The 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.

Asia Pacific to predominantly lead the automotive lightweighting market during the forecast period

The market growth in Asia Pacific 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 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.

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The passenger cars segment is projected to account for the largest share during 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 efficient engines will save 5 billion gallons of fuel annually for the fleet 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.

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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).

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