Automotive lightweight materials are the materials used in auto mobiles for reducing the weight and increasing the speed and fuel efficiency of the automotive. These lightweight materials are good for building the frame of vehicles due to advantages provided by them such as less material consumption, low corrosion rate, enhanced strength and improved handling.
Lightweight materials demand is rise because of its unique properties, like low density, high strength and stiffness, high ductility, temperature and corrosion resistance make lightweight materials a preferred choice over conventional materials such as iron and steel.
These properties helps to reduce weight, leading to increased fuel economy, reduced CO2 emissions, low maintenance costs and longer life.
The global automotive lightweight materials market was worth US$147.93 bn in 2015. Researcher estimate the market to grow at a CAGR of 8.25% between 2016 and 2024 and touch US$299.36 bn by the end of 2024.
The car lightweight material market is anticipated to develop at a CAGR of 13.06% from 2016 to 2021 and achieve a market size of US$ 110.42 bn in 2021. The key drivers of the market are the stringent emanation and mileage directions, combined with the objectives on weight decrease, by the administrative experts. The business additionally observes openings in the expansion in offers of electric vehicles in the creating nations.
Metals is the biggest market of the material portion in the car lightweight material market, by esteem. Aluminium is assessed to have the biggest piece of the overall industry amid the gauge time frame. OEMs are centred around the use of lightweight materials in all conceivable vehicle segments.
Motor scaling back, lightweight metal body, propelled transmission advances, and the utilization of fumes after treatment gadgets have as of now been attempted by the OEMs and subsequently, the utilization of lightweight materials remains the main practical alternative.
The electric vehicle market is assessed to develop CAGR of 21.49%, by 2021. The electric vehicles are exclusively reliant on lighter parts, made of lightweight materials, which increment their range. The best illustration would be the utilization of carbon fibre in the BMW i3 and i8 models. Most government likewise offer advantages on the buy of electric vehicles, which acts an extra driver for the offer of these vehicles.
The North American area is the quickest developing business sector for car lightweight materials due to the stringent CAFÉ efficiency controls that order a mileage of 55.4 mpg (armada normal) by 2025. The low financing cost and low gas costs have driven the development in this area. The LCV portion is the biggest client of lightweight materials in the locale.
Organizations like Ford Motor Company (U.S.), Fiat Chrysler Auto mobiles N.V. (U.K.), and General Motors Company (U.S.) purchase car lightweight materials from providers, for example, Owens Corning (U.S.), Novelis AG (Switzerland) and Alcoa Inc. (U.S.).