020 and 54.5 miles per gallon by 2025. It is estimated that on achieving these targets, there will be a saving of $1.6 trillion of gasoline, reduction in oil consumption by 15.2 billion barrels and reduction of carbon dioxide emission by 7.5 billion metric tons by 2027. Such regulations for carbon dioxide reduction and an increase in fuel efficiency have led to the growth of lightweight materials to a greater extent. With 10% reduction in automotive mass, there is an increase of 6% in fuel efficiency. The US Environmental Protection Agency has greenhouse gas emission standards under the Clean Air Act and sets the standard for tailpipe emissions for all passenger cars as well as SUVs.

Metals (Aluminium, High Strength Steel (HSS), Other Metals), Plastics, and Composites (Carbon Fiber Reinforced Plastic (CFRP), Glass Fiber Reinforced Polymer (GFRP))are covered in the Type segment of the market scope, while the Application segment is categorized intoStructural, Powertrain, Interior, Exterior, Others Applications. The report covers valueof the global market by Type and Application.

The market value of Metals was USD XX Million in 2019, and it is expected to reach USD XX Million by 2026, growing at a CAGR of 11.7% during 2020-2026. The metal provides low density, high strength, low cost, these have applications in almost all automotive components, which would propel the growth of the segment.

North America, Europe, AsiaPacific, South America, and Middle East & Africa are taken into consideration at the global Automotive Lightweight MaterialsValue figures. While North America is further categorized into enhancing United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involvingGCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.

North America automotive Lightweight Materialsmarketwas USD XX Million in 2019, and it is predicted to reach USD XX Million by 2026, growing at a CAGR of 13.9% during the forecast period. The surge in demand for electric and energy vehicles that are both fuel-efficient and cost-effective would improve the growth prospects of the market.

Major players operating in the Automotive Lightweight Materials industry include BASF SE, Covestro AG, PPG Industries, Inc., Thyssenkrupp AG, ArcelorMittal S.A., Novelis Inc., LyondellBasell Industries N.V., Alcoa Inc., Owens Corning, Toray Industries, Inc.

Formation of strategic collaborations and commercialization of products are the few business strategies adopted by the key companies, with a focus on maintaining a competitive advantage over others. The companies are focused on the expansion of business activities on a global scale.