Automotive Lightweighting Market Intelligence Report: Analyzing Key Futuristic Trends, Research Methodologies, and Competitive Landscape until 2029 | BASF SE (Germany), Covestro AG (Germany), LyondellBasell Industries Holdings B.V.(Netherlands), Toray Ind

"𝐃𝐮𝐞 𝐭𝐨 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐝 𝐝𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐚𝐝𝐯𝐚𝐧𝐜𝐞𝐝 𝐬𝐚𝐟𝐞𝐭𝐲, 𝐝𝐫𝐢𝐯𝐞𝐫 𝐚𝐬𝐬𝐢𝐬𝐭𝐚𝐧𝐜𝐞, 𝐜𝐨𝐦𝐟𝐨𝐫𝐭 𝐚𝐧𝐝 𝐥𝐮𝐱𝐮𝐫𝐲 𝐟𝐞𝐚𝐭𝐮𝐫𝐞𝐬 𝐢𝐧 𝐦𝐢𝐝-𝐬𝐢𝐳𝐞 𝐚𝐧𝐝 𝐩𝐫𝐞𝐦𝐢𝐮𝐦 𝐩𝐚𝐬𝐬𝐞𝐧𝐠𝐞𝐫 𝐜𝐚𝐫𝐬, 𝐭𝐡𝐞 𝐝𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐥𝐢𝐠𝐡𝐭𝐰𝐞𝐢𝐠𝐡𝐭 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬 𝐢𝐬 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐞𝐝 𝐭𝐨 𝐠𝐫𝐨𝐰 𝐭𝐨 𝐜𝐨𝐦𝐩𝐞𝐧𝐬𝐚𝐭𝐞 𝐭𝐡𝐞 𝐚𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐰𝐞𝐢𝐠𝐡𝐭 𝐨𝐰𝐢𝐧𝐠 𝐭𝐨 𝐭𝐡𝐞𝐬𝐞 𝐟𝐞𝐚𝐭𝐮𝐫𝐞𝐬."

🔥 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 + 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐓𝐎𝐂 ➡️ https://www.reportsnreports.com/contacts/requestsample.aspx?name=6800744

The automotive lightweighting market is led by globally established players such as BASF SE (Germany), Covestro AG (Germany), LyondellBasell Industries Holdings B.V.(Netherlands), Toray Industries (Japan), and ArcelorMittal (Germany).

The automotive lightweighting market is projected to grow from USD 73.9 billion in 2022 to USD 101.5 billion by 2027, at a CAGR of 6.5% for the projected period. The key growth factor driving the automotive lightweighting market is the lowered emission limits in new emission regulations, increased fuel efficiency limits, and increased vehicle weight. In developing countries like India, the governing body has implemented Bharat VI norms since2020, Europe has Euro VI, and China has VI standards. With such emission regulations, which have highly reduced emission limits, OEMs are using lightweight materials to reduce the extra weight added to the after-treatment devices. Replacing cast iron and traditional steel components with high-strength steel (HSS), magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites can directly reduce the curb weight of the vehicle body, which reducesthe vehicle's fuel consumption. For instance, in 2019, the Hyundai Motors World Rally Teams incorporated a wide usage of lightweight CFRP in its rally spec i-20 model and its RM15 concept that featured an aluminum spaceframe and CFRP body panels, which resulted in an overall weight reduction of 195 Kg. And in 2020, Chevrolet Corvette Stingray incorporated an engine bracket - made from high-performance aluminum alloy material (HuCrAlloy)- that weighs less than 1.5 pounds and underwent a 40% mass reduction. Thus, it is evident that incorporating lightweight materials to achieve the norms and regulations set by the governing bodies will drive the lightweight market globally.

"HEV segment is speculated to drive the electric vehicle lightweighting market."

