North America is fastest-growing market for automotive lightweight materials

Lightweight composites is estimated to grow at a CAGR of 17%.

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The automotive lightweight materials market is projected to grow a healthy CAGR of 14.40% to reach $206.8 billion by 2019, according to a new report from MarketsandMarkets (Dallas, TX, US). 

The U.S. holds the largest market share with a high penetration rate for premium vehicles, while Mexico is a major hub for automotive exports. In the current scenario, the lightweight metals segment holds the largest market share, followed by lightweight composites, which also constitute the fastest-growing market in the region. 

Lightweight composites are estimated to hold a major share in the automotive lightweight materials market. This segment is estimated to grow rapidly, at a CAGR of 17.06% during the forecast period. North America accounts for the second-largest share of this market. The application of lightweight composites has not only reduced the weight of the vehicle but has also aided in providing enhanced safety and higher fuel efficiency. Additionally, the use of composites in a vehicle has given automobile designers free rein, as these materials can be easily molded into any shape or size as per requirements. They thus provide the added advantage of creativity to automotive manufacturers.