Automotive Lightweight Materials Market by Material (Metals, Composites and Plastics), Manufacturing Process (Extrusion, Stamping, Forging, Casting, Open Molding, Closed Molding and Forming), Application (Structural, Powertrain, Interior and Exterior) Vehicle Type (Internal Combustion Engine Vehicle, Battery Electric Vehicle and Hybrid Electric Vehicle) - Global Opportunity Analysis and Industry Forecast, 2021–2027

The Global Electric Vehicle market was valued at $XX million in 2019, and is expected to reach $XX million by 2027, registering a CAGR of XX% from 2021 to 2027.

In Automobile Industry light weighting is used for reducing the weight of vehicles so that they can achieve better fuel economy, have good handling characteristics, achieve greater top speed and have faster out ride acceleration. Moreover the light weight of the materials do not hamper the strength but most of the materials are known for their increased strength. For making Lightweight vehicles various materials are used such as metals which consists of high strength steel (HSS), aluminum, magnesium and titanium, composites which include polymer matrix composite (PMC) carbon fiber reinforced plastic (CFRP) glass fiber reinforced plastic (GFRP) and natural fiber reinforced plastic (NFRP) and plastics such as Polyvinyl Chloride (PC), Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyamide (PA) and Polyurethane (PU). Furthermore these materials go through different manufacturing processes such as extrusion which is forcing it to flow into a die for getting desired shape, stamping is a process pressing where a tool and die surface forms the metal into a net shape, forging which uses two compressive forces to give metal desired shape, casting where a liquid material is poured in a mold to get desired shape, open molding is done using hand lay-up, spray-up, casting, and filament winding, closed molding includes pouring of raw materials and shaping them in vacuum bag and forming where thickness of the material is adjusted. The Lightweight Materials are used in various applications of a vehicles such as structural that is on the chassis of the vehicle, powertrain which is engine and its components, interiors which include plastics, and exterior which include doors and other panels. Moreover the Lightweight Materials are used in all the vehicles such as internal combustion engine vehicle, battery electric vehicle and hybrid electric vehicle.

The Lightweight Materials used in Automobiles help in reducing overall weight of the vehicle and has many benefits, it increases fuel economy of the vehicle, and moreover a study shown that 10% reduction in weight can save up to 10% of fuel as the Light weight takes less energy to move. In addition to this increasing use of aluminum in engine and its components can with stand high pressure and temperature and keeps engine temperature lower which helps in controlling emissions, increases fuel efficiency and causes less wear and tear in moving parts. Furthermore the use of materials like high strength steel (HSS), magnesium and titanium in body components of the vehicles helps in safety of the vehicles as they have twice strength of conventional metals. Also usage of Lightweight aids in performance of the vehicle and gives better acceleration and top speeds. Moreover government’s strict emission norms are encouraging manufacturers to use Lightweight Materials in their vehicles and hence the market is propelling towards growth.

However, Lightweight Materials cost are significantly higher than that of conventional materials. The Materials such as carbon fiber reinforced plastic (CFRP), glass fiber reinforced plastic (GFRP), aluminum and titanium are so high that for now they are only used in high end cars such as ferrari, bugatti, BMW, mclaren, lamborghini and other sports and racing cars. Furthermore usage of lightweight materials increases the cost of production and hence cost of product increases. Hence high cost of Lightweight Materials can restrain the growth of market.

Many facilities are working for lowering the prices of Lightweight Materials and also finding low-cost alternatives of Lightweight Materials. In addition to this the revolution of electrical vehicles is coming up which are more efficient than internal combustion engine vehicles but they have lower power and battery weights are higher therefore these vehicles use Lightweight Materials so that the power is increased and battery is preserved for longer distances also, government is supporting and giving incentives for electric vehicles. Therefore, the increasing demand for electric vehicles provides an opportunity for the growth of the Lightweight Material Market.

Segment Insight:

The Automotive lightweight Material Market is segmented based on material, manufacturing process, application, vehicle type and region. Based on material, it is classified into metals, composites and plastics. Based on manufacturing process, it is classified into extrusion, stamping, forging, casting, open molding, closed molding and forming. Based on application, it is classified into structural, powertrain, interior and exterior. Based on vehicle type, it is classified into internal combustion engine vehicle, battery electric vehicle and hybrid electric vehicle.

By Material Insight:

The Automotive Lightweight Material Market is segmented by material into metals, composites and plastics. Metal segment is expected to account highest market share in market as metals like high strength steel, aluminum, magnesium and titanium are lighter and more durable than steel.

By Manufacturing Process Insight:

The Automotive Lightweight Material Market is segmented by manufacturing process into extrusion, stamping, forging, casting, open molding, closed molding and forming. Extrusion will have higher market share because of its flexibility in operation, lower cost and higher production volume.

By Application Insight:

The Automotive Lightweight Material Market is segmented by application into structural, powertrain, interior and exterior. Powertrain will account for higher market share because of inclusion of aluminum and other composites for reducing battery weights in electric vehicles.

By Vehicle Type Insight:

The Automotive Lightweight Material Market is segmented by vehicle type into internal combustion engine vehicle, battery electric vehicle and hybrid electric vehicle. Hybrid electric vehicles are expected to grow significantly as there is need of lowering weight of both engines and batteries in such vehicles.

Major Key Players of Global Electric Market:

The report provides a comprehensive analysis of players operating in the Automotive Lightweight Material Market, such as Lyondellbasell 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.

Most of the key players in electric vehicle market are focusing on business expansion to gain a higher revenue share through the adoption of strategies, such as mergers and acquisitions and new product development.

The Automotive Lightweight Material Key Segments:

By Material Type:

• Metals
• Composites
• Plastics

By Manufacturing Process:

• Extrusion
• Stamping
• Forging
• Casting
• Open Molding
• Close Molding
• Forming

By Application:

• Structural
• Powertrain
• Interior
• Exterior

By Vehicle Type:

• Internal Combustion Engine Vehicle
• Battery Electric Vehicle
• Hybrid Electric Vehicle

By Region:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • Japan
  • China
  • India
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Argentina
  • Turkey
  • South Africa
  • Rest of LAMEA