Automotive Lightweight Materials Market Future Challenges and Industry Growth Outlook by 2021-2026
Global Automotive lightweight materials market will witness remarkable trends in the near future, with constant efforts by automakers towards developing lightweight and high-performance auto designs. As the electric mobility trends continues to gain traction, the need for lightweight materials in the auto industry will grow significantly. Weight reduction is a top priority among EV manufacturers as they aim to make electric car designs more sustainable.
Automotive lightweight materials market is constantly witnessing new developments and innovations, with stricter regulatory standards regarding vehicular emissions. Vehicular light-weighting is directly linked with improved performance and lower carbon emissions. It helps ensure that automakers’ fleet averages are in line with the required industry standards and allows drivers save taxes.
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Powertrain accounts for a considerable percentage of the overall vehicle weight. As a result, it is important to use lightweight and high-performance materials for manufacturing powertrains. Engine blocks were conventionally made of heavy steel and iron. However, with constant developments in the past few years, newer, more lightweight materials are gradually these conventionally used materials. It is estimated that the automotive lightweight materials market share from powertrain applications will be worth more than US$50 billion by 2026.
With growing concerns regarding environmental sustainability, the European Union has introduced stricter Euro 6 norms pertaining to the reduction of carbon emissions along with other pollutants such as nitrogen oxide and carbon monoxide. Consequently, research activities for the development of more efficient automotive materials has gathered considerable pace over the years.
In terms of revenue, Europe is likely to capture around 25% of the automotive lightweight materials market by the end of 2026. The presence of leading automakers in the region focusing on designing more lightweight and sustainable vehicles will certainly bolster the regional outlook.
Ongoing efforts towards minimizing fuel emissions and stringent air quality standards in many countries has led to the widespread adoption of battery electric vehicles (BEV). Increased income levels of consumers are allowing them to invest in high-performance BEVs and contribute towards emission reduction. The governments in numerous countries have undertaken initiatives for tax exemption for BEVs, which will further boost their adoption in the forthcoming years.
The BEV segment is expected to hold a substantial share of the automotive lightweight materials market through 2026. Vehicle weight reduction not only improves the performance and fuel economy but ensures greater safety for the driver and passengers. Government and regulatory organization worldwide it is one of the most efficient ways of cutting energy consumption and subsequent emissions.
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Partial Chapter of the Table of Content
Chapter 6 Automotive Lightweight Materials Market, By Manufacturing Process
6.1 Global market share by manufacturing process, 2019 & 2026
6.2 Casting
6.2.1 Global market estimates and forecasts, 2016 – 2026
6.2.2 Market estimates and forecast, by region, 2016 – 2026
6.3 Extrusion
6.3.1 Global market estimates and forecasts, 2016 – 2026
6.3.2 Market estimates and forecast, by region, 2016 – 2026
6.4 Forging
6.4.1 Global market estimates and forecasts, 2016 – 2026
6.4.2 Market estimates and forecast, by region, 2016 – 2026
6.5 Forming
6.5.1 Global market estimates and forecasts, 2016 – 2026
6.5.2 Automotive Lightweight Materials Market estimates and forecast, by region, 2016 – 2026
6.6 Open molding
6.6.1 Global market estimates and forecasts, 2016 – 2026
6.6.2 Market estimates and forecast, by region, 2016 – 2026
6.7 Closed molding
6.7.1 Global market estimates and forecasts, 2016 – 2026
6.7.2 Market estimates and forecast, by region, 2016 – 2026
Chapter 7 Automotive Lightweight Materials Market, By Vehicle
7.1 Global market share by vehicle, 2019 & 2026
7.2 Internal combustion engine vehicles (ICEV)
7.2.1 Global market estimates and forecasts, 2016 – 2026
7.2.2 Market estimates and forecast, by region, 2016 – 2026
7.3 BEV
7.3.1 Global market estimates and forecasts, 2016 – 2026
7.3.2 Automotive Lightweight Materials Market estimates and forecast, by region, 2016 – 2026
7.4 HEV
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