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Automotive Lightweight Materials Market Growth, Opportunities, Industry Applications, Analysis and Forecast To 2026

Author : Ronak Bora | Published Date : 2020-08-25 

Automotive Lightweight Materials Market is likely to reach over USD 310 billion by 2026.

Rising demand for reducing greenhouse gas emissions along with surging production of electric vehicles will boost the industry outlook.

Some major findings of the automotive lightweight materials market report include:

Significant improvement in vehicle energy efficiency and CO2 emission targets will require potential weight reduction with efficient use of lightweight materials

Vehicle electrification is providing prominent growth opportunities for lightweighting the vehicle structures

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Improved material formulations are playing a vital role in developing efficient battery and thermal management systems in electric vehicles

Surging penetration of extruded and rolled aluminum components is majorly contributing towards low emission mobility and improved vehicle performance

Major OEM's are undertaking collaborative initiatives in developing advanced material compositions to reach 2021 and 2025 emission targets

Increasing requirements for complying with fuel emissions norms to improve fuel efficiency is providing potential opportunities for vehicle weight reduction. According to U.S. Corporate Average Fuel Economy (CAFE) regulations, vehicle manufacturers are required to achieve higher economy of 54.5 mpg by 2025. Material substitution in vehicles is playing a vital role in boosting the fuel economy and reducing the secondary weight in load bearing structures. Increasing utilization of lightweight materials enables potential weight reductions and improvement in driving performance. However, risks pertaining with adoption of new materials in conjunction with supply chain volatility shall restrain the industry growth over the projected timeframe.

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Lightweight materials including Ultra-High Strength Steel (UHSS) and Advanced High Strength Steel (AHSS) are gaining a higher visibility owing to their enhanced performance in crash energy management, lower manufacturing cost and superior strength. Moreover, higher bake hardening and work hardening capabilities are allowing improved formability and opportunities for optimization of complex part geometries. Significant improvements in material properties is achieved through multimaterial optimization and technologically advanced manufacturing processes. The performance characteristics of new lightweight materials are accurately monitored through new simulation techniques, further reducing the physical prototyping costs.

Vehicle manufacturers are introducing alternative fuel powertrains for complying with fuel emission standards. Lightweighting of electric vehicles majorly contributes toward improving their performance and driving range per charge. Proliferating production of electric vehicles mainly in China and Japan will propel the regional product demand over the forecast timeframe. Moreover, promotional government policies and incentive programs are accelerating the penetration electric vehicles. Multi-material design approaches incorporating advanced plastics and composites will augment the automotive lightweight materials market over the coming years.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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