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.
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