Automotive Lightweighting Market worth $101.5 billion by 2027 - Exclusive Report by MarketsandMarkets™

1. Automotive Lightweighting Market worth $101.5 billion by 2027 - Exclusive Report by MarketsandMarkets™ NEWS PROVIDED BY MarketsandMarkets 17 Feb, 2023, 10:30 ET  CHICAGO, Feb. 17, 2023 /PRNewswire/ -- Automotive Lightweighting Market is projected to grow from USD 73.9 billion in 2022 to USD 101.5 billion by 2027, at a CAGR of 6.5% for the same period, according to a new report by MarketsandMarkets™. The automotive lightweighting market is expected to grow mainly due to increasing stringency in emission norms and the rising bar for fuel-ef?cient vehicles. OEMs are moving towards the use of aluminum & carbon ?ber to make vehicles lighter. The increasing demand for high-range electric vehicles is also a key factor driving the demand for lightweight materials. With the advent of electric vehicles, conventional vehicle components such as the fuel tank and the engine will get replaced by battery and electronic components, which would not only replace the conventional income sources but also create new revenue opportunities for material suppliers. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp? id=23937731 Browse in-depth TOC on "Automotive Lightweighting Market" 

2. 429 - Tables 64 - Figures 352 - Pages Automotive Lightweighting Market Scope: Report Coverage Details Market Size USD 101.5 billion in 2027 Growth Rate 6.5% of CAGR Largest Market Asia Pacific Market Dynamics Drivers, Restraints, Opportunities & Challenges Forecast Period 2022-2027 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends By Material, By Application, By Components, By Vehicle Type, Electric & Hybrid Vehicle Type, Electric Vehicle, by Material Type, Segments Covered UAV, By Material Type, Micro mobility By Material Type, By Region. Geographies Covered North America, Europe, Asia Pacific, Rest of the World Report Highlights Updated financial information/Company Evaluation Quadrant Key Market Opportunities Globalization and need for advanced transportation infrastructure Key Market Drivers Advancing manufacturing methods and technologies to drive the demand for lightweight materials The passenger cars segment is projected to account for the largest share during the forecast period The passenger car segment is estimated to contribute the largest to the automotive lightweighting market. According to the primary experts, the passenger cars segment has a huge scope for employing lightweight materials across different applications such as interiors, body-in-white, closures, etc. According to the Of?ce of Energy Ef?ciency & Renewable Energy, a 10% reduction in vehicle weight can improve fuel economy by 6-8%. On the other hand, the stringent targets set by government bodies such as European Commission proposed a 55% cut in CO2 emissions from passenger cars by 2030, much higher than the current target of a 37.5% reduction in CO2 emissions in 2021. Such targets are making OEMs invest in lightweight for passenger cars and making them lighter and more fuel ef?cient. In passenger cars, the conventional materials are being replaced by high- strength steel (HSS), magnesium & titanium alloys, aluminum, carbon ?ber, and composites, which can directly reduce the weight of the vehicle body and chassis by up to 50%. It is expected that the lightweight materials including HSS, aluminum, plastics, CFRP and others will greatly aid the development of lightweight passenger vehicles. For instance, the 

3. lightweight metals such as HSS and aluminum are some of the key materials in the advanced lightweight frames and chassis. Most of the OEMs incorporate these materials in their body in white structures. The lightweight plastics are mainly used in the interior of the vehicles such as seats, dashboard, instrument panels and others. These plastics are a great choice for both weight and cost reduction. Furthermore, the lightweight CFRP composites are used in the performance and premium passenger vehicles. These composites are relatively expensive but can offer a good strength to weight ratio. With such advantages, it is estimated that the HSS, aluminum and plastics have a good demand for the components such as frames, chassis, seats and instrument panels in the North American and Asia Paci?c regions over the forecast period. The metals segment would dominate the automotive lightweighting market over the forecast period Metals, composites, plastics, and elastomers are the key lightweight materials used in an automobile. Lightweight metals, including HSS, aluminum, and magnesium alloys, are used in the chassis and wheel design. According to the US Department of Energy, using advanced materials and lightweight components in highly ef?cient engines will save 5 billion gallons of fuel annually for the ?eet driver in 2030. For instance, the usage of lightweight metals such as magnesium will result in a mass reduction of 30-70%, and other lightweight metals such as titanium will have a 40-55% reduction, HSS will offer a 10-28% reduction, and aluminum will result in a 30-60% of overall mass reduction respectively. For instance, according to the primary experts, Maruti Suzuki (India) incorporated lightweight magnesium alloys in their chassis and other parts for weight reduction in the front end and steering columns. The usage of plastics has increased to cater to the vehicle's additional weight because of the incorporation of advanced features. The lightweight plastics are used in the vehicle's bumpers, exterior trims, and interior. Asia Paci?c to predominantly lead the automotive lightweighting market during the forecast period The market growth in Asia Paci?c can be attributed to the high vehicle production and increasingly stringent emission and fuel consumption regulations in Japan, South Korea, India, and China. For instance, China and India have strictly reinforced the emission norms - China-6 and BS VI, respectively. Such regulations demand the usage of various after- treatment devices and electronics to effectively reduce emissions, increasing the overall 

