The global automotive lightweight material market valued $77.1 billion in 2015 and is expected to advance at a CAGR of 14.0% during 2016–2022 (forecast period). Geographically, North America led the market, with a consumption of 18,250.2 thousand tons of lightweight material in 2015. This can be mainly attributed to the regulatory pressure on automotive companies in the region to reduce carbon dioxide emissions from vehicles.
Globally, the market for automotive lightweight materials has witnessed notable growth in recent years, primarily on account of the rapidly increasing demand for vehicles and implementation of stringent government regulations and mandates in the automotive industry. Besides, the growing need for fuel efficiency and reduction in harmful emissions is expected to support the automotive lightweight material market in the near future.
Several international organizations are working toward reducing greenhouse gas emissions through the implementation of stringent standards and guidelines, particularly in the automotive industry. These regulations are thus resulting in increased demand for lightweight materials across the globe. For instance, the North American and European governments are supporting the development and adoption of lightweight materials to considerably reduce carbon dioxide emissions by 2025. Similar support is being provided by the governments in the Asia-Pacific (APAC) region, wherein China is likely to put a limit on carbon emissions in the country. Moreover, countries such as Australia, India, and Indonesia are introducing regulations in this regard. This, in turn, is expected to support the growth of the automotive lightweight material market.
Based on material type, the automotive lightweight material market is categorized into metals, plastics, and composites, of which the metal category is expected to continue dominating the market in the near future. This can be ascribed to the high adoption of aluminum and high-strength steel lightweight materials. Moreover, the market is expected to witness the highest demand for composite materials for automotive lightweight materials in the forecast period, due to their exceptional physical and mechanical properties as well as high durability.
Europe is the second-largest automotive lightweight material market globally, and this can be attributed to the growing emphasis of the European governments on reducing carbon dioxide emissions (from <130 g CO2/km in 2015 to <95 g CO2/km by 2021) and increasing focus of automotive companies on improving the fuel economy of vehicles.
Some of the major players in the global automotive lightweight material market are ThyssenKrupp AG, LyondellBasell Industries N.V., Owens Corning, Arcelor Mittal S.A., Hexcel Corporation, Toray Industries Inc., PPG Industries Inc., Novelis Inc., Alcoa Inc., and SABIC.
Key questions answered in the report
What is the current and future scenario of the global automotive lightweight material market?
What are the major factors driving the market?
What are the key opportunities for the players in the market?
Which material type is expected to dominate the market during the forecast period?
Which region is expected to witness the fastest growth in the market during the forecast period?
Who are the major players in the market?
What are the key strategies adopted by the major players in the market?