Automotive Lightweight Material Market: Steel Remains the Most Lucrative Material

A recent Fact.MR report on automotive lightweight material market provides an elaborate and extensive market forecast for the period between 2019 and 2028. Various dynamics influencing the automotive lightweight material market are identified and their degree of impact has been analyzed and detailed in the report. It also includes qualitative and quantitative analysis of macro- and microeconomic factors affecting the growth of automotive lightweight material market. The Fact.MR report offers all-inclusive insights into global and competitive scenarios of automotive lightweight material market to lead its audience towards devising and implementing well-informed decisions.

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Key Dynamics Driving Automotive Lightweight Material Market Growth?

• Lightweight materials such as high-strength steel, aluminum alloys, carbon fiber materials, polymer composites, and others have been gaining wide-ranging adoption among automotive companies, to improve the fuel economy and reduce emissions without compromising on safety.


• With growing government initiatives worldwide to bring energy consumption and carbon emissions down, the concept of reducing vehicle weight has gained significant traction, which has eventually led to the expansion of automotive lightweight material market.


• As compared to heavy vehicles, the lightweight variants take lesser energy and offer added benefits to automakers and vehicle owners alike. Notable growth of the automotive lightweight material market is likely to be fuelled by surge in replacement of heavy components with automotive parts made from lighter materials which help reduce overall vehicle weight by 10%-60%.

 

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Sales of automotive lightweight material are estimated to surpass 76 kilotons in 2019, up from nearly 74 kilotons in 2018, according to a recent Fact.MR report. The automotive lightweight material industry is significantly influenced by broader trends in the automobile industry, especially evolving regulations on fuel efficiency. Fact.MR’s new report analyzes this landscape in detail, and offers readers a comprehensive analysis on the key factors at play.

The study opines that lightweighting continues to gain a centerstage in the automotive industry. Demand for cost-effective lightweight materials continues to surge, as a growing demographic of consumers shows marked preference towards organizations that embrace sustainability. The report finds that in addition to these broader, cross-industry trends, demand for lightweight materials is also influenced by industry-specific factors such as growing electric vehicle parc.

Steel Remains the Most Lucrative Automotive Lightweight Material

According to the study, steel remains the most lucrative automotive lightweight material, with sales of over 35 kilotons in 2018. Increasing replacement of cast iron and other heavier components with lighter materials such as high-strength steel (HSS) in automobiles is a key demand determinant of steel in the automotive lightweight material market.

Automotive lightweight materials have witnessed robust application in the engine & mechanical components, backed by their numerous advantages such as energy efficiency, improved performance, and enhanced safety. In addition, exterior & structural segment is likely to emerge as the most lucrative application area for automotive lightweight material. Passenger cars account for the highest volume share in the automotive lightweight material market, with sales estimated in excess of 42 kilotons in 2018.