The automotive lightweight material market size is expected to advance at a CAGR of 7.4% during 2021–2030, to reach $128,010.1 million by 2030.
The market for automotive lightweight materials is experiencing substantial expansion due to the sharp rise in vehicle demand and the implementation of strict government laws and regulations on the automotive sector. Additionally, suppliers of such materials are expected to benefit from the increasing demand for electric and hybrid cars.
Among the various material types, metals hold the largest share, and they are predicted to retain their dominance during the forecast period, due to the high dependence on high-strength steel and aluminum. Moreover, the consumption of composites is expected to witness significant growth owing to their excellent mechanical and physical properties, along with high durability.
Furthermore, various companies are engaged in the integration of these lightweight materials in their newer models, including BMW, Ford, McLaren, and Jaguar Land Rover. Automotive manufacturers contract tier-one and tier-two suppliers for raw materials and components. Key companies that supply advanced lightweight materials to premium auto OEMs are SGL group, Torray, and Cytec. The major end uses of these lightweight materials are the interiors, powertrains, exteriors, and structural parts, to which they add maximum value.
With the rapid changes in the global climate and the strict government policies and regulations, the automobile industry is leaning toward lightweight materials, in order to lower the CO2 emission and increase the fuel efficiency of the vehicle. Various research and development activities are being carried out across the globe to find alternatives. The use of natural fiber composites and reinforced plastics has increased in recent years owing to their lower weight and potential to substitute metallic parts. Composites are up to 30% lighter than aluminum and 60% lighter than steel, and they have the ability to reduce the overall weight by 8–10%.
Lightweight engineered composite is another class of composites, which is used in various parts of automobiles owing to its better capacity to withstand strong impacts. Manufacturers are working with researchers to develop new techniques and get a major breakthrough in its development, with controlled costs, in the coming years.
Europe is expected to grow at a CAGR of more than 8% during forecast period as the EU has implemented strict limits of vehicular emissions, in accordance with the Paris Agreement. The Asia-Pacific market, which has perhaps the largest automotive consumer base, would also be affected strongly by these emerging trends in the coming decades.
The most-significant automotive lightweight material market players are BASF SE, Covestro AG, Lyondellbasell Industries Holdings B.V., Toray Industries Inc., ArcelorMittal S.A., ThyssenKrupp AG, Novelis Inc., Alcoa Corporation, Owens Corning, and Stratasys Ltd.