Press release
Surging Electric Vehicle Production Fuels Growth In The Automotive Lightweight Materials Market: A Key Factor Shaping the Future of the Automotive Lightweight Materials Market in 2025
Automotive Lightweight Materials
The growing production of electric vehicles is anticipated to boost the expansion of the automotive lightweight materials market in the coming years. Electric vehicles (EVs), which run entirely or partly on electricity, present several advantages, including lower maintenance costs due to fewer moving components, and being environmentally friendly because they use minimal or no fossil fuels. Lightweight materials like carbon-fiber-reinforced plastic are popular in contemporary electric vehicles, enabling them to operate solely on electricity, rather than functioning as hybrids. For example, in April 2023, the France-based International Energy Agency (IEA) reported that electric vehicle sales made up 14% of total new car sales worldwide in 2022, a significant increase from 9% in 2021. More than 2.3 million electric vehicles were bought in the first three months of 2023, a 25% boost compared to the same period in the previous year. Furthermore, forecasts suggest that by the end of 2023, sales of electric vehicles will have reached 14 million, indicating a 35% increase year on year. As such, the escalating production of electric vehicles is fueling the growth of the automotive lightweight materials market.
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What growth opportunities are expected to drive the automotive lightweight materials market's CAGR through 2034?
The market size for automotive lightweight materials has seen considerable expansion in the past few years. The market is expected to increase from $120.2 billion in 2024 to $131.08 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%. The historic period growth is credited to developments in material science, emission control regulations, consumer inclination towards performance, affordability and manufacturing improvements, as well as globalization and market rivalry.
In the coming years, the market size for automotive lightweight materials is projected to experience robust growth. It is predicted to reach $183.69 billion by 2029, with a compound annual growth rate (CAGR) of 8.8%. The projected growth during this period is attributed to various factors including eco-friendly solutions, urbanization and compact car designs, worldwide expansion of automotive production, a shift towards self-driving cars, and an increasing emphasis on electric mobility solutions. Key trends forecasted for this period include the demand for fuel-efficient vehicles, developments in material technology, adoption of electric vehicles, the necessity for emission reduction, and a focus on performance and safety.
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What are the emerging trends shaping the future of the automotive lightweight materials market?
The introduction of new products and designs are becoming highly sought after in the sector of automotive lightweight materials. Major operators in this industry are concentrating their efforts on innovating fresh creations for the marketplace, substituting traditional materials with lightweight constituents like carbon fiber and aluminum. In the month of September 2024, the Indian company Viva Composite Panel Private Limited, known for their specialization in aluminum composite panels (ACP), unveiled a fresh series of lightweight aluminum composite panels. This initiative was primarily launched to bolster the safety and efficiency of bus bodies within India. These new panels are engineered to enhance the safety and efficiency of bus bodies meeting the soaring demand for lightweight materials within the automotive industry. The automotive sector is showing a growing trend toward the adoption of aluminum owing to its low density and superior strength-to-weight ratio, factors that contribute greatly to fuel efficiency and emission reduction. This move aligns perfectly with the wider industrial trend of employing automotive aluminum lightweight substances to boost vehicle performance and bring down overall weight.
Which growth-oriented segments of the automotive lightweight materials market are leading the industry's development?
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
Subsegments:
1) By Metals: Aluminum Alloys, High-Strength Steel, Magnesium Alloys, Titanium Alloys
2) By Composites: Carbon Fiber Reinforced Polymers (CFRP), Glass Fiber Reinforced Polymers (GFRP), Natural Fiber Composites, Hybrid Composites
3) By Plastics: Polypropylene (PP), Polycarbonate (PC), Acrylonitrile Butadiene Styrene (ABS), Thermoplastic Olefins (TPO)
4) By Elastomers: Thermoplastic Elastomers (TPE), Polyurethane (PU) Elastomers, Silicone Elastomers
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What regions are leading the charge in the automotive lightweight materials market?
Europe was the largest region in the automotive lightweight materials market in 2024. North America was the second-largest market in the automotive lightweight materials market share. The regions covered in the automotive lightweight materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the automotive lightweight materials market?
Major companies operating in the automotive lightweight materials market include 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.
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What Is Covered In The Automotive Lightweight Materials Global Market Report?
• Market Size Forecast: Examine the automotive lightweight materials market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the automotive lightweight materials market for a structured understanding.
• Key Players Overview: Analyze major players in the automotive lightweight materials market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive lightweight materials market.
• Segment Contributions: Evaluate how different segments drive overall growth in the automotive lightweight materials market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive lightweight materials market.
• Industry Challenges: Identify potential risks and obstacles affecting the automotive lightweight materials market.
• Competitive Landscape: Review strategic developments in the automotive lightweight materials market, including expansions, agreements, and new product launches.
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