Press release
Electric Vehicle Lightweight Materials Market Report 2024: Strategies And Recent Developments
Electric Vehicle Lightweight Materials Market
The Business Research Company offers in-depth market insights through Electric Vehicle Lightweight Materials Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The electric vehicle lightweight materials market size has grown exponentially in recent years. It will grow from $6.87 billion in 2023 to $8.92 billion in 2024 at a compound annual growth rate (CAGR) of 29.9%. The growth in the historic period can be attributed to fuel efficiency and range optimization, stringent emission standards, increased consumer awareness, cost reduction in manufacturing, focus on sustainability, urbanization and traffic efficiency, advancements in composite manufacturing..
The electric vehicle lightweight materials market size is expected to see exponential growth in the next few years. It will grow to $23.95 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%. The growth in the forecast period can be attributed to increasing range expectations, expansion of charging infrastructure, rising demand for affordable evs, integration of autonomous driving, improved energy density in batteries, enhanced performance requirements, emergence of energy-efficient materials.. Major trends in the forecast period include technological innovations in materials, innovations in battery technologies, integration of nanostructured materials, lightweight design software, thermal management materials, collaborations for material innovation..
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Market Segmentation:
The electric vehicle lightweight materials market covered in this report is segmented -
1) By Material Type: Metals and Alloys, Composites, Plastics, Elastomers, Other Material Types
2) By Vehicle Type: Passenger Cars (Hatchbacks and Sedans), Utility Vehicles (SUVs, MPVs, Compact SUVs), Light Commercial Vehicles, Medium and Heavy-duty Vehicles, Buses and Coaches
3) By Propulsion Type: BEVs, PHVs, HEVs
4) By Application: Battery Packs, Electric Traction Motors, Electronic Components, Power Electronic Controllers, Body-in-White, Chassis and Suspension, Transmissions, Doors, Interiors, Other Applications
Major Driver - Surge In Electric Vehicle Adoption Drives Growth Of Electric Vehicle Lightweight Materials Market
The rise in the adoption of electric vehicles (EVs) is expected to boost the growth of the electric vehicle lightweight materials market going forward. An electric vehicle refers to one that can be propelled by an electric motor that gets power from a battery and can be recharged from an external source. The next generation of electric vehicles may be largely dependent on lightweight materials. Electric vehicles' weight can be significantly decreased by using composite materials made of fiber-reinforced plastic polymers, which also improve their performance, longevity, and range. For instance, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2022, electric vehicle sales nearly doubled to 6.6 million in comparison to 2020, bringing the total number of electric vehicles on the road to 16.5 million globally. Electric vehicle sales share climbed by 4% in 2021. In the first half of 2022, 13% of newly purchased vehicles will be electric. Therefore, the rise in the adoption of electric vehicles (EVs) is driving the growth of the electric vehicle lightweight materials market.
Competitive Landscape:
Major companies operating in the electric vehicle lightweight materials market report are Badische Anilin- und Sodafabrik, Covestro AG, Toray Industries Inc., Saudi Basic Industries Corp., Solvay SA, Celanese Corporation, Novelis Inc, LyondellBasell Industries Holdings B.V., Constellium SE, SGL Carbon SE, ThyssenKrupp AG, Teijin Limited, Evonik Industries AG, Lanxess AG, Alcoa Corporation, ArcelorMittal, Hindalco Industries Limited, Owens Corning, Stratasys Ltd., Faurecia, Lear Corporation, Grupo Antolin, Magna International, Norsk Hydro ASA, UACJ Corporation, Kobe Steel Ltd., Aleris Corporation, AMG Advanced Metallurgical Group N.V., Materion Corporation, Mitsubishi Chemical Corporation, Sumitomo Bakelite Co. Ltd., De Nederlandse Staatsmijnen. Engineering Plastics, Henkel AG & Co. KGaA, Huntsman Corporation .
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Top Trend - Evonik And Vestaro Introduce Next-Gen Electric Vehicle Battery Packs With Nano-Dispersion Technology
Product innovation has emerged as the key trend gaining popularity in the electric vehicle lightweight materials market. Major companies operating in the electric vehicle lightweight materials market are developing innovative products like sustainable, cost-effective lightweight materials to strengthen their position in the market. For instance, in March 2022, Evonik Industries, a Germany-based specialty chemicals company, and Vestaro GmbH, a Germany-based specialty chemicals company, jointly launched a new generation of electric vehicle battery packs called pure performance battery with new nano-dispersion technology. The unique features of the pure performance battery include the extraordinary qualities of VESTALITE curing chemicals and the unique Epoxy-SMC cover to develop the new glass fiber-SMC cover. The latest SMC materials not only reduce the weight of the battery housing by nearly 10% when compared to equal-performing covers made from more expensive materials, but they also provide the same performance levels as previous metal-based enclosures while giving designers the design freedom for semi-integral integration. Evonik's wide material toolset and experience enable for the resolution of all EMI-shielding difficulties with GF composites.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Vehicle Lightweight Materials Market Characteristics
3. Electric Vehicle Lightweight Materials Market Trends And Strategies
4. Electric Vehicle Lightweight Materials Market - Macro Economic Scenario
5. Electric Vehicle Lightweight Materials Market Size And Growth
…..
27. Electric Vehicle Lightweight Materials Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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