Automotive Lightweight Materials Market is Expected to Reach USD 126.76 Billion by 2030| Top Key players such as -Stratasys Ltd., Thyssenkrupp AG, and Toray Industries Inc.

According to the report published by Allied Market Research, The Automotive Lightweight Materials Market is Expected to Reach USD 126.76 Billion by 2030| Top Key players such as -Stratasys Ltd., Thyssenkrupp AG, and Toray Industries Inc. The report provides a detailed analysis of these key players of the global digital educational publishing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

Growth in need for improved safety and enhanced performance of the vehicle and stringent regulations for fuel economy and automation emission drive the growth of the global automotive lightweight materials market. On the other hand, high cost of the materials and declined production and sale of automobile impede the growth to some extent. Nevertheless, entering into agreements and contracts with automotive OEM and growth in vehicle electrification are projected to pave the way for lucrative opportunities in the future.

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By vehicle type, the IC engine powered segment contributed to around four-fifths of the global automotive light material market share in 2020 and is expected to lead the trail by the end of 2030. The fact that the available fleet across the globe is dominated by the IC powered vehicle drives the growth of the segment. However, the electric powered segment is expected cite the fastest CAGR of 10.4% from 2021 to 2030. This is attributed to the rise in penetration of electric vehicle and growing trend of usage of green mobility solution.

Based on component, the exterior systems and components segment accounted for more than two-fifths of the total market revenue in 2020 and is projected to retain its dominance by 2030. Furthermore, the segment would also manifest the fastest CAGR of 7.9% throughout the forecast period. This is owing to the change in manufacturing outlook of the automotive development and growing adoption of the lightweight materials by the automotive manufacturers.

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Based on region, Europe, followed by North America, held the major share in 2020, garnering more than One-third of the global market. The market across this region is also anticipated to register the fastest CAGR of 8.0% from 2021 to 2030. This is due to the rising adoption of automotive lightweight materials and growing need for fuel efficient automotive solutions. The other regions studied in the report include Asia-Pacific and LAMEA.

The key players profiled in the report are Alcoa Corporation, ArcelorMittal, BASF SE, Covestro AG, Hindalco Industries Limited, Lyondellbasell Industries N.V., Owens Corning, Stratasys Ltd., Thyssenkrupp AG, and Toray Industries Inc

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COVID-19 scenario-

• The outbreak of COVID-19 has significantly impacted the global automotive industry. The downturn in demand for new and old vehicles and disrupted supply chain outlook were the major impacts of partial lockdown.

• Furthermore, government restrictions resulted in weak financial performance of the automakers, which negatively impacted the automotive production, especially during the initial phase.

• Nevertheless, the restrictions are getting eased off as the vaccination drives are getting boosted all across the region. And the market is, therefore, expected to recoup soon.

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