Automotive Lightweight Materials Market Report

Cast iron and conventional steel components can be replaced with lighter alternatives such as high-strength steel, magnesium (Mg) alloys, aluminium (Al) alloys, carbon fibre, and polymer composites to reduce weight by up to 50% while increasing fuel efficiency. The amount of CO2 an automobile generates over the course of its lifespan may be reduced by 20 kg by lowering the body weight by more than 1 kg. By 2024, European regulatory bodies hope to cut CO2 emissions from each passenger car from 140 g to 95 g per kilometre.

When looking at automotive systems and components, consumers' top requirements are materials with a high strength-to-weight ratio, excellent corrosion resistance, and substantial design flexibility. The necessity for weight reduction and increased fuel economy, compliance with environmental standards, and shifting consumer preferences toward mobility solutions are the primary causes that are expected to drive automakers to focus on material redesigning in the years to come.

Due to the advantages of total weight reduction, demand for automotive lightweight materials is skyrocketing for use in passenger vehicles, particularly electric vehicles (EVS). Additionally, the demand for lightweight vehicles has increased as a result of rising fuel prices. Manufacturers are being encouraged to use lightweight materials to increase car economy by the CAFE criteria that the US government has proposed.

Steel and aluminum are two promising materials since the automobile industry has been using them extensively for the past half-decade. HSS and AHSS & UHSS are the two main types of steel channels. Of these two primary forms of steel, AHSS & UHSS is gaining traction and expanding more quickly. Due to steel producers' preference for AHSS fabrication, the market share of HSS is rapidly decreasing. Positive externalities have a significant impact on how the market for automobile lightweight materials develops. When building vehicle bodywork, cheap, lightweight, and efficient automotive materials are preferred. The use of aluminium in chassis and structural applications is on the rise, with advanced manufacturing techniques, the creation of aluminum-air batteries, third-generation AHSS, and pre-oxidation to galvanise AHSS.

Polymers have gained popularity during the past five years in addition to metals because of their capacity to deflect collision forces. In addition, they can reasonably cut the weight and cost of producing automobiles. Overall, it is anticipated that the market for automotive lightweight materials will flourish due to increased demand for advanced lightweight materials like AHSS & UHSS.

The world has come to a complete stop due to the coronavirus pandemic. Revenue have decreased as a result of lower output and demand, which has resulted in a slump in business operations. Automotive applications make up a significant portion of the final usage of lightweight materials for vehicles. Because supply networks have been interrupted, the ongoing pandemic has caused a reduction in all industrial activity. Market competitors compete on the basis of the product quality they provide. The major companies in this market put a lot of effort into building out their production facilities, investing in R&D, developing their infrastructure, and utilising integrating possibilities throughout the value chain. Automotive lightweight material firms may meet rising demand, maintain competitive effectiveness, create cutting-edge products and technologies, cut manufacturing costs, and increase their client base with the help of these techniques.

The following are a few manufacturers of automobile lightweight materials: Alcoa Inc., Novelis Inc., US Magnesium, Owens Corning, Toray, BASF SE, POSCO, DowDuPont, LyondellBasell, ArcelorMittal SA, ThyssenKrupp AG, Tata Steel Limited, SABIC, Huntsman.

Due to the rising usage of lightweight materials in vehicles and strict government restrictions to lower carbon emissions and improve fuel efficiency, Europe is anticipated to continue to be the largest area. Because of its high vehicle production and ongoing rise in the amount of lightweight materials used in each vehicle, Asia Pacific is anticipated to have considerable growth throughout the projected period. Additionally, the EU's members adhere to Euro 6 regulations, which are designed to lessen the quantity of pollutants including nitrogen oxides and carbon monoxide. The specifications provide OEMs with guidelines on how to cut CO2 emissions and improve fuel economy.

Additionally, suppliers and producers of lightweight materials are spending time and money on R&D in order to create new and innovative lightweight components. Due to the increased demand for cars, Europe is anticipated to remain the largest area over the forecast period. India, China, Japan, and South Korea make up the majority of the Asia-Pacific automotive industry's contributors in the east. Due to the abundant availability of resources and the increasing demand for passenger cars and commercial vehicles, the market for light materials is also anticipated to rise over this decade.