Automotive Lightweight Materials Market to Reach $310bn
The Automotive Lightweight Materials Market is set to grow from its current market value of more than $147.7bn to over $310bn by 2026; as reported in the latest study by Global Market Insights. Rising demand for reducing greenhouse gas emissions along with surging production of electric vehicles will boost the automotive lightweight materials industry outlook.
Increasing requirements for complying with fuel emissions norms to improve fuel efficiency is providing potential opportunities for vehicle weight reduction. According to U.S. Corporate Average Fuel Economy (CAFE) regulations, vehicle manufacturers are required to achieve higher economy of 54.5mpg by 2025. Material substitution in vehicles is playing a vital role in boosting the fuel economy and reducing the secondary weight in load bearing structures.
Increasing utilization of lightweight materials enables potential weight reductions and improvement in driving performance. However, risks pertaining with adoption of new materials in conjunction with supply chain volatility shall restrain the automotive lightweight materials industry growth over the projected timeframe.
Lightweight materials including Ultra-High Strength Steel (UHSS) and Advanced High Strength Steel (AHSS) are gaining a higher visibility owing to their enhanced performance in crash energy management, lower manufacturing cost and superior strength. Moreover, higher bake hardening and work hardening capabilities are allowing improved formability and opportunities for optimization of complex part geometries. Significant improvements in material properties is achieved through multimaterial optimization and technologically advanced manufacturing processes.
Vehicle manufacturers are introducing alternative fuel powertrains for complying with fuel emission standards. Lightweighting of electric vehicles majorly contributes toward improving their performance and driving range per charge. Proliferating production of electric vehicles mainly in China and Japan will propel the regional product demand over the forecast timeframe.
Moreover, promotional government policies and incentive programs are accelerating the penetration electric vehicles. Multi-material design approaches incorporating advanced plastics and composites will augment the automotive lightweight materials market over the coming years.
