Automotive Lightweight Materials Market to Hit $126.76 Billion by 2030, Driven by 7.1% CAGR Amid Rising Demand for Fuel Efficiency and Sustainability

The growth of the global automotive lightweight materials market is driven by surge in need for fuel-efficient mobility solution and improved strength & safety of the vehicle. Moreover, consistent changes in design requirements of the automotive especially in electric vehicles and implementation of stringent emission norms by several policymakers are projected to create significant opportunity for lightweight materials during the forecast period.

According to the report, the global automotive lightweight materials industry was estimated at $71.65 billion in 2020, and is anticipated to hit $126.76 billion by 2030, registering a CAGR of 7.1% from 2021 to 2030.

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Europe dominates the automotive lightweight materials market in which the U.S. is expected to be a leader country in the global automotive lightweight materials market during the forecast period. Moreover, Europe is expected to retain its dominance in the market, owing to changes in automotive industry outlook and adoption of the advanced materials by automakers in the region for vehicle development. Germany, the UK, and India are expected to witness as emerging countries in the global automotive lightweight materials market, owing to tranformation in automotive design consideration of the auomkares to cope up with the stingent vehicle emission norms, as weight of the vehicle is directly impact the emssion level of the vehicle. The global automotive lightweight materials market is a fairly fragmented market with several number of players holding majority of share. The majority of the market participants are strategically involved in product launch, expansion, and product development activities.

Key market Players-

Hindalco Industries Limited
Lyondellbasell Industries N.V.
Owens Corning
Stratasys Ltd.
Thyssenkrupp AG
Toray Industries Inc.
Alcoa Corporation
ArcelorMittal
BASF SE
Covestro AG

The composites segment is anticipated to create lucrative growth opportunities, owing to incraese in demand for fuel-efficient solutions along with improved strength.

The IC engine powered segment to dominate by 2030-

By vehicle type, the IC engine powered segment contributed to around four-fifths of the global automotive light material market share in 2020 and is expected to lead the trail by the end of 2030. The fact that the available fleet across the globe is dominated by the IC powered vehicle drives the growth of the segment. However, the electric powered segment is expected cite the fastest CAGR of 10.4% from 2021 to 2030. This is attributed to the rise in penetration of electric vehicle and growing trend of usage of green mobility solution.

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The exterior systems and components segment to maintain the dominant share-

Based on component, the exterior systems and components segment accounted for more than two-fifths of the total market revenue in 2020 and is projected to retain its dominance by 2030. Furthermore, the segment would also manifest the fastest CAGR of 7.9% throughout the forecast period. This is owing to the change in manufacturing outlook of the automotive development and growing adoption of the lightweight materials by the automotive manufacturers.

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Europe, followed by North America garnered the major share in 2020-

Based on region, Europe, followed by North America, held the major share in 2020, garnering more than One-third of the global market. The market across this region is also anticipated to register the fastest CAGR of 8.0% from 2021 to 2030. This is due to the rising adoption of automotive lightweight materials and growing need for fuel efficient automotive solutions. The other regions studied in the report include Asia-Pacific and LAMEA.

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Key Findings Of The Study

By vehicle type, the electric powered segment is expected to register significant growth during the forecast period.
On the basis of material type, the metals segment is projected to lead the global market in terms of market share by the end of the forecast period.
Depending on component, the exterior systems and components segment is projected to lead the global market, in terms of market share, by the end of the forecast period.
Europe dominated the global automotive lightweight materials market in 2020 in terms of market share.

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