Deerfield Beach, FL -- (SBWIRE) -- 09/19/2016 -- Automotive lightweight materials are used in automobiles to reduce their weight and increase their speed and fuel efficiency. These Automotive lightweight materials are an apt replacement for heavy generic materials previously used to build the frame of vehicles due to advantages such as less material consumption, enhanced strength, low corrosion rate, and improved handling. Carbon fiber is one such material that is extensively used by automobile companies worldwide, as it provides reduction in vehicle weight while preserving the strength.

The growth in the world automotive lightweight materials market is on a continuous rise. The major factors driving the market growth are considerably increased fuel efficiency, improved control, enhanced strength and shelf life of the vehicle, and reduced CO2 emission from the vehicles. As the transport sector accounts for 23% of the total CO2 emissions globally, hence automobile companies have adopted lightweight materials to curb the pollution, which has further fueled the market growth.

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Higher pricing of lightweight materials, such as carbon fibers and few composite materials, than generic materials increases the overall cost of the vehicle, which in turn restrains the market growth. However, with various research facilities working on low cost replacements, the effect of this restraint is expected to abate further. Depleting iron and other generic material reserve in earth gives rise to new opportunities for the growth of the market.

The world automotive lightweight material market is segmented by material type, manufacturing process, application, and geography. Based on material type, it is divided into metals, composites, and plastics. Based on the manufacturing process, it is categorized into extrusion, stamping, forging, casting, open molding, closed molding, and forming. The application segment is divided into structural, powertrain, interior, and exterior applications. The market is analyzed on the basis of four regions, namely, North America, Europe, Asia-Pacific, and LAMEA.

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Key players operating in the market include Lyondell basell Industries N.V., ALCOA Inc., Saudi Basic Industries Corporation (SABIC), PPG Industries Inc., Toray Industries Inc., Novelis Inc., thyssenkrupp AG, Bayer A.G., Owens Corning Corporation, and Arcelormittal S.A. among others.