Government Regulations on Vehicle Emissions to Propel Global Lightweight Materials for EV Market Growth

As per Inkwood Research, the Global Lightweight Materials for EV Market is estimated to grow with a CAGR of 9.17% in terms of revenue over the forecasting years 2022-2030.
"Browse 68 market Data Tables and 49 Figures spread over 155 Pages, along with an in-depth TOC on the Global Lightweight Materials for EV Market Forecast 2022-2030."

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Materials that are lightweight are essential for HEVs, PHEVs, and BEVs. In addition, the use of lightweight materials in such automobiles helps enhance performance, increases the all-electric range, and decreases the weight of power components, including batteries and electric motors, among others.

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Stringent Government Regulations on Vehicle Emissions to Drive Market Growth
Globally, environmental organizations, as well as governments, are establishing strict emission rules and standards in order to minimize car emissions in response to the surge in environmental concerns. In this regard, stringent emission objectives for minimizing carbon dioxide (CO2) and nitrogen oxides (NOx) in the atmosphere are among the major regulatory actions. For example, in December 2021, the United States-EPA finalized the updated national greenhouse gas (GHG) emissions requirements for passenger vehicles as well as light trucks for Model Years 2023-2030. Moreover, automotive manufacturers are also employing lighter powertrains comprising lighter metals, including high-strength steel or aluminum, thus helping them comply with specific fuel emission standards to meet these norms.

Battery Electric Vehicle to be the Leading & Dominating End Use by 2030
Fully electric vehicles equipped with rechargeable batteries, in addition to no internal combustion engine, are termed battery electric vehicles (BEVs). Also, the battery pack recharged from the grid supplies the energy required to power the automobile. BEVs are considered zero-emissions vehicles as they do not produce air pollution hazards or toxic exhaust emissions generated by conventional gasoline-powered vehicles. OEMs are also motivated to spend on R&D activities while developing models with higher range and performance, given the fierce competition prevalent in the automobile industry. Hence, these factors are expected to play an important role in fueling the growth of the segment over the forecasting period.

Asia-Pacific to Grow with the Highest CAGR During the Forecast Years
The Asia-Pacific lightweight materials for EV market is projected to rise with the highest CAGR during the forecasting period. The market growth of the region is supplemented by government incentives as well as support in developing nations, such as China and India. Furthermore, investments for the achievement of economies of scale based on production capabilities available in the region are also expected to contribute to the notable growth of the Asia-Pacific lightweight materials for EV market during the forecast period.
The global lightweight materials for EV market is set to record intense competition among operating players. Besides, various companies have access to resources with international distribution networks and capacities, as well. Some of the top companies operating in the global market are Celanese Corporation, BASF SE, Constellium SE, etc.

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