"Market Intelligence for High-Geared Performance"
Automotive lightweight materials are materials that have a high strength to weight ratio, substantial design flexibility and corrosion resistance properties. The lightweight materials are required to minimize the overall weight of the vehicle which eventually helps in increasing the fuel economy. It also provides high-end operational performance. The materials such as polymer composites, plastics, magnesium, titanium and steel are implemented by major OEMs in the vehicles to reduce the overall weight.
The implementation of lightweight materials has several benefits such as reduction of greenhouse gas emissions, improved performance of the automotive, reduction in vibrations and noise etc. Also, the reduction in fuel consumption is one of the major factors driving the growth of the market. However, the high process cost and material cost of lightweight materials such as carbon-fiber-reinforced composites, magnesium and titanium are expected to hamper the growth of the market. Also, the decrease in automotive production due Covid-19 pandemic is expected to hinder the market growth.
Key Market Driver -
the severe fuel economy regulations and concerns related CO2 emissions are expected to drive the market growth.
Key Market Restraint -
the high process cost and material cost of lightweight materials such as carbon fiber-reinforced composites, magnesium and titanium are expected to hamper the growth of the market .
The global automotive lightweight materials market is segmented by vehicle type, by material type, by component and by geography. Based on vehicle type the market is further sub-segmented into IC engine-powered, electric powered and others. Among these, the IC engine powered segment is expected to account for the largest market share in the year 2020 and it is expected to continue its dominance over the forecast period. Heavy commercial vehicles equipped with IC powered engines are projected to grow rapidly. Due to the severe regulations on fuel economy and emissions, the use of lightweights material is increased, so as to reduce the overall total vehicle weight and eventually increase the loading capacity of the vehicles. These are some of the major factors driving the growth of the market.
Based on material type the market is segmented into metals, composites, plastics and Elastomer. The metals segment accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. Metals are used majorly in electric vehicles, the major kinds of metals used in the vehicle light-weighting are high strength steel, magnesium, titanium and aluminium. These metals are comparatively lighter in weight and also stronger than steel.
Based on the component the market is segmented into the frame, powertrain, interior systems and components and exterior systems and components. The exterior systems and components segment accounted for the largest market share in the year 2020 and it is expected to dominate the market during the forecast period with a rapid CAGR. the lightweight materials are majorly used in the exterior systems and components so as to provide innovative design to the vehicles. The increase in demand for luxury vehicles is expected to drive the growth of the market.
Major players operating in the global casting machinery market include ArcelorMittal, Covestro AG, Alcoa Corporation, BASF SE, Lyondellbasell Industries N.V., Hindalco Industries Limited, Toray Industries Inc, Owens Corning, Thyssenkrupp AG and Stratasys Ltd., among others.
Geographically, the global automotive lightweight materials market is segmented into Asia Pacific, Europe, North America, and the rest of the world. Europe held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR. The factors such as the implementation of euro 6 norms by several countries in Europe, increased carbon emission concerns and numerous pollutants reducing initiatives are expected to drive the market growth.
The Asia Pacific is expected to be the second-largest region for the market and it is expected to grow steadily over the forecast period. The increase in demand for fuel-efficient heavy commercial vehicles and major investments made by manufacturers in the R&D process in the region are some of the major factors driving the growth of the market.
North America is expected to account for a considerable share in the market and it is expected to grow rapidly over the forecast period the factors such as the implementation of corporate average fuel economy (CAFÉ) to promote fuel efficiency of lightweight vehicles and passenger cars and increased adoption of aluminium in structural and external components in the electric vehicles are expected to drive the market growth.
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