Old Tele Man already brought up the old Polimotor.
But truthfully, the majority of the current materials work is not in making the engine that much lighter or the reciprocating mass lighter, it is reducing friction and heat loss. Those are what help you gain efficiency.
Ceramic coatings are already common and have improved to the point they are used in race and production environments. Simply coating the piston heads and combustion chambers of an engine gain several horsepower with no other changes if detonation is controlled. Coolant temperatures also go down.
I worked with a project where the wet cylinder sleeves of a Cummins diesel N14 were replaced with ceramic sleeves. Engine power increased by almost 20 horsepower with no other changes and engine coolant temperature decreased. Problems with piston ring life and wet cylinder sealing are still being worked on.
The single biggest contributor to internal combustion engine friction is the cylinder walls and piston ring interface. Material make up of the ring face as well as the cylinder surface can gain horsepower.
A practical engine we had prepared for the AutoXprize utilized heavily ceramic coated combustion chambers and piston domes. The piston rings had an exotic plasma coating as well as the iron cylinder liners. This reduced the ring to cylinder wall friction considerably.
None of this is so exotic and costly that it cannot be implemented today.
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