According to the latest report by Precedence Research, titled “automotive lightweight materials Market- Global Industry Trends Insight, Size, Share, Growth, COVID-19 Impact, and Forecasts 2020 – 2027”. The automotive lightweight materials market size had been cherished at $ 65.38 billion in 2019 and it is estimated to attain $ 115.37 billion by 2027.
The automotive lightweight materials market is expected to grow at a CAGR of 7.4% during the forecast period. This report provides an analysis for the period of 2016 to 2027, wherein, 2020 is the base year, 2016 and before is historical data, and 2020 to 2027 is the forecast period.
Some of the prominent key players are:
- Henkel AG & Co.
- Intrinsiq Materials, Inc.
- Creative Materials Inc.
- Vorbeck Materials Corporation, Inc
- Johnson Matthey PLC
- Heraeus Holding GmbH
- Applied Ink Solutions
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Shifting trend towards new powertrain technologies coupled with higher emphasis on fuel economy standards are the key forces that drives the adoption of lightweight materials over the analysis period. The product demand is positively impacted by the increasing inclination towards battery-powered electric vehicles, as they carry an additional weight due to the components that include electric motors and batteries, and consequently require lightweight materials to improve the vehicle efficiency. Reduced weight provides multiple benefits that include improved vehicle performance & handling along with controlled vibration & noise.
However, high cost of lightweight materials, limited infrastructure availability, and supply chain volatility may hinder the growth of automotive lightweight materials market over the study timeframe.
- The Asia Pacific was projected as the front-runner in terms of consumption for the year 2019 owing to rapid growth in the adoption of electric and hybrid electric vehicles in the region
- Europe and North America are the prominent revenue contributors in the global market due to availability of advanced transportation infrastructure as well as large R&D investment
- Based on vehicle, passenger vehicle witness high demand for lightweight materials compared to other types of vehicles owing to high sales percentage across the globe
- Light commercial vehicles exhibit lucrative growth during the forecast period because of escalating trend of e-commerce and online shopping
- Metals alloys held the significant value share in the global automotive lightweight materials market in the year 2019 and estimated to be maintain its dominance by 2027
- High-strength Steel [HSS] is a type of metal that encounters prominent demand after aluminum
- Powertrain application expected to be the fastest growing segment over the forecast period due to its significant contribution of more than 27% in the vehicle’s weight
In 2019, the Asia Pacific emerged as the dominant market for the automotive lightweight materials. This is mainly attributed to the on-going green revolution in various countries of Asia. For instance, China has announced its plan to convert its public transportation sector with green mobility by the end of 2025. In the wake of same, the country is significantly investing in the upgradation of transport infrastructure in support of the electric and advanced vehicle technology. Similarly, other countries such as Singapore, India, Malaysia, Japan, and Korea are also following the same path and supporting the electric vehicle adoption across the country.
On the other side, Europe being an automotive hub contributes prominently towards the value gain in the global automotive lightweight materials market. The region is a home for several OEMs that include Audi, Mercedes, Porsche, BMW, Ferrari, Alfa Romeo, Bentley, Aston Martin, Jaguar, and many more, this also positively influence the market growth of lightweight materials in the region. In addition, the government in the region has issued stringent norms pertaining to carbon emission such as Euro 6 that will significantly reduce the pollutants that include carbon monoxide and nitrogen oxide, thereby improving the air quality along with the fuel efficiency of the vehicle.
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of vehicle, material, application, and region:
- Passenger Vehicles
- Heavy Commercial Vehicles [HCVs]
- Light Commercial Vehicles [LCVs]
- High-strength Steel [HSS]
- Metal Alloys
By Regional Outlook
- North America
- Asia Pacific
- South Korea
- Rest of the World
Key Questions Covered in the Report
- What is the impact of Covid-19 on the automotive lightweight materials market?
- What is the CAGR of this market during the forecast period 2020 to 2027?
- How will the market will expand through 2031?
- Which top manufacturing companies are leading this market?
- What are the key drivers and trends that will stimulate automotive lightweight materials sales?
- What are the challenges that will affect the sales of this market?
- Which region will remain the most lucrative during the forecast period?
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