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Automotive Lightweight Materials Global Market Report 2024 Market Outlook Report 2024 | Size, Trends, Analysis, Insights, Overview By 2033
Automotive Lightweight Materials Global Market Report
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According to The Business Research Company's, The automotive lightweight materials market size has grown strongly in recent years. It will grow from $111.13 billion in 2023 to $121.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to advancements in material science, regulatory emission standards, consumer preference for performance, cost and manufacturing advancements, globalization and market competition.
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.
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Market Drivers and Trends:
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.
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.
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.
Major Key Players of the Market:
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.
Automotive Lightweight Materials Market 2024 Key Insights:
• 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%.
• Surging Electric Vehicle Production Fuels Growth In The Automotive Lightweight Materials Market
• Pioneering Product Developments Elevate The Automotive Lightweight Materials Market
• Europe was the largest region in the automotive lightweight materials market in 2023
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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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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
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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