According to the report titled ‘Automotive Lightweight Materials Market Size By Material, By Application (Body In White, Chassis, Powertrain, Interior, Exterior), By Manufacturing Process (Casting, Extrusion, Rolling, Forging, Forming, Open Molding, Closed Molding), By Vehicle Type, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report, global automotive lightweight materials market is anticipated to grow considerably over the forecast period 2020-2026.
 

Global automotive lightweight materials industry is majorly driven by escalating demand for lightweight and energy-efficient vehicles, stringent regulations for fuel emission reduction, increasing adoption of alternative powertrains, and surging electric vehicle production.
 

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On the contrary, high risks associated with lightweight solutions, risks involved with new material adoption, and limited collaboration across automotive supply chain are negatively impacting the market development, claims the study.
 

In terms of material, polyvinyl chloride plastics segment is set to register 8% CAGR throughout 2020-2026. Low product cost and high durability in comparison to counterparts are favoring the product adoption. PVC is widely utilized for coating fabrics in automotive as well as soft dashboards as it is one of the most effective components for shock absorption. Besides, fire resistant properties are augmenting the product use to improve passenger safety. The utilization of flexible variants of PVCS is further anticipated is increase as they extend vehicle lifespan by minimizing effects of environmental aggressors and allow for a comfortable driving experience.
 

Moving to application segmentation of global automotive lightweight materials market, exterior segment is projected to record 6.5% CAGR over the forecast duration. This is creditable to surging demand for lightweight materials for lowering overall vehicle weight and augmenting performance.
 

Speaking of manufacturing process, the open molding segment is touted to witness an increased demand over the analysis period, mainly due to stringent government regulations regarding carbon emissions.
 

On the regional front, Latin America market size is touted to expand significantly over the projected timeline, creditable to favorable government regulations for production of lightweight, fuel-efficient vehicles. Moreover, rising popularity of electric vehicles will unlock new opportunities for regional suppliers.
 

Key players influencing global automotive lightweight materials market dynamics are POSCO (Pohang Iron and Steel Co. Ltd.), Tata Steel Europe Ltd., Lanxess AG, Stratasys Ltd., Owens Corning, Thyssenkrupp AG, ArcelorMittal S.A., Alcoa Corp., LyondellBasell Industries Holdings B.V., Toray TCAC Holding B.V., Covestro AG, and BASF SE.