4. weight of the vehicles. In addition, an increase in demand for comfort, safety, and luxury has added weight to the vehicles' features such as ADAS systems, automatic systems, etc. Using lightweight materials to compensate for the increase in vehicle weight is one of the strategies followed by OEMs. Moreover, the increasing need for safety systems and the latest safety regulations in many developing countries further drives the demand for automotive lightweight. For instance, the Ministry of Road Transport & Highways (MoRTH) proposes the mandatory 6 airbag systems in cars in India. In July 2019, the ABS and driver-side airbags were made mandatory, which was revised as mandatory dual front airbags from January 2022. A six-airbag feature would increase the vehicle's overall weight, which would drive the demand for lightweight materials. Though the demand for premium segment vehicles is good, and the region has the highest sales in the A, B and C segment vehicles. This restricts the use of composites such as CFRP in the region and the focus is more on the low-cost plastics and lightweight metals. However, there is an increase in the demand for SUVs in the region. The SUVs are generally larger and heavier than the other passenger car segment. According to the MarketsandMarkets analysis, the SUV market is estimated to have a CAGR of 5.0% during the forecast period of 2022 to 2027. Request Sample Pages:  https://www.marketsandmarkets.com/requestsampleNew.asp? id=23937731 Automotive Lightweighting Market Dynamics: Drivers: 1. Advanced manufacturing methods and technologies. 2. Demand for fuel-ef?cient and low-emission vehicles. Restraints: 1. Dif?culty in joining dissimilar materials. Opportunities: 1. Development of advanced and affordable electric and autonomous vehicles. 2. Performance package offerings in premium and sports cars. 

5. Challenges: 1. Maintenance dif?culties and replacement costs. 2. Supply chain dif?culties and high cost of lightweight materials. Key Market Players: The automotive lightweighting market is dominated by giants such as BASF SE (Germany), Covestro AG (Germany), LyondellBasell Industries Holdings B.V. (Netherlands), Toray Industries, Inc. (Japan), ArcelorMittal (Germany), Thyssenkrupp AG (Germany), Novelis, Inc. (US), Alcoa Corporation (US), Owens Corning (US), and Stratasys Ltd. (US). Recent Developments: In October 2022, Lyondellbasell Industries Holdings B.V. developed a PP compound made up of PP compound material which has reduced the weight of the vehicle by 10kg. It will help in foaming of parts, reducing the density of the material, thin walling of parts, can become a substitute to metal and eliminates the paint for cars. In August 2022, Toray Industries, Inc., has launched its 3D printer which can produce automotive parts, power tools and other equipment's which are heat resistance, high strength, and has good precision in designing. In May 2022, BASF SE developed the Ultradur® B4335G3 HR for the protection for sensitive electronic devices which are exposed to extreme challenging surroundings. For example, protecting sensors when exposed to different climatic condition, surface contact to water and salt. In June 2021, Covestro developed a new composite technology named as "Continuous Fiber-Reinforced Thermoplastic Polymers" (CFRTP) which is light in weight and robust in structure, reducing fuel consumption of the cars, emission gas, and obeys UN goals for developing sustainable material. In April 2020, ArcelorMittal has introduced new S-in solution for battery electrical vehicles providing advanced high strength steel for BIW and battery packs which are lightweight, safety, cost, and sustainable. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?  id=23937731 

6. Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting Related Reports: Automotive Acoustic Materials Market - Global Forecasts to 2027 Metal Forming Market for Automotive - Global Forecasts to 2025 Electric Vehicle Plastics Market - Global Forecasts to 2027 About MarketsandMarkets™: MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us pro?cient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To ?nd out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. 

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