Albany, NY -- (SBWire) -- 10/17/2018 --Global Automotive Lightweight Materials Market: Analyst's Estimations

Fossil fuels are in limited resources and cause strong pollution. On the back of escalating concerns regarding global warming, a number of nations have come together to promote efforts that can help in curtailing greenhouse gas emission or at least increase energy efficiency. As a result, the automotive industry has come to a crossroads where future vehicles need to be driven by electric charge or be made lightweight for greater fuel efficiency. Metals such as steel, magnesium, and aluminum and plastic compounds such as polypropylene and high density polyethylene are ideal materials for the changing times.

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global automotive lightweight materials market

This business intelligence study projects the demand in the global automotive lightweight materials market to propagate at a CAGR of 8.3% during the forecast period of 2017 to 2024. Volume-wise, this study has forecasted that there will be a demand of 139,046 kilo tons of lightweight materials from the automotive industry by 2024 across the world. Revenue-wise, the global automotive lightweight materials market is estimated to attain a valuation of US$301,362.2 mn by the end of 2024.

Lightweight materials are of high importance for automotive manufactures irrespective of whether they are producing conventional fossil fuel vehicles or concentrating on the commercialization of electric cars. With these materials, the overall weight of the vehicle goes considerably down and in turn they consume lesser fuel or require reduced battery charge for acceleration and sustaining speed. Apart from this striking benefit, the automotive lightweight materials market is also driven by stringent regulations regarding CO2 emission in several countries. On the other hand, high cost of lightweight materials as compared to steel and aluminum is a restraint that needs to be overcome before this market attains its true potential.

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Plastic Materials Segment Poised for Strong Growth

Based on material, the market for automotive lightweight materials is segmented into plastic, metal, composites, and rubber. As of 2017, the metal segment provided for the maximum chunk of revenue, at US$102,841.4 mn, and is primed to maintain its dominant position until 2024 end. However, the demand for the plastic segment is projected for a much stronger CAGR of 9.8% during the forecast period of 2017 to 2024, expanding its demand share nearly to a third of the global demand by 2024. Metals are largely used in vehicles all over the world. AHSS and UHSS are employed in the body, chassis, and suspensions of automobiles. Aluminum and magnesium alloys are also finding their way into automotive components due to their ability to provide a lightweight structure while also being as strong and rigid as conventional steel.

Plastics, on the other hand, are versatile in terms of adopting to new shape designs without compromising on comfort, safety, stability of the car, and appearance. Polypropylene (PP), high density polyethylene (HDPE), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), polycarbonate (PC), and polyurethane (PU) are sub-segments of plastic materials used by the automotive industry. Plastic's strength and durability also plays an important role in expanding the average lifespan of a vehicle to over 12 years by providing better protection against corrosion, for instance.

The report also bifurcates the automotive lightweight materials market on the basis of vehicle type, into passenger cars, commercial vehicles, and heavy trucks and buses, and by application into structural, interior, exterior, and under bonnet. The passenger cars segment has been further sub-segmented into compact cars, mid-size cars, premium cars, and luxury cars.