Lightweight Materials Market to Double by 2024
Feb. 24, 2017—According to a Transparency Market Research report, the global automotive lightweight materials market is estimated to reach $301.36 billion by 2024, expanding at a CAGR of 8.3% between 2016 and 2024.
The market was worth $149.03 billion in 2015. Lightweight materials are seen as essential to improve the fuel economy of automobile vehicles in order to meet CAFE standards. This includes replacing steel and cast iron (as seen with the Ford F-150) with lightweight materials such as aluminum and magnesium alloys and polymer composites. Transparency Market research said it is estimated that with a 10 percent reduction in vehicle weight, a vehicle's fuel economy can be improved by 6-8 percent.
Currently, North America leads the global automotive lightweight materials market with slightly more than 30 percent of the global production volume. Rapid technology, easy availability of raw material suppliers, presence of various automakers in the region are the few factors favoring the growth of automotive lightweight materials market in the region.
In terms of revenue, Asia Pacific presents a significant opportunity for the lightweight materials market due to the factors such as rising purchasing power of people, changing lifestyle, growing automotive industry and increasing need of car ownership and is expected to witness significant growth during the forecast period growing at a CAGR of more than 6 percent.
Key players profiled in the report include automotive lightweight materials market include BASF SE, The Dow Chemical Company, Momentive Performance Materials, LANXESS AG, Lear Corporation, Faurecia S.A., and Magna International.