Overview and Scope
The automotive lightweight material is engaged in the production of different lightweight materials for the manufacturing of automotive components such as carbon fiber, aluminum, and magnesium among others. Automotive lightweight materials are used in vehicles to decrease weight, increase speed, and improve fuel economy.
Sizing and Forecast
The automotive lightweight materials market size has grown strongly in recent years. It will grow from $111.13 billion in 2023 to $121.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to advancements in material science, regulatory emission standards, consumer preference for performance, cost and manufacturing advancements, globalization and market competition.
The automotive lightweight materials market size is expected to see strong growth in the next few years. It will grow to $170.71 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to sustainable and eco-friendly solutions, urbanization and compact vehicle designs, global expansion of automotive production, shift towards autonomous vehicles, growing focus on electric mobility solutions. Major trends in the forecast period include demand for fuel efficiency, advancements in material technology, electric vehicle adoption, emission reduction requirements, focus on performance and safety.
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Segmentation & Regional Insights
The automotive lightweight materials market covered in this report is segmented –
1) By Material Type: Metals, Composites, Plastics, Elastomer
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Application: Body In White, Chassis And Suspension, Powertrain, Closures, Interiors, Other Applications
Europe was the largest region in the automotive lightweight materials market in 2023. North America was the second-largest market in the automotive lightweight materials market share. The regions covered in the automotive lightweight materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surge production of electric vehicles is expected to propel the growth of the automotive lightweight materials market over the coming years. Electric vehicles are automobiles that are powered entirely or partially by electricity. Electric vehicles have minimal operating expenses since they have fewer moving parts to maintain, and they are also very eco-friendly because they consume little or no fossil fuels (petrol or diesel). Lightweight materials such as carbon-fiber-reinforced plastic is used in modern electric vehicles, allowing them to run purely on electricity and avoid being classified as hybrids. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. Over 2.3 million electric cars were sold in the first quarter of 2023, representing a 25% increase from the same period last year. Additionally, it is projected that 14 million electric cars will be sold by the end of 2023, marking a 35% year-on-year increase. Therefore, the increasing production of electric vehicles drives the growth of the automotive lightweight materials market.
Key Industry Players
Major companies operating in the automotive lightweight materials market report are BASF SE, ArcelorMittal SA, Pohang Iron and Steel Company, Saint-Gobain SA, Saudi Basic Industries Corporation, LyondellBasell Industries Holdings B.V., ThyssenKrupp AG, Mitsubishi Chemical Corporation, 3M Company, Tata Steel Company, Henkel AG & Co., Covestro AG, Toray Industries Inc., Novelis Inc., DuPont De Nemours and Company, Alcoa Corporation, Owens Corning Fiberglass Company, Huntsman Corporation, Teijin Limited, Lanxess AG, AK Steel Corporation, Borealis AG, SGL Carbon Graphite Technic Co. Ltd., Stratasys Ltd., Aleris Corporation, WHB Brasil Automotive, NovaCentrix Corp., Vorbeck Materials Corporation Inc., Intrinsiq Materials Inc.
The automotive lightweight materials market report table of contents includes:
1. Executive Summary
2. Automotive Lightweight Materials Market Characteristics
3. Automotive Lightweight Materials Market Trends And Strategies
4. Automotive Lightweight Materials Market – Macro Economic Scenario
5. Global Automotive Lightweight Materials Market Size and Growth
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32. Global Automotive Lightweight Materials Market Competitive Benchmarking
33. Global Automotive Lightweight Materials Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Automotive Lightweight Materials Market
35. Automotive Lightweight Materials Market Future Outlook and Potential Analysis
36. Appendix
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