28th February 2017
Transparency Market Research has released a new market report titled which states that values the global automotive lightweight materials Market was valued at US$ 149.03 Bn in 2015 and is estimated to reach US$ 301.36 Bn by 2024. The rise is attributed to the push by automotive manufacturers to save vehicle weight.
Currently, North America leads the global automotive lightweight materials market with over slightly more than 30% of the global production volume. Rapid technology advancement, easy availability of raw material suppliers and the presence of various local automakers are just a few of the factors favoring the growth of automotive lightweight materials market in the region. In terms of revenue, Asia Pacific presents a significant opportunity for the lightweight materials market due to the factors such as a growing automotive industry and increasing need of car ownership with the region expected to witness significant growth during the forecast period growing at a CAGR of more than 6%.
According to the report, steels contributed for more than half of the metal market share in 2015 in terms of volume. The innate properties of steel such as strength, durability, rigidity, machinability and innovation in various grades of steel such as UHSS, DP, and CP to further reduce the weight of the vehicle, are some of the factors expected to drive metal segment during the forecast period.
The use of lightweight materials can significantly improve fuel consumption because it takes less power to accelerate a lighter vehicle. The report estimates that with a 10% reduction in vehicle weight, a vehicle’s fuel economy can be improved by 6-8%.