The global automotive lightweight material market is projected to be worth USD 128,010.1 million by 2030, growing at a CAGR of 7.4%. Constituents with a high strength-to-weight ratio, significant design flexibility, and high corrosion resistance are the main demands of customers when looking at automotive arrangements and components. The key reasons that are set to impact auto manufacturers to focus on material redesigning in the coming few years are the requirement for weight decrease and higher fuel effectiveness, adherence to environmental guidelines, and altering consumer preferences toward mobility solutions.
In recent years, Europe dominated the automotive lightweight material market, with a revenue share of approximately 40%, and the region is also projected to witness significant advances in the future as well. The growth is being enhanced by the regional existence of key suppliers of most of the commodities, and also a huge number of automakers worldwide.
Furthermore, Euro 6 standards, which are followed by the EU's members, target to decrease the quantity of contaminants, like carbon monoxide and nitrogen oxides. The standards contain instructions for OEMs to decrease carbon releases and surge fuel effectiveness.
Moreover, in order to grow novel and pioneering lightweight components, suppliers and builders of lightweight materials are spending time and capital on research and development. Furthermore, Europe is projected to remain to be the largest region in the future as well because of the growing demand for automobiles.
In recent years, the metal category held the highest revenue share of more than 40%, and the category is projected to remain dominant in the future as well. Magnesium, aluminum, titanium, and high-strength steel are experiencing a surge in demand because of the necessity for toughness in components like passenger compartment frames, chassis, and underbody floors.
Worldwide, a count of regions has passed severe laws for automobile releases and fuel effectiveness. Automotive OEMs are now needed to use more lightweight components, like composites, plastics, and low-molecular-mass metals. Modern lightweight parts allow automobiles to utilize less gasoline while upholding performance and security.
The fuel effectiveness of a car can surge by 6% to 8% with a 10% mass decrease. As less weight means less power to accelerate, the utilization of lightweight components reduces the fuel usage of a vehicle. New-age materials utilized in engine components permit them to endure high pressures and temperatures, which supports fuel effectiveness and decreased emissions.
Furthermore, the technical uprising in the automobile industry has carried big opportunities to the automobile-related industries, just like the growth of EVs has been eased by growth in environmental awareness, government help and initiatives, and OEM research.
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