PUNE, India, March 31, 2017 /PRNewswire/ --
The report "Automotive Lightweight Materials Market by Material (Metal, Composite, Rubber, and Plastic), Application, Component (Frame, Engine-Exhaust, Wheel, Door, Hood & Trunk Lid, Seat, Instrument Panel, Bumper-Fender), Vehicle Type - Global Forecast to 2021", published by MarketsandMarkets, the market is projected to grow to USD 110.42 Billion by 2021 at a CAGR of 13.06%, from 2016 to 2021.
Browse 113 market data tables and 56 figures spread through 205 pages and in-depth TOC on "Automotive Lightweight Materials Market"
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The demand for lightweight materials from the automotive industry would be driven by the increasing demand for lightweight, fuel-efficient cars and stringent emission regulations.
"Lightweight Metals is the largest segment in the Automotive Lightweight Materials Market"
Metals is largest segment, by volume as well as by value, in the Automotive Lightweight Material Market. The segment is leading due to the high use of metals in any automobile, followed by plastics and rubber. The high strength steel materials segment lead the market with respect to volume, however, owing to the higher price, the aluminum sub segment has the highest value. Alternatively, the prices of composite materials are 5-10 times higher than conventional steels. A study conducted by EDAG Engineering GmbH with U.S. National Highway Traffic Safety Administration (NHTSA) suggests that using aluminum to make a car can reduce the vehicle weight up to 35% at an additional cost of USD 927 per vehicle, whereas using CFRP to build a car could reduce the vehicle's weight by half, at an additional cost of USD 2,700. Hence, the use of composite materials in automotive industry is presently limited majorly to the premium passenger cars, owing to the high price of these materials.
"Chassis and Suspension is the fastest growing application in the Automotive Lightweight Material Market"
More than 30% of the vehicle's weight is concentrated in the chassis and suspension and hence has a huge potential for lightweighting. The segment is projected to grow at the fastest growth rate over the next five years. Based on a publication by the U.S. DOE, has mandated a ~35% weight reduction in the chassis and suspension segment by 2025, with a further reduction in weight of ~55% by 2050. The lightweight materials used in the chassis and suspension are HSS and aluminum. The Body-in-White and Interiors segments are the second and third fastest growing in the lightweight materials market respectively.
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"North-America is the fastest growing market followed by Asia-Oceania"
The North American market is the fastest growing region in the Automotive Lightweight Materials Market. The CAFÉ fuel standards and upcoming emission regulations (EPA Tier-3 norms for light duty vehicles from 2017), have ensured that a vehicles produced henceforth would require to be much lighter to conform to these norms. Additionally, the region is also the leading market for light trucks. The U.S. accounts for the majority of the total demand for automotive lightweight materials in North America. Asia-Oceania is projected as the second fastest market for automotive lightweight materials, with major demand from countries like China, Japan, and India.
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