The global automotive lightweight material market size is expected to reach $109.5bn by 2027 according to a new study by Polaris Market Research. The report gives a detailed insight into current market dynamics and provides analysis on future market growth.
The report is titled ‘Automotive Lightweight Material Market Share, Size, Trends, Industry Analysis Report, By Vehicle Type (Passenger Cars, LCV, HCV); By Material Type (Metal, Polymers, Composites, Elastomers); By Application (Engine & Mechanical, Exterior & Structural, Interior, HVAC & Electrical), By Regions; Segment Forecast, 2020 – 2027’.
Automotive lightweight materials have low corrosion rate, high design flexibility, and high weight to strength ratio. These are the mixture of alloys and composites and common alloys used are non-ferrous metals with low density. Metal alloys are easy to forge and find utility in several applications. Growing trend for vehicle customization is expected to drive the demand for lightweight materials in automotive aftermarket.
With improvements in materials and technology used for automotive manufacturing, the average age of vehicles has increased substantially. For instance, in Thailand, the average age of vehicles is between five and seven years in 2019. As per the survey, consumers are holding previously owned cars as back up vehicles rather than scraping them. With the increasing vehicle age, there is growing need for replacement of parts and MRO.
The increasing need to improve the performance of the vehicles and optimized the fuel consumption by reducing the vehicle weight is expected to drive the demand for lightweight materials in automotive industry. Furthermore, the growing demand for composites in premium cars to improve vehicle performance and aesthetics is likely to complement demand over the forecast period.
Market participants include BASF, Covestro, Toray, Borealis, WHB Brasil, LyondellBasell, ThyssenKrupp, Owens Corning, Alcoa Corporation, ArcelorMittal, Stratasys, LANXESS, Aleris Corporation, POSCO, SGL Carbon, AK Steel Corporation, and Novelis, among others.
Automotive producers are shifting their production houses or manufacturing plants in low-income countries to capitalize on growing local needs and to benefit from low capital and labor costs. Major automotive manufacturers are mostly based in Brazil, India, South Korea, China, and Mexico, and are projected to benefit from OEM and aftermarket.