Lightweighting of engineering structures has been a decades old engineering challenge for a multitude of applications and the benefits have been widely documented in the international literature. The European Commission has been consistently supporting research and development in advanced materials for lightweighting through its framework programs for at least the past 20 years. More recently, the drive for electrification of transport has increased the interest and demand for lightweight design solutions, which in turn requires the development of innovative new materials. The wider policy for reduction of CO2 emissions, energy efficiency and sustainability also give rise to the need for new solutions to enhance recyclability of novel lightweight materials, CRMs replacement/substitution, as well as development of energy efficient manufacturing techniques. An overview of the state of the art, future challenges and ways the European Commission can help industry meet the challenges ahead will be provided.