Auto lightweight materials to go up by $206.8B in 2019

THE automotive lightweight materials market size, in terms of value, is projected to grow at a healthy CAGR of 14.40% to reach $206.8 Billion by 2019, according to Research and Markets.

These automotive lightweight materials have evolved from the need to lower the weight of the vehicle, which is achieved by eliminating heavy components. This transition took place due to factors such as stringent emission norms imposed by the European Union and EPA, strict fuel efficiency norms imposed by CAFÉ and other authorities in the European region, various road safety norms, and the highly competitive nature of the automobile market. Companies were prompted to invest extensively in lightweight technologies so as to comply with these norms as well as to reduce production costs and enhance the driving comfort for buyers. 

In Europe and North America, automotive lightweight materials have a high penetration rate. The adoption rate of these materials is also growing significantly in the Asia-Oceania region, due to the consumers' increasing demand for faster and lighter vehicles and the demand for enhanced safety. The growing demand from consumers for fuel-efficient vehicles also results in the increased implementation of lightweight materials in manufacturing vehicles. China, Germany, the U.S., and Japan are expected to be the largest markets. Developing countries such as India are expected to witness a substantial growth in the demand for these materials from automobile manufactures. The production of automotive lightweight materials is also expected to increase in India from 2014 to 2019. 

The global market is dominated by lightweight material manufacturers/suppliers such as Bayer AG (Germany), ThyssenKrupp AG (Germany), Novelis Inc. (U.S.), Alcoa Inc. (U.S.), Toray Industries Inc. (Japan), and ArcelorMittal S.A. (Luxembourg).