Increasing Demand for Fuel-Efficient Vehicles Fueling Sales of Automotive Lightweight Materials

With the escalating air pollution levels and the rapid deterioration of the environment, many environmental organizations and governments are enacting stringent policies and taking initiatives for reducing the emission of greenhouse gases. These policies are also aimed at mitigating greenhouse gas emissions from automobiles. For instance, the governments of many European and North American countries are promoting the development and incorporation of lightweight materials in automobiles for reducing carbon dioxide emissions by 2025.

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Similarly, the governments of several Asia-Pacific (APAC) countries such as China, are implementing strict policies for reducing the generation of carbon emissions. Furthermore, APAC countries such as India, Indonesia, and Australia are implementing regulations for mitigating such emissions. Moreover, many international organizations are supporting the use of lightweight materials in automobiles, as these materials assist in reducing the generation of toxic gases. Besides these factors, the burgeoning requirement for greater fuel efficiency is also fueling the growth of the automotive lightweight material market.

As a result of the aforementioned factors, the market reached $77.1 billion revenue in 2015.
According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 14.0% from 2016 to 2022. Plastics, composites, and metals are the most widely used lightweight materials in the automotive industry. Out of these, the demand for metals is predicted to shoot up in the automotive industry in the forthcoming years. This is attributed to the surging use of high-strength steel and aluminum lightweight materials.

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For instance, the U.S. enacted Corporate Average Fuel Economy (CAFE) standards for light-duty automobiles of model years 2017–2025 in August 2012 for increasing the fuel economy to 54.5 miles per gallon by 2025. Aluminum and high-strength steel (HSS) are the major lightweight materials used in the North American countries. The sales of aluminum are expected to rise sharply in the emerging economies, while the demand for HSS is predicted to shoot up all over the world in the forthcoming years, owing to its suitability for several structural designs and low cost.

Hence, it can be said without any hesitation that the sales of automotive lightweight materials will explode in the coming years, primarily because of the growing requirement for fuel-efficient vehicles and the increasing implementation of stringent regulations and policies by the governments of several countries for mitigating the emission of carbon dioxide and other greenhouse gases, on account of the surging concerns being raised over the rapid environmental degradation and escalating air pollution levels all over the world.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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