Lightweight materials for automotive predicted worth US$105.4bln
Increased demand for weight reduction in passenger cars and commercial vehicles to support fuel efficiency is expected to drive demand for lightweight materials over the forecast period.
Metallic automotive materials held the largest revenue share of 50.7% in 2019 due to common use in vehicle manufacturing. North America saw the composite automotive material segment valued at US$4.3bln in 2019 as a result of the value in weight reduction. Europe accounted for the largest revenue share in 2019 and was the largest consumer of lightweight materials.
The introduction of electric vehicles is influencing many manufacturers, with Volkswagen having recently announced increased production. Such moves will positively impact the demand for lightweight materials including metals, composites, plastics, and elastomers.
The research report, Automotive Lightweight Material Market Size, Share & Trends Analysis Report By Material (Metal, Composite), By Application (Body In White, Interior), By End User (Passenger Cars, HCVs), And Segment Forecasts, 2020 – 2027, comes from Grand View Research, USA.