Automotive lightweight material is a term used to describe materials that are used in automotive systems and components because of their excellent corrosion resistance, high strength-to-weight ratio, and significant design flexibility. The need for weight reduction and increased fuel efficiency, compliance with environmental regulations, and shifting consumer attitudes towards mobility solutions due to the demand for high-strength materials to achieve high-end operational performance are the main factors expected to drive automakers' attention towards material redesign in the recent past.
Global Automotive Lightweight Material Market Driving Factors and Challenges
It is anticipated that the high demand for lightweight materials in vehicle manufacturing will result from the high need for weight reduction in performance vehicles. Furthermore, market expansion is probably supported by growing consumer demand for vehicle stability and fuel economy. The market is expected to expand considerably faster because to the strong expansion of the automotive sector in key regions including North America, Europe, and Asia Pacific. The market is growing as a result of rising demand for stable vehicles on the road, as well as vehicles that are durable and perform well for economical fuel use in significant areas.
In addition, strict environmental regulations in North America and Europe have forced manufacturers to employ lightweight materials throughout production, which has aided in the market's expansion. Electric cars (EVs) are now widely available thanks to advancements in automotive technology, growing consumer demand for alternative fuel technologies, and industry innovations. The market for lightweight materials to improve EV performance has increased as a result of the inclusion of trucks, luxury cars, and passenger cars in this category. During the projected period, there will likely be a rise in demand for lightweight materials due to the introduction of electric vehicles by well-known automakers such as General Motors and Toyota.
Still, the market is not growing as fast as it should because to high material costs and a decline in car sales and manufacturing. Materials with a low weight come at an excessive expense. Both glass fibre reinforced plastics (GFRP) and carbon fibre reinforced plastics (CFRP) are examples of lightweight materials that cost more than conventional materials like steel and aluminium.
Impact of COVID-19 on Global Automotive Lightweight Material Market
The COVID-19 pandemic has brought about a global standstill, which has reduced commercial activity and consequently affected sales and production in a number of industries, including the market for automotive lightweight materials. One important end usage for these materials is in automobiles. Global lockdowns and broken supply chains have hindered industrial activity, which has an effect on the manufacturing of lightweight vehicle materials. It will likely take several quarters to restore to regular production levels, even after the lockout. The second quarter of 2020 saw a decline in demand from adjacent industries, which is anticipated to have a long-term effect on the global automotive lightweight material market's protracted growth trajectory.
Automotive Lightweight Material Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Alcoa Corporation, ArcelorMittal, BASF SE, Bayer AG, Covestro AG, Grupo Antolin, LyondellBasell, Magna International, Novelis, Owens Corning Corporation, PPG Industries, Saudi Arabia Basic Industries Corporation (SABIC), Toray Industries, Others.
Global Automotive Lightweight Material Market Segmentation:
By Material Type: Based on the Material Type, Global Automotive Lightweight Material Market is segmented as; Composite (Carbon Fiber Reinforced Polymer, Glass Fiber Reinforced Polymer, Natural Fiber Reinforced Polymer, Other Composites), Elastomer, Metal (Aluminum, High Strength Steel, Magnesium & Titanium), Plastic, Other.
By Propulsion Type: Based on the Propulsion Type, Global Automotive Lightweight Material Market is segmented as; Electric Powered, IC Engine Powered, Others.
By Component: Based on the Component, Global Automotive Lightweight Material Market is segmented as; Bumper & Fender, Door and Seat, Engine & Exhaust, Frame, Fuel Tank, Hood & Trunk Lid, Instrument Panel, Seats, Transmission, Wheel, Others.
By Application: Based on the Application, Global Automotive Lightweight Material Market is segmented as; Body in White, Chassis and Suspension, Closures, Exterior, Interiors, Powertrain, Structural, Others.
By Vehicle Type: Based on the Vehicle Type, Global Automotive Lightweight Material Market is segmented as; Heavy Commercial Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.