LONDON, Nov. 25, 2015 /PRNewswire/ -- The key function of automotive lightweight materials is to reducing the weight of a vehicle. These materials are used in various automobile applications, including structure, powertrain, interiors, and exteriors, among others. Lightweight materials increase the efficiency of the vehicle by reducing the overall weight and thereby reducing the overall fuel consumption. Faced with emission norms that become increasingly stringent every year, automotive OEMs are compelled to use lighter and more efficient materials to ensure that the vehicle meets emission standards. Various factors which have precipitated the evolution in automotive lightweight materials are the need for improved fuel economy, greater power requirements, increasing vehicle performance requirements, and the demand for an enhanced driving experience.
The above factors are responsible for the development and launch of new and advanced automotive lightweight materials, including composites such as carbon fiber reinforced plastic (CFRP) and glass fiber reinforced plastic (GFRP); metals such as high strength steel (HSS) and aluminum, and plastics. To meet the rising global demand for fuel economy, and stringent emission norms in major regions, automakers are investing heavily in research and development for advanced lightweight technologies.
In this report, the automotive lightweight materials market comprises various materials such as metals, composites, and plastics. Metals are sub-divided into high-strength steel (HSS), aluminum, and other, while composites are segmented into CFRP and GFRP. The market is segmented in terms of region into Asia-Oceania, North America, Europe, and the Rest of the World (RoW), and in terms of lightweight material applications into structural, powertrain, interior, exterior, and others.
In the North American region, the U.S. accounted for the largest share of the automotive lightweight materials market in 2014. However, in coming years, developing regions such as Asia-Oceania (including emerging economies such as China and India) are projected to form new revenue-generating pockets for market players. Economic development, sizable population, increasingly stringent emission regulations, growing awareness about eco-friendly systems, and benefits of better fuel efficiency are the key factors driving the growth of the automotive lightweight materials market in this region.
The market is dominated by players such as Bayer AG (Germany), ThyssenKrupp AG (Germany), Toray Industries Inc. (Japan), ArcelorMittal S.A. (Luxembourg), and Novelis Inc. (U.S.).
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