The global automotive lightweight materials market is estimated to grow significantly, at a CAGR of 6.9%, during the forecast period. Lightweight materials play an important role in the automotive industry. The use of these materials is likely to increase significantly over the decades since even a 10% reduction in vehicle weight yields a 6.5% reduction in fuel consumption, which in turn results in reduced carbon emissions.
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According to the European Commission report, cars in Europe are responsible for around 12% of total EU emissions of carbon dioxide, the main greenhouse gas. The 2015 and 2021 targets represent reductions of 18% and 40% respectively compared with the 2007 fleet average of 158.7 grams of CO2 per kilometer (g CO2/km). The average emissions level of a new car sold in 2017 was 118.5 grams of CO2 per kilometer, significantly below the 2015 target of 130g. By 2021, phased in from 2019, the fleet average to be achieved by all new cars is 95 grams of CO2 per kilometer. In such a scenario, every kilogram weight of the vehicle is important.
Global population has increased and is continuing to increase; however, the fundamental laws of motion have adhered to their bases since the beginning of time. According to the United Nations, the global population is marked at 7.6 billion currently and is expected to reach 8.6 billion in 2030. Also, today 55% of the world’s populations live in urban areas and this portion is expected to increase to 68% in 2050. Adapting with the fast-paced lifestyle, people have now been using vehicles more than ever.
The automotive industry has witnessed advancement in technology, and many initiatives have been taken to improve the performance of vehicles; which tends to drive the global automotive lightweight materials market. Using lightweight materials in various automotive applications is one such advancement that is likely to improve the performance of the vehicle. The need to improve the use of lightweight materials in current transport systems becomes even more critical and would also enable in addressing the international commitment to reduce carbon emissions. In the coming three decades, the UK intends to reduce the carbon footprint by 80% and to meet this goal it is important to reduce the mass of the vehicles.
Advanced materials are essential for boosting the fuel economy of modern automobiles while maintaining safety and performance. Lightweight composites are crucial to boost the fuel economy and maintain the set safety standards and performance of modern automobiles. To accelerate a lighter object, less energy is needed rather than acceleration of heavier one, therefore lightweight composite materials deliver a significant potential to increase the efficiency of vehicles, which in turn, increase its demand, and hence, drives the automotive lightweight materials industry.
A 10% reduction in vehicle weight can result in a 6%-8% fuel economy improvement. The weight saving pre-requisites for automobiles has become highly important coupled with the growing environmental concerns. Reduction in fuel consumption gains by the decline in vehicle weight. Through replacing steel & cast iron conventional components with lightweight composite materials, including Magnesium & Aluminum (Mg & Al) metal matrix composite, carbon & glass fiber strengthened with polymer composites can directly minimize the weight of a vehicle’s body and chassis by up to 50%, which leads to the reduction in fuel consumption by the vehicle. The use of light composites in automotive can encourage advanced emission control systems, integrated electronic systems, and safety devices without rising vehicle’s overall weight.
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Global Automotive Lightweight Materials Market- Segmentation
By Material Type
· Metals
· Composites
· Plastics
· Elastomers
By Vehicle Type
· Passenger Cars (PC)
· Light Commercial Vehicle (LCV)
· Heavy Commercial Vehicle (HCV)
By Application
· Chassis and Suspension
· Powertrain
· Interiors
· Exterior
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
