Automotive Lightweight Materials Market : Present Scenario and the Growth Prospects with Forecast 2024

The global market for automotive lightweight materials has been rising exponentially over the last few years. The increasing need to improve the safety and fuel economy in automobiles has compelled automakers to shift to lightweight materials, which has reflected greatly on this market. The rising enforcement of stringent rules and regulations regarding emission control has only added to the uptake of lightweight designs from automobile manufacturers.

The opportunity in the global automotive lightweight materials market was worth US$149.03 bn in 2015. Analysts estimate the market to swell at a CAGR of 8.30% between 2016 and 2024 and touch US$301.36 bn by the end of 2024.

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Plastic, metal, rubber, and composites are the main products available in the global lightweight materials market. Holding a share of more than 60%, metals were the most valued product in this market in 2015 and are expected to remain so over the next few years. The suitability of various metals, such as aluminum, steel, and magnesium in automobiles has emerged as the key factor behind the immense demand for metals in automobile manufacturing.

The demand for steel is higher in automobile manufacturing than other metals, thanks to its innate properties, such as strength, rigidity, durability, and machinability. The innovation in various grades of steel, such as DP, UHSS, and CP to further reduce the weight, is anticipated to fuel its demand from automakers in the near future.

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The global automotive lightweight materials market has its presence across North America, Europe, the Middle East and Africa, Latin America, and Asia Pacific. With a share of more than 30%, North America dominated this market in 2015. Thanks to the swelling automotive industry and stringent government regulations to curb the carbon emission, this regional market is likely to retain its lead over the forthcoming years.

BASF SE, Momentive Performance Materials, The Dow Chemical Co., LANXESS AG, Reliance Industries Ltd., LyondellBasell Industries N.V., Saudi Basic Industries (SABIC), Grupo Antolin-Irausa S.A., Lear Corp., Johnson Controls Inc., Magna International, Faurecia S.A., Toyota Boshoku Corp., Yanfeng Automotive Trim Systems Co. Ltd., and Sage Automotive Interiors are the key vendors of automotive lightweight materials across the world.

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