Lightweight materials are the material used to reduce the weight of the main product. Lightweight materials are majorly applied in the field of automotive, defense, energy and transportation. Lightweight materials are of great significance in the national defense where they help in the achievement of greater energy efficiency and contributing to energy independence of the nation. Lightweight materials are used to decrease the total energy consumption in the vehicle. It is simply more fuel efficient to manage a lighter vehicle, be it a car, truck, ship or plane than to manage a heavier vehicle. Recently automotive industry has started using lighter material to manufacture vehicle, so as to reduce fuel consumption. Efficiency is one of the key factors in the current fiscal scenario. Fuel efficiency may lead to fewer convoys and fewer losses. Also, lighter weight material helps the company to add additional features and resources within the vehicle. Lightweight material is not only used in automotive industry, other uses include wind turbines, medical technology, pressure vessels and alternative energy sources.
On the bases of material used to manufacture lightweight material for automotive industry, global lightweight automotive materials market can be bifurcated into metals (advanced steels and magnesium), composites and polymers (majorly carbon fiber composites), novel materials (ceramics, carbon nanotubes) and others. On the bases of application the global lightweight automotive materials market can be bifurcated into commercial passenger cars, heavy commercial vehicle, light commercial vehicles and other (two wheelers and three wheelers).
North America has the largest market share for lightweight automotive materials, followed by Europe and Asia-Pacific. The U.S. and Japan are the market leader in the global lightweight automotive materials market, owing to technological advancement and larger number of vehicle manufacturing operating in their market. North America is expected to dominate the market in the forecasted period, where Europe is expected to show marginal growth. However, Asia-Pacific region is expected to witness highest growth in the forecasted period. Increasing number of vehicle manufacturing facilities in the emerging markets of India, china and Japan are expected to boost the global lightweight automotive materials market.
Increasing number of deaths in road accident, where heavy body parts are major reason for serious body damage is driving the global lightweight automotive materials market. According to Alabama’s Department of Public Safety in 2013, there were 367 traffic deaths. Additionally, increasing fuel price in the global market is further accelerating the demand of automotive lightweight material in the global market. According to Statista (Statistics Company) average prices for crude oil increased from USD 77.38 per barrel in 2010 to USD 105.87 per barrel in 2013. Also, increasing consumer awareness about technological changes related to the lightweight material is further expected to increase the demand for lightweight automotive materials in the global market to some extent. However, limited raw material may hamper the market to some extent.
Customer’s willingness to spend more on safety and more efficient vehicles, the manufacturing companies are investing more on developing quality lightweight material for automotive manufacturing companies. Some of the major companies operating in the global lightweight automotive materials market are Titanium Metals Corporation, Novelis Inc, Styron LLC, Thyssen Krupp AG, Toray Industries Inc, PPG Industries Inc, Dead Sea Magnesium Ltd, Tata Steel and Hexcel Corporation.
Key points covered in the report
The report covers geographic segmentation