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Automotive lightweight materials are gaining enormous attention among original equipment manufacturers (OEMs) to meet the latest industry regulations pertaining to fuel economy in various countries. Automobile companies are keenly incorporating composite materials in car bodies for enhanced performance. A TMR study on the market found that recent developments in automotive lightweight materials have spurred interest in carbon fiber reinforced plastics (CFRP) and glass fiber reinforced plastics (GFRP). The study found that the global valuation is projected to advance at CAGR of 7.2% during the forecast period of 2019–2027.
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Automakers Brace for Stringent GHG Standards
The growing customer awareness of direct corelation between reduction in vehicle weight and fuel economy anchors the growing demand for automotive lightweight materials in modern automobiles. Emerging trends in automotive lightweight materials market emphasize on how need to adhere to the prevailing norms and updated standards for reducing greenhouse gas (GHG) emissions from transport sector is driving product innovation. A recent case in point is automakers looking for automotive lightweight materials for 2025 CAFE standards, which require them to deliver a fleet average of at least 54.5 mpg by 2025.
Array of Lightweight Materials Attract Attention of Automotive Companies, Cost Major Impediment
Recent developments in automotive lightweight materials market highlight the trend of rapid adoption of these in passenger cars and light-duty trucks in some developed nations, particularly in the U.S. Customers in Europe and North America are prompting several vehicle manufacturers to adopt more lightweight materials such as high-strength steel (HSS), magnesium, and aluminum alloys relative to conventional materials.
R&D on novel lightweight materials has gathered immense momentum from the need for fuel-efficient vehicles used in road transport, lending lucrative avenues for automobile companies in the automotive lightweight materials market. A major prohibitive factor for the adoption is the high cost, where OEMs may be required to pass on the increased prices of the raw materials on the final consumer. A case in point is concerns of elevated production costs for carbon fiber composites.
In the light of the abovementioned concern, stakeholders in the automotive lightweight materials market are gearing toward adopting production technologies and operational processes that will help achieve an economy of scale for a number of such current generation of products. High-end vehicle manufacturers in the developed world on the other hand have presented material producers with value-grab opportunities. Evidently, advancements in design engineering, tooling, and prototyping on one hand and inexpensive fabrication methods used by chemical companies are expected to catalyze the overall prospect of automotive lightweight materials market.
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Asia Pacific to Witness Lucrative Demand Automotive Lightweight Materials Market
Asia Pacific has been found to be a lucrative market in that the consumption was higher than in any other regional segment. China and Japan are at the forefront of commercialization of automotive lightweight materials. Strides made in automotive manufacturing in various parts of the region will endow promising growth avenues for players in the automotive lightweight materials market. The demand is high in Middle East & Africa and Latin America. As a result, companies in the automotive lightweight materials market are expected to tap into the emerging revenue streams.
A fair degree of fragmentation has defined the competition landscape of the global automotive lightweight materials market. Many companies are focusing on launching new products to grow their market shares. Some of the key players in automotive lightweight materials market are Applied Ink Solutions, Creative Materials Inc., Johnson Matthey PLC, Heraeus Holding GmbH, Intrinsiq Materials, Inc., Vorbeck Materials Corporation, Inc., Vorbeck Materials Corporation, Inc., KGaA, Henkel AG & Co., and DuPont.
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What are Key Challenges for Global Automotive Lightweight Materials Market?
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