Limited charging infrastructure in developing countries leads to increased demand for hybrid vehicles over electric ones. PHEVs/HEVs are mostly premium category vehicles. Hence, applications in interiors such as dashboards, seats, and upholstery are likely to have a higher demand for lightweight materials to improve aesthetics. HEVs are projected to dominate the electric & hybrid vehicles lightweight market. Furthermore, the increasing HEV sales, which havealmost doubled from 3,057,000 units in 2018 to 6,964,000 units in 2021, make them a promising market for automotive lightweight. HEVs have powertrain, body structures, chassis, motors, batteries, and suspension systems. These systems/components can be easily replaced with lightweight solutions to achieve desired curbed weight by increasing the vehicle's fuel efficiency. For example, Toyota Prius Hybrid in 2012 had a curb weight of 1.63 tons.

In contrast, the new 2022 Prius weighs 1.51 tons, with the implementation of lightweight materials in the car in the powertrain and body structure. It is expected that the Asia Pacific region will lead the HEV lightweight market in terms of volume and value. This is mainly because of the OEMs from this region, who invest heavily in developing batteries and advanced components for HEVs. For instance, Toyota (Japan), on 18th October 2021, invested USD 1.29 billion in manufacturing batteries that will be used in gas-electric hybrid and electric vehicles. Hyundai (South Korea), in January 2020, announced the launching of 6 plug-in hybrid cars and two fuel-cell electric cars by 2025.Such initiatives from the domestic OEMs are expected to increase the scope of lightweight in HEVs.

"Europe is anticipated to be the second largest automotive light weighting market by 2027."

According to MarketsandMarkets analysis, Europe is projected to be the second-largest market for automotive lightweight materials by 2027. The passenger car production in Europe was 22,609,000 units in 2018 and 17,517,000 units in 2021. The demand for the forecast years (2022-2027) is estimated to be steady, with a CAGR of 1.28%. Furthermore, the region hosts many of the leading premium car passenger car manufacturers, including Mercedes (Germany), BMW (Germany), Volvo (Sweden), JLR (UK), and others. This is also one of the key reasons for the demand for luxury and premium cars, particularly with an SUV being the most popular segment. Some of the other key reasons for this trend are that the consumers in this region are willing to spend extra money for the safety, comfort, and driver assistance features.

However, these additional features increase the overall weight of the vehicle, which affects the fuel economy, performance, and emission characteristics of the vehicle. For these reasons, the OEMs incorporate lightweight materials such as the Aluminum, Magnesium and other composites, making the growth of automotive lightweight more promising. Furthermore, many OEMssuch as Stellantis, Covestro AG, and ThyssenKrupp are concentrated in Europe and investing heavily in R&D to create new and advanced lightweight materials that comply withstringent emission and fuel consumption regulations. Europe has Euro 6 norms that are being followed by other members in the EU, which demand strict reduction of pollutants like NOx and Co2 to improve the vehicle's fuel economy. The region has also mandated that the average emission of all models sold by an OEM needs to drop from 75 grams of CO2 per kilometer by 2025 and beyond. Such emission reduction targets are leading to the lightweight of vehicles in Europe.

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Research Coverage:

The study segments the automotive lightweighting market and forecasts the market size based on Material Type (Metal, Aluminum, Magnesium & Titanium, Composite, Plastic, and Elastomers), By Application (Body in Weight, Chassis & Suspension, Powertrain, Closures, Interior and Others), By Components (Frames, Wheels, Bumpers & Fenders, Engines & Exhaust, Transmission, Doors, Hood & Trunks Lid, Seats, Instrumental Panel and Fuel Tanks), By Vehicle Type (Passenger cars, LCV, Trucks, and Buses), BY Electric and Hybrid Vehicles (BEV, PHEV, FCEV, Trucks, and BUS ), Electric Vehicles Lightweighting Market, By Material type (Metal, Aluminum, Magnesium & Titanium, Composite, Plastic, and Elastomers), Micro-mobility Lightweighting Market, By Material Type (Aluminum, Composite, Plastics, and others) and Region (Asia Pacific, Europe, North America, And Rest of The World).

The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

This release was published on openPR.