Automotive Lightweight Materials: Demand to Soar as Regulations on Emission Control to Get Stricter in Future

The growing need for achieving fuel economy in automobiles is pushing automobile manufacturers to make use of lightweight designs. Thus, the demand for automotive lightweight materials is witnessing high rise from the last few years. The growth of lightweight materials for automotives is exponential in fact. This is on account of stringent rules regarding emission control. According to Transparency Market Research (TMR), the global automotive lightweight materials market is likely to cross US$301.36 bn by the end of 2024, expanding at an 8.30% CAGR from 2016 to 2024

The following blog post answers three important questions relating to the global automotive lightweight materials market. The answers are as given by expert market analysts from TMR. 

Q. Which region will hold substantial growth opportunities within the market?

Although the presence of automotive lightweight materials market is across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa, the demand for these materials was highest in North America in 2015, thanks to the stringent government regulations for curbing carbon emissions. Technological advancements and extensive research on enhancing the capabilities of lightweight materials is also behind the growth of this region. In addition to this, a strong manufacturing base in the U.S., where many automakers are based, the market for automotive lightweight materials will continue to be driven in this part of the world. Apart from North America, Asia Pacific is currently exhibiting most attractive growth opportunities for lightweight material vendors. The growing disposable income and bolstering growth of the automobile industry are anticipated to push the market in Asia Pacific. 

Q. Which product type will witness a higher uptake in the coming years and why?

Of the different product types such as metal, plastic, rubber, and composites, metal is leading as the most preferred product and accounted for a whopping 60% in 2015. The market for metal products will continue to lead in the automotive lightweight materials market in the future on account of the suitability of various metals such as magnesium, steel, and aluminum in automobiles. Among the various metals, steel is leading in terms of demand on account of its innate properties such as rigidity, strength, durability, and machinability. Moreover, the innovation in the various grades of steel such as UHSS, CP, and DP has led to further reduction of weight. This will propel the market for metal in the global automotive lightweight materials market.

Q. Which application area is most likely to generate higher demand for automotive lightweight materials?

The different application areas of automotive lightweight materials are interior, under bonnets, exterior, and structural. Of these, the structural components held highest demand in 2015 and is anticipated to continue to retain its leading status within the market in the coming years as well. Comprising of body panels, cross members, and chassis, structural components have the highest percentage of automotive weight and therefore, manufacturers are concentrating on reducing the weight, while still maintaining the strength of these components. 


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