Why are Sales of Automotive Lightweight Materials Surging in North America?

With the escalating air pollution levels and the rapid deterioration of the environment, many environmental organizations and governments are enacting stringent policies and taking initiatives for reducing the emission of greenhouse gases. These policies are also aimed at mitigating greenhouse gas emissions from automobiles. For instance, the governments of many European and North American countries are promoting the development and incorporation of lightweight materials in automobiles for reducing carbon dioxide emissions by 2025. 

Similarly, the governments of several Asia-Pacific (APAC) countries such as China, are implementing strict policies for reducing the generation of carbon emissions. Furthermore, APAC countries such as India, Indonesia, and Australia are implementing regulations for mitigating such emissions. Moreover, many international organizations are supporting the use of lightweight materials in automobiles, as these materials assist in reducing the generation of toxic gases. Besides these factors, the burgeoning requirement for greater fuel efficiency is also fueling the growth of the automotive lightweight material market.

As a result of the aforementioned factors, the market reached $77.1 billion revenue in 2015. According to the forecast of the market research company, P&S Intelligence, the market will progress at a CAGR of 14.0% from 2016 to 2022.  Plastics, composites, and metals are the most widely used lightweight materials in the automotive industry. Out of these, the demand for metals is predicted to shoot up in the automotive industry in the forthcoming years. This is attributed to the surging use of high-strength steel and aluminum lightweight materials.

Hence, it can be said without any hesitation that the sales of automotive lightweight materials will explode in the coming years, primarily because of the growing requirement for fuel-efficient vehicles and the increasing implementation of stringent regulations and policies by the governments of several countries for mitigating the emission of carbon dioxide and other greenhouse gases, on account of the surging concerns being raised over the rapid environmental degradation and escalating air pollution levels all over the world.

Source: www.psmarketresearch.com