Press release
Automotive Lightweight Materials Market: Compliance to Stringent Regulations to Bolster Growth
According to the research report, the global automotive lightweight materials market is expected to be worth US$301.36 bn by the end of 2024 from US$149.03 bn in 2015. Between the forecast years of 2016 and 2024, the global market is projected to be surge at a CAGR of 8.30%.
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Metals to Remain Popular Choice of Lightweight Materials in Automotive Industry
On the basis of product, the global automotive lightweight materials market is segmented into plastics, composites, rubber, and metal. As of 2015, metals held a dominant share in the global market, accounting for nearly 60% of it. Research indicates that this product segment will continue to thrive and lead in the coming years as well. Aluminum, magnesium, and steel have emerged as the key metals being used for making automotive lightweight parts due to their exceptional suitability. Of these, steel has shown tremendous progress due its properties such as rigidity, strength, machinability, and durability. The innovation in steel production such as CP, UHSS, and DP to bring down the weight of the components has also had a positive impact on this segment.
In terms of geography, the global automotive lightweight materials market is likely to be driven by the North America due to an advanced automotive industry in the region. As of 2015, the North America automotive lightweight materials market held a share of 30% in the global market. The persistent advancements in technology are expected to keep this region at the forefront over the forecast period.
Demand for Fuel-efficient Vehicles Bolsters Market Growth
The growing awareness amongst automobile manufacturers to develop vehicles that are light in weight has augmented the demand for automotive lightweight materials market. The growing awareness about emission norms has also accelerated the uptake of lightweight designs in the automotive industry. The growing need to curb carbon emission has forced automakers to design vehicles are offer fuel efficiency and economy. This has subsequently had a positive impact on the usage of automotive lightweight materials, thereby bolstering the global market. Furthermore, the increasing expenditure on automobiles especially in the emerging economies has also created a significant demand for these materials.
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Despite the steady growth drivers, analysts project that the global automotive lightweight materials market is likely to be met with a few challenge. A key hurdle for the global market is the high cost of lightweight materials, which is creating a direct impact on the pricing of the products. However, the players can overcome this challenge with widening consumer base as the demand for automobiles picks up pace. The expansion of the automotive industry and experimentation with different materials is expected to generate newer opportunities for the global market in the near future.
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