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Splendid Growth in the Electric Vehicle Lightweight Materials Market: Market Size, CAGR Growth, Driving Factors, Key Players, and Trends
Electric Vehicle Lightweight Materials Market Share
What Is The Projected Market Size Of The Global Electric Vehicle Lightweight Materials Market And Its Growth Rate?
• Market size in 2024: $8.82 billion
• Market size in 2025: $11.4 billion, growing at a CAGR of 29.3%
• Market size anticipated in 2029: $30.15 billion, growing at a CAGR of 27.5%
The growth in the forecast period is primarily 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, and the emergence of energy-efficient materials.
What Is Driving The Growth In The Electric Vehicle Lightweight Materials Market?
The rise in the global adoption of electric vehicles (EVs) is propelling the growth of the electric vehicle lightweight materials market. Lightweight materials such as fiber-reinforced plastic polymers significantly reduce the weight of electric vehicles, leading to improved performance, longevity, and range - popular elements for consumers. The International Electric agency reported about 14 million electric cars globally registered in 2023, a 35% increase from 2022, demonstrating strong momentum in the EV market, further boosting the lightweight materials market growth.
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Who Are the Key Players Driving Electric Vehicle Lightweight Materials Market Growth?
• 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
• Faurecia
• Lear Corporation
• Grupo Antolin
• Magna International
• Norsk Hydro ASA
• UACJ Corporation
• Kobe Steel Ltd.
• AMG Advanced Metallurgical Group N.V.
• Materion Corporation
• Mitsubishi Chemical Corporation
• Sumitomo Bakelite Co. Ltd.
• Henkel AG & Co. KGaA
• Huntsman Corporation
What Are The Key Trends In The Electric Vehicle Lightweight Materials Market?
• Technological innovations in materials
• Advancements in battery technologies
• Integration of nanostructured materials
• Adoption of lightweight design software
• Introduction of thermal management materials
• Collaborations for material innovation
What Are The Segments Of The Global Electric Vehicle Lightweight Materials Market?
• By Material Type: Metals And Alloys, Composites, Plastics, Elastomers, Other Material Types
• 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
• By Propulsion Type: BEVs, PHVs, HEVs
• By Application: Battery Packs, Electric Traction Motors, Electronic Components, Power Electronic Controllers, Body-In-White, Chassis And Suspension, Transmissions, Doors, Interiors, Other Applications
Which Region Leads The Electric Vehicle Lightweight Materials Market?
Asia-Pacific led the electric vehicle lightweight materials market in 2024. It is expected to be the fastest-growing region during the forecast period, covering geographies such as Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Electric Vehicle Lightweight Materials Market Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle Lightweight Materials Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle Lightweight Materials Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle Lightweight Materials Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle Lightweight Materials Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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