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Automotive Lightweight Materials Market Analysis With Key Players, Applications, Trends And Forecast To 2033
Automotive Lightweight Materials Market
The automotive lightweight materials market size is expected to see strong growth in the next few years. It will grow to $170.71 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to sustainable and eco-friendly solutions, urbanization and compact vehicle designs, global expansion of automotive production, shift towards autonomous vehicles, growing focus on electric mobility solutions. Major trends in the forecast period include demand for fuel efficiency, advancements in material technology, electric vehicle adoption, emission reduction requirements, focus on performance and safety.
Market Overview -
The automotive lightweight material is engaged in the production of different lightweight materials for the manufacturing of automotive components such as carbon fiber, aluminum, and magnesium among others. Automotive lightweight materials are used in vehicles to decrease weight, increase speed, and improve fuel economy.
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Surging Electric Vehicle Production Fuels Growth In The Automotive Lightweight Materials Market
The surge production of electric vehicles is expected to propel the growth of the automotive lightweight materials market over the coming years. Electric vehicles are automobiles that are powered entirely or partially by electricity. Electric vehicles have minimal operating expenses since they have fewer moving parts to maintain, and they are also very eco-friendly because they consume little or no fossil fuels (petrol or diesel). Lightweight materials such as carbon-fiber-reinforced plastic is used in modern electric vehicles, allowing them to run purely on electricity and avoid being classified as hybrids. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. Over 2.3 million electric cars were sold in the first quarter of 2023, representing a 25% increase from the same period last year. Additionally, it is projected that 14 million electric cars will be sold by the end of 2023, marking a 35% year-on-year increase. Therefore, the increasing production of electric vehicles drives the growth of the automotive lightweight materials market.
Competitive Landscape -
Major companies operating in the automotive lightweight materials market report are BASF SE, ArcelorMittal SA, Pohang Iron and Steel Company, Saint-Gobain SA, Saudi Basic Industries Corporation, LyondellBasell Industries Holdings B.V., ThyssenKrupp AG, Mitsubishi Chemical Corporation, 3M Company, Tata Steel Company, Henkel AG & Co., Covestro AG, Toray Industries Inc., Novelis Inc., DuPont De Nemours and Company, Alcoa Corporation, Owens Corning Fiberglass Company, Huntsman Corporation, Teijin Limited, Lanxess AG, AK Steel Corporation, Borealis AG, SGL Carbon Graphite Technic Co. Ltd., Stratasys Ltd., Aleris Corporation, WHB Brasil Automotive, NovaCentrix Corp., Vorbeck Materials Corporation Inc., Intrinsiq Materials Inc.
Pioneering Product Developments Elevate The Automotive Lightweight Materials Market
New product developments and compositions are gaining significant popularity in the automotive lightweight materials market. Key players in the automotive lightweight materials market are focusing on developing new and innovative products for the market using lightweight materials such as carbon fiber, and aluminum and replacing generic materials. For instance, in March 2021, Italy-based Bucci Composites, a fabricator of composite components and systems for automobile, military, maritime, and industrial uses, announced that it had finished construction of a 22-inch carbon fiber automotive wheel rim with advanced features.
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Key Segments -
The automotive lightweight materials market covered in this report is segmented -
1) By Material Type: Metals, Composites, Plastics, Elastomer
2) By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Application: Body In White, Chassis And Suspension, Powertrain, Closures, Interiors, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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