Key Highlights of Global Automotive Lightweight Materials Market
- The global automotive lightweight materials market was valued at US$ 149 Bn in 2018 and is anticipated to expand at a CAGR of 7.2% during the forecast period
- Advanced and lightweight materials play an extremely significant role in ensuring the fuel competence of new vehicles together with an assurance of high performance and safety. Lightweight vehicles come with a host of benefits, it not only requires less power in acceleration but also increases the efficiency of the vehicle as compared to heavier vehicles.
- Vehicles made with lightweight materials consume 6 to 8% of lesser fuel, which makes it cost effective. All these benefits drive the growth of the global automotive lightweight materials market.
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Key Drivers of Global Automotive Lightweight Materials Market
- The global automotive lightweight materials market is forecasted to expand at a substantial pace over the tenure of assessment, from 2019 to 2027. Such development of the market is ascribed to rise in demand for automotive lightweight materials from the developing countries of Asia Pacific and Latin America.
- The expansion of the global automotive lightweight materials market is likely to be influenced considerably by the augmented stringency of fuel economy and vehicle emission regulations brought in by the government is another growth factor for the market.
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- Automotive lightweight vehicle materials refer to those materials that are utilized in the minimization of weight and acceleration of vehicle speed, thereby ensuring fuel efficiency. Use of lightweight materials offers a wide range of benefits such as consumption of fewer materials, improved handling of vehicles, low rate of corrosion, and others.
- In addition, lightweight materials are ideal for construction of vehicle frame. However, fuel efficiency of lightweight materials has come up as an important factor driving the growth of the global automotive lightweight materials market.
Rise in Demand for Electric Vehicles to Boost Opportunities for Global Automotive Lightweight Materials Market
- The penetration of the automobile market in Asia is low compared to that in other regions. The ownership of vehicles per 1,000 people exceeded 105 units for the first time in the region at the end of 2014. However, this is well below the global average of 140 units. The rate of ownership of vehicles stands at 550 per 1,000 people to 600 per 1,000 people in major countries in Europe.
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- The light vehicle production sector in Western European focuses primarily on premium cars. Therefore, the volume and range of production are expanding significantly. The production of premium segment cars was 37% of the light vehicle production in Western Europe in 2015. This trend is expected to continue during the forecast period.
- More than 240 million U.S. trucks and cars consume in excess of 170 billion gallons of fuel each year. The usage of lightweight components and high-efficiency engines in one quarter of the U.S. fleet could save more than 5 billion gallons of fuel each year by 2030.
- Vehicle production in Brazil is increasing at a higher pace compared to domestic sales, as exports to neighboring countries have increased due to strong economic conditions. For example, roughly 66% of exports from Brazil’s auto industry are destined to Argentina and Mexico-countries currently experiencing double-digit rise in sales. As a result, Brazil’s vehicle exports have surged by nearly 20% so far this year, with export growth accelerating in recent months.
Asia Pacific Dominates Global Automotive Lightweight Materials Market
- Europe and North America are likely to emerge as prominent geographies of the global automotive lightweight materials market. About consumption, Asia Pacific is likely to account for a sizeable chunk of the global automotive lightweight materials market over the tenure of forecast.
- Driven by tremendous growth and expansion of the automotive industry in China and Japan, the Asia Pacific is likely to emerge as a rapidly growing region in the global automotive lightweight materials market. China is both a prominent consumer as well as producer of automotive lightweight materials in the Asia Pacific region. Further, Latin America and the Middle East and Africa are likely to come up as emerging regions for the global automotive lightweight materials market.
- These regions are observing a rise in the sales of lightweight automotive vehicles materials due to rise in disposable income and growing awareness about the benefits of lightweight vehicles.
Key Developments of Global Automotive Lightweight Materials Market
- LyondellBasell Industries Holdings B.V, Grupo Antolin, DuPont de Nemours, Inc., Reliance Industries Limited, Magna International Inc., and Faurecia are some of the key players profiled in the report on the global automotive lightweight materials market.
- BASF SE is the largest global manufacturer of automotive lightweight materials, accounting for more than 15% share in 2018. Faurecia is one of the largest global suppliers of automotive lightweight materials and have its global presence. It holds considerable share of the automotive lightweight materials market.