Press release
Automotive Lightweight Materials Market Size To Reach USD 167270 Million By 2028 With A CAGR of 5.1% | Valuates Reports
Due to the COVID-19 pandemic, the global Automotive Lightweight Materials market size is estimated to be worth USD 124110 million in 2022 and is forecast to a readjusted size of USD 167270 million by 2028 with a CAGR of 5.1% during the forecast period 2022-2028.
Major factors driving the growth of the Automotive Lightweight Materials Market
The automotive lightweight materials market is anticipated to develop as a result of government attempts to reduce vehicle weight, and tighten government rules on vehicle emissions and fuel economy, and other factors.
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TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE LIGHTWEIGHT MATERIALS MARKET
Stringent emission and fuel economy regulations are expected to fuel the growth of the Automotive Lightweight Materials Market. Globally, several nations have enacted strict rules for vehicle emissions and fuel efficiency. Automotive OEMs are now required to employ more lightweight materials, such as plastics, composites, and lightweight metals. To increase environmental protection, reduce harmful emissions, and produce safer, more comfortable, and more cost-effective vehicles, as well as to achieve these goals, there are many requirements stated against the production of cars, both from the perspective of the customer and also as legal requirements. One of the most popular strategies to achieve these frequently incompatible goals is to use lightweight design concepts.
In response to the necessity for strict environmental laws, different governments have also proposed programs for vehicle weight reduction. Additionally, there has been an increase in industry wide R&D spending as multiple key players work to make these materials less expensive and more recyclable. This factor is expected to drive the growth of the Automotive Lightweight Materials Market.
The upward trend of vehicle electrification is expected to further fuel the Automotive Lightweight Materials Market. A technical revolution in the automobile sector has been brought about by the advent of electric vehicles. These cars outperform their internal combustion counterparts in terms of performance. The development of electric vehicles has been facilitated by elements like the rise in environmental consciousness, government backing and incentives, and OEM expenditures. Electric vehicles use lightweight materials to increase the engine's pulling power because their engines have low power. As a result, the market for lightweight materials has a chance to expand due to the growing popularity of electric vehicles.
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AUTOMOTIVE LIGHTWEIGHT MATERIALS MARKET SHARE ANALYSIS
Based on type, aluminum alloys held the largest segment, with a share of over 43%. The use of lightweight alloy materials, especially different aluminum alloys, is seen as another option for meeting the demands of lightweight automotive body constructions. Compared to steel materials, aluminum has a better potential for weight reduction.
Based on application, the largest application is interiors and others, with a share of over 30%. On account of rising applications in the instrument panel, trim, seats, insulation, airbags, hood, front and rear doors, liftgate, windows, lighting, electrical components, and others, the interior, closure, and other categories are predicted to grow in the approaching years.
During the forecast period, Europe is anticipated to have tremendous growth. The market expansion has been accelerated by the regional presence of major suppliers of the aforementioned commodities as well as international automakers. Additionally, significant participant investment in R&D is anticipated to promote market expansion.
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Market By Region
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Key players
BASF
Thyssenkrupp
Covestro
Arcelormittal
Lyondellbasell
Novelis
Toray
Alcoa
Owens Corning
Borealis
SGL Carbon
DSM
SABIC
SAAB
Constellium
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SIMILAR REPORTS
https://reports.valuates.com/market-reports/QYRE-Auto-21F7169/global-automotive-interior-material
https://reports.valuates.com/market-reports/QYRE-Auto-6M6176/global-automotive-accessories
https://reports.valuates.com/market-reports/QYRE-Auto-17U9111/global-armor-materials
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