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Electric Vehicle Lightweight Materials Market Report 2024 - Electric Vehicle Lightweight Materials Market Trends, Growth, And Demand
Electric Vehicle Lightweight Materials Market
According to The Business Research Company's, 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 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 Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Electric Vehicle Lightweight Materials Market 2024 Key Insights:
• The electric vehicle lightweight materials market will grow to $23.95 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%.
• Surge In Electric Vehicle Adoption Drives Growth Of Electric Vehicle Lightweight Materials Market
• Evonik And Vestaro Introduce Next-Gen Electric Vehicle Battery Packs With Nano-Dispersion Technology
• Asia-Pacific was the largest region in the electric vehicle lightweight materials market in 2023, and is expected to be the fastest-growing region in the electric vehicle lightweight materials market during the forecast period
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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