London - As the automotive industry gears up for a shift to lighter materials to conform to environmental regulations, Frost & Sullivan has produced a report analysing trends in the substitution of materials and chemicals in automotives light weighting.
The analysis 'Prevalent Substitution Trends within Materials and Chemicals in Automotive Lightweighting,' finds that the market earned revenues of $38 000 million in 2010 and estimates this to reach $95 340 million in 2017, Frost & Sullivan said in a 23 Aug announcement.
The greater incorporation of lightweight materials will help European OEMs to reduce emissions from the current levels of 160 g/km to 130 g/km by 2012-2015. Similarly, American automakers have to achieve the set average fleet fuel efficiency target of 35-39 mpg (miles per gallon) by 2016 with the passing of the Corporate Average Fuel Economy (CAFE) regulation, Frost & Sullivan said in the announcement.
"While these laws go a long way in easing environmental concerns, they also challenge OEMs to find innovative solutions to comply with them and still stay profitable," said Frost & Sullivan senior research analyst Sandeepan Mondal.
The study includes detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants, Frost & Sullivan said.