SELBYVILLE, Del., Jan. 5, 2021 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on the automotive lightweight materials market, which estimates the market valuation for automotive lightweight materials will cross US $247 billion by 2026. Growing concerns to reduce carbon footprints around the globe will positively influence revenue generation.
Steel material is forecast to register a growth rate of over 8.5% CAGR through 2026 as these are still widely used in the production of automotive structures. New automotive structures present in the industry are benefited due to high-strength steel, advanced high-strength steel, and ultra-high-strength steel. The applications of these modern grade steels help in mass reduction by reducing sheet gages and by lowering specific density, thus allowing considerable emission reduction. Growing penetration of electric vehicles in the emerging markets owing to government policies on carbon emission will propel automotive lightweight materials' market growth during the forecast period.
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The powertrain segment is predicted to cross USD 50 billion by 2026. A powertrain holds a significant share in overall vehicle weight and is a prime candidate for the application of lightweight material. Traditionally, engine blocks were made of iron and heavy steel. However, with the increasing use of automotive lightweight materials, aluminum housing has replaced traditional materials.
The extrusion process is likely to witness around a 10% CAGR during 2020 to 2026. The extrusion process aids the manufacturers to assemble metal where it is needed and to introduce features in a single part. This eliminates the need for and assembly of multiple parts composed of alternative materials. Aluminum extraction is more expensive than steel extrusion, however, it imparts a lower weight to the automobile and adds features that are not possible with steel components.
The battery electric vehicles segment will witness significant growth in the automotive lightweight vehicles market size. Growth can be attributed to the growing demand to reduce fuel emissions and follow strict air quality standards, propelling the segment share. Moreover, increasing income levels coupled with a tax exemption for battery electric vehicles will boost the automotive lightweight materials market during the projected time period.
Europe's automotive lightweight materials market is set to hold more than a 25% share in 2026. The COVID-19 pandemic has impacted automobile production across the region. Steady recovery of automobile production in Q1 and Q2 of 2021 will propel the industry growth. The implementation of stringent Euro 6 norms will reduce CO2 emissions along with other pollutants such as carbon monoxide and nitrogen oxide. This will force automakers to be more fuel-efficient. Growing R&D expenditure to develop more efficient automotive lightweight materials will boost the market during the projected time frame.
Some major findings of the automotive lightweight materials market report include:
- Various governments across the world have introduced strict emission standards and limitations on CO2 & other pollutants from automobiles, thereby propelling the automotive industry growth.
- Aluminum alloys, such as AA7075 or AA7021, show increased strength in the application of thinner sheets coupled with significant mass reduction. This leads to lower consumption of energy along with increased environmental protection. Aluminum alloys can save up to 50% of the cost as compared to iron and steel while maintaining safety and increasing performance in a cost-effective way.
- Key manufacturers of the automotive lightweight materials industry are BASF SE, LANXESS Deutschland GmbH, Aleris Corporation, ArcelorMittal, WHB Brasil, AK Steel Corporation, Tata Steel, LyondellBasell Industries Holding B.V., Owens Coming, SGL Carbon, Stratasys Ltd., and POSCO.
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Partial chapters of the report's table of contents (TOC):
Chapter 3 Automotive Lightweight Materials Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.2.1 Raw material supplier
3.2.3 Profit margin analysis
3.2.4 Distribution channel analysis
3.2.5 Value chain disruptions due to COVID-19
3.2.6 Vendor matrix
3.3 Technology landscape
3.3.1 Thin wall aluminum die casting
3.3.2 Warm forming
3.4 Automotive production, by region, 2016 - 2018
3.4.1 North America
3.5 Pricing analysis (including COVID-19 impact)
3.5.1 Cost structure analysis
3.6 Regulatory landscape
3.6.1 North America
3.7 Industry impact forces
3.7.1 Growth drivers, by region
22.214.171.124 Stringent regulations for reducing fuel emissions
126.96.36.199 Increasing adoption of alternative powertrains
188.8.131.52 Emerging future mobility
184.108.40.206 Surging production of electric vehicles
3.7.2 Industry pitfalls & challenges
220.127.116.11 Affordability of light weighting solutions
18.104.22.168 High risks associated with new material adoption
22.214.171.124 Limited collaboration across automotive supply chain
3.8 Materials used for key vehicle components (Current & future)
3.9 Key OEM strategies for vehicle weight reduction
3.10 Lightweighting outlook for electric vehicles
3.11 Innovation and sustainability
3.12 Growth potential analysis
3.13 Porter's analysis
3.14 Competitive landscape, 2019
3.14.1 Company market share analysis, 2019
3.14.2 Key stake holders
3.14.3 Strategy dashboard
3.15 PESTEL analysis
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Automotive Lightweight Materials Market to exceed $245 Bn by 2026
Automotive Lightweight Materials Market size is likely to surpass USD 245 billion by 2026, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights Inc.