Global Automotive Lightweight Material Market by Application (Body In White, Interior), by End User (Passenger Cars, HCVs), by Material (Metal, Composite) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global automotive lightweight material market was worth USD 66.53 Billion in 2019. It is projected to grow at a compound annual rate (CAGR of 5.9%) between 2020 and 2027. The demand for lightweight materials in vehicle manufacturing will rise due to the high demand for performance vehicles that are lighter. Market growth will be supported by increasing fuel economy and stability. Market growth will be accelerated by the positive growth in the automobile industry in major regions like North America, Europe and Asia Pacific. The current COVID-19 pandemic has affected economic stability worldwide and hindered vehicle demand in key regions. This is affecting the demand for lightweight material.

The U.S. market for lightweight automotive materials is expected grow at a revenue-based rate of 5.1% between 2020 and 2027. Demand for these products is expected to rise due to the increasing sales of passenger cars and growing use of mini trucks in the country as family cars. Market growth will also be supported by the rising demand for fuel-efficient vehicles in the country.

The market has seen a rise in demand for vehicles that are stable on roads. This is paired with durable and efficient fuel consumption. The market has also seen strong growth due to the use of lightweight materials in manufacturing, as a result of stringent pollution regulations in North America and Europe.

EVs have been introduced to the market due to technological innovations and advancements in the automotive industry. This has accelerated the need for lightweight materials to improve the performance of EVs.

The demand for lightweight materials will increase with the upcoming electric cars from major car manufacturers, such as Toyota, General Motors and Volkswagen Group, Fiat Chrysler Automobiles.

Material Insights

The metal segment was the most profitable in 2019, accounting for 50.7% of the revenue. It is expected to see significant growth during the forecast period. These metals include aluminum, titanium and magnesium as well as high-strength steel. There will be an increase in demand for metallic products due to the need for durability in chassis and passenger compartment frames, under-body floors, instrument panels and other areas.

Metal structures are used to increase the rigidity of vehicles by increasing their durability and stability. The demand for metallic materials will be supported by passenger safety concerns and increased adoption of high safety vehicles in Europe and Asia Pacific.

Composite materials provide durability and lightweight properties without affecting design or dynamics. Composite materials are becoming more popular in vehicle manufacturing because of their robust properties and ease-of-use. Composites will be more in demand as electric vehicles become more popular.

Due to increasing use in passenger cars as well as commercial vehicles, the plastics and elastic material segments will likely grow at a rapid pace in the coming years. Over the forecast period, the demand for these products will increase due to the rising demand for premium sedan cars and passenger cars.

End-user insights

With a market share of 82.8%, the passenger car segment was the dominant market. It is expected to experience significant growth in the future. The market for lightweight vehicles will grow due to the expected growth in middle-class populations, high income levels and spending power in South America, Central, and Asia Pacific.

A rising demand from consumers is responsible for the growth in passenger cars, which include a sedan, hatchback, premium hatchback and sedan. The segment's growth has been supported by the use of lightweight materials due to the trend towards fuel-efficient and high-performance vehicles.

Light commercial vehicles (LCVs), a segment that includes light commercial vehicles, is expected to drive up the use of light components due to end-user demand for fuel economy and stability on the road. In the coming years, the demand for mini trucks will increase in North America and Europe due to the growing use of these vehicles as family cars.

Heavy commercial vehicles (HCVs), which are used extensively in industrial operations, require rigid and durable structures. These vehicles are heavy because of their metallic components. They offer strength and durability. High-performance trucks have been introduced with lighter components by technical innovations in this industry and will continue to be popular in the future.

Application Insights

In 2019, the body in white segment was responsible for 25.1% of the total revenue and is expected to see significant growth over the next few years. Segment growth will be supported by the increased use of materials in the passenger compartment frame, cross and side beams, under-body floors, front ends structures and panels.

These lightweight materials can be used in powertrain applications, including transmission components, fuel tanks and exhaust systems. The powertrain segment is expected to grow because of inclination towards lighter engine parts and the durability of vehicle components to maintain vehicle performance.

The vehicles' chassis and suspension segments are essential components. These parts include steering, brakes and chassis. This segment is expected to see significant growth due to increased vehicle production.

Interior, closure and other segments will expand due to increasing applications in the instrument panels, trim, seats and insulation. These can be made from metal, composite, plastics and elastomer.

Regional Insights

With a 35.9% revenue share, Europe was the dominant market in 2019. It is expected to continue its dominance in the future. Market growth has been accelerated by the presence of prominent regional suppliers and multinational carmakers. Market growth is also expected to be supported by high R&D spending by players.

The Asia Pacific automotive market is driven primarily by players from India, China and Japan. This region's abundant supply of raw materials and high demand from end users of passenger cars as well as commercial vehicles will likely drive up the demand for these light metals.

Light composite materials will be more in demand due to stringent regulations regarding vehicle pollution and the desire for passenger safety in the region. The region's market growth will be supported by compliance with BS6 norms and consumer preference for vehicles that are safe rated.

Technological innovations in electric vehicles are expected to be a major part of the North American automotive market. The demand for lightweight components will rise due to the high demand for fuel efficient vehicles and pollution control regulations.

Market Share Insights & Key Companies

Due to the presence prominent players, the market is highly competitive. Multinational players employ strategies like regional expansion, collaborations and the expansion of production capacity. The factors that matter most to players are the application industries they serve, their product quality, global reach, and prices. These players consider technological innovation in R&D to be a key factor in maintaining their market dominance. Contracts and agreements with vehicle manufacturers are also important to keep the market competitive. The following are some of the major players in the automotive lightweight materials market:

• BASF SE

• Toray Industries, Inc.

• LyondellBasell

• Novelis Inc.

• ArcelorMittal

• Alcoa Corporation

• Owens Corning

• Stratasys Ltd.

• Tata Steel

• POSCO

Up Market Research published a new report titled “Automotive Lightweight Material Market research report which is segmented by Application (Body In White, Interior), by End User (Passenger Cars, HCVs), by Material (Metal, Composite), By Players/Companies  Toray Industries Inc,  Owens Corning, BASF SE,  LyondellBasell,  Novelis Inc,  Stratasys Ltd,  Tata Steel, Alcoa Corporation,  POSCO,  ArcelorMittal”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Automotive Lightweight Material Market Report Segments:

The market is segmented by Application (Body In White, Interior), by End User (Passenger Cars, HCVs), by Material (Metal, Composite).

Automotive Lightweight Material Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Automotive Lightweight Material Market

Overview of the regional outlook of the Automotive Lightweight Material Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Automotive Lightweight Material Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Automotive Lightweight Material Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Body In White

                2. Interior

                1. Passenger Cars

                2. HCVs

                1. Metal

                2. Composite

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Automotive Lightweight Material Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
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• Understanding Competition Scenario
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Reasons to Purchase the Automotive Lightweight Material Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.