Automotive Lightweight Materials Market (By Vehicle: Passenger Vehicles, Heavy Commercial Vehicles [HCVs], and Light Commercial Vehicles [LCVs]; By Material: High-strength Steel [HSS], Metal Alloys, Polymers, and Composites; By Application: Exterior, Interior, Powertrain, Structural, and Others) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027

The global automotive lightweight materials market was valued at USD 65.38 billion in 2019 and expected to reach USD 115.37 billion by 2027 and poised to grow at a compound annual growth rate (CAGR) 7.4% during the forecast period 2020 to 2027.

Growth Factors

Automotive lightweight materials reduce overall weight of the vehicle to a significant level that improves its fuel efficiency. Presently, the automotive industry passing through different challengers in terms of affordability, emission standards, and safety concern of drivers as well as pedestrians. Lightweight materials help in meeting emission standards as fuel consumption and vehicle weight have inherent relationship. In addition, the transportation sector accounts for nearly 23% of the total carbon emission across the globe, hence lightweight materials are a boon to the automobile industry as it is helps to curb the pollution that further expected to fuel the market growth.

Governments of various regions have issued regulations pertaining to emission standards and fuel economy. These regulations have compelled automotive Original Equipment Manufacturers (OEMs) to increase the application of lightweight materials that include composites, lightweight metals, and plastics. Advanced lightweight material helps in increasing the fuel economy of a vehicle even though ensuring performance and safety. As per the analysis, 10% reduction in vehicle mass can improve the fuel economy by nearly 6 to 8%. Consequently, the implementation of lightweight materials reduces the fuel consumption significantly in a vehicle because of less power consumed while accelerating light weight vehicle.

However, high price of lightweight materials, such as carbon fibers as well as few composite materials compared to generic materials increases the overall cost of the vehicle and this expected to restrict the market growth. Beside this, with various research activities to reduce the cost of materials expected to abate the effect of this restraint in the coming years. Furthermore, depleting iron along with other generic material reserve in the earth prominently gives birth to new opportunities for the growth of the market.

Material Insights

Metals alloys held the significant value share in the global automotive lightweight materials market in the year 2019 and estimated to be maintaining its dominance by 2027. There are various types of lightweight materials such as aluminum and Magnesium & Titanium that are extensively used in automotive sector. They are stronger and lighter as compared to steel. Consequently, they are expected to be extensively used in the future vehicles such as electric and battery-powered vehicles.

High-strength Steel [HSS] is a type of metal that encounters prominent demand after aluminum. Presently, OEMs are mainly focusing towards the implementation of lightweight materials such as aluminum and HSS to reduce the vehicle weight and offer better fuel efficiency. Their abundant presence on the earth also aids the manufacturers as natural resources such as iron have limited availability. Apart from this, HSS has witnessed significant penetration in front end structures, chassis components, and body panels expected to accelerate the demand of HSS in the coming years. In the wake of same, the segment exhibits revenue gain with nearly 10% during the forecast period.

Application Insights

Powertrain application expected to be the fastest growing segment over the forecast period. As, powertrain contributes more than 27% of the vehicle’s weight, hence the segment offers huge potential for the implementation of lightweight material. Consequently, the implementation of lightweight material has surge in the powertrain segment within recent years. For instance, the engine blocks were conventionally designed using cast iron and heavy steel. On the other hand, with the increasing trend of lightweight materials, aluminum housings have now replaced the conventional materials.

Regional Insights

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. Some Asian countries such as China, India, Japan, and Korea have announced their plan to transform their public transportation sector with electric and advanced vehicle. In addition, these countries have stringent emission norms for automobiles because of increasing carbon percent in the environment at an alarming rate in these areas. To curb these adverse environmental impacts the region has set stringent emission standards for various industries that contribute to the carbon share, automotive is one of them.

Key Companies & Market Share Insights

The global automotive lightweight materials market seeks intense competition among the industry participants. This is mainly because of high rate of partnership, merger & acquisition, collaboration, and joint venture agreements between the manufacturers and automotive players in the recent past. Further, the industry players also invest significantly in the research & development (R&D) for new product development and enhancement. For instance, in May 2019, BASF SE planned to build a Thermoplastic Polyurethane (TPU) plant and an engineering plastics compounding plant at the proposed integrated chemical production (“Verbund”) site of the company in Zhanjiang, China.

Some of the prominent players in the automotive lightweight materials market include:

  • Henkel AG & Co.
  • DuPont
  • NovaCentrix
  • KGaA
  • Intrinsiq Materials, Inc.
  • Creative Materials Inc.
  • Vorbeck Materials Corporation, Inc
  • Johnson Matthey PLC
  • Heraeus Holding GmbH
  • Applied Ink Solutions

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:

By Vehicle

  • Passenger Vehicles
  • Heavy Commercial Vehicles [HCVs]
  • Light Commercial Vehicles [LCVs]

By Material

  • High-strength Steel [HSS]
  • Metal Alloys
  • Polymers
  • Composites

By Application

  • Exterior
  • Interior
  • Powertrain
  • Structural
  • Others

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World
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FAQ's

How big is the automotive lightweight materials market?
The global automotive lightweight materials market was valued at USD 65.38 billion in 2019 and expected to reach USD 115.37 billion by 2027.
The global automotive lightweight materials market is growing at a CAGR 7.4% over forecast period 2020 to 2027.
In 2019, the Asia Pacific emerged as the dominant market for the automotive lightweight materials.
Some of the key players operating in the market are Henkel AG & Co., DuPont, NovaCentrix, KGaA, Intrinsiq Materials, Inc., Creative Materials Inc., Vorbeck Materials Corporation, Inc, Johnson Matthey PLC,Heraeus Holding GmbH, and Applied Ink Solutionsamong others.
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
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.
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

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