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Surging Electric Vehicle Production Fuels Growth In The Automotive Lightweight Materials Market: Critical Driver Shaping the Automotive Lightweight Materials Market in 2025
Automotive Lightweight Materials
How Large Will the Automotive Lightweight Materials Market Size By 2025?
In the past few years, the automotive lightweight materials market has seen a robust growth. The value of the market is projected to rise from $120.2 billion in 2024 to $131.08 billion in 2025, indicating a compound annual growth rate (CAGR) of 9.1%. Factors contributing to the growth during the historical period include progress in materials science, the establishment of regulatory emission standards, the customer preference for performance and cost, advancements in manufacturing techniques, globalization, and competition in the market.
How Big Is the Automotive Lightweight Materials Market Size Expected to Grow by 2029?
The market size of automotive lightweight materials is predicted to witness a significant increase in the coming years, with the projection to hit $183.69 billion by 2029, with a compound annual growth rate (CAGR) of 8.8%. The projected growth during the forecast period is linked to sustainable and eco-friendly solutions, urbanization and compact car designs, broadening of automotive production worldwide, shift towards self-driving vehicles, and an increased emphasis on electric mobility solutions. Key trends predicted for this period include the need for fuel efficiency, progress in material technology, adoption of electric vehicles, stringent emission norms enforcement, and heightened focus on performance and safety.
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Which Key Market Drivers Powering Automotive Lightweight Materials Market Expansion and Growth?
The booming production of electric vehicles in recent years is set to accelerate the evolution of the automotive lightweight materials market. As vehicles that rely either wholly or partly on electric power, electric vehicles carry significantly lower operating costs due to a smaller number of moving components requiring maintenance. Furthermore, they are highly environmentally friendly, consuming minimal or zero fossil fuels like petrol or diesel. Lightweight materials, including carbon-fiber-reinforced plastic, are commonly used in the latest electric vehicles, enabling them to function solely on electric power without being categorized as hybrids. For example, the International Energy Agency (IEA), a France-based intergovernmental organization, reported in April 2023 that 14% of all new cars sold around the world in 2022 were electric vehicles, marking a significant increase from 9% in the previous year. Over 2.3 million electric vehicles were sold in the first three months of 2023, demonstrating a 25% rise compared to the same time the previous year. It's also forecasted that by the end of 2023, 14 million electric vehicles will have been sold, reflecting a 35% annual growth rate. As such, the rising production of electric vehicles is the key driver of the expansion of the automotive lightweight materials market.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Lightweight Materials Market?
In the automotive lightweight materials market, there is a growing trend towards the creation and adoption of innovative products and compositions. Market leaders are concentrating on the development of groundbreaking products utilizing lightweight materials such as aluminum and carbon fiber, instead of traditional materials. Viva Composite Panel Private Limited, an Indian company specializing in aluminum composite panels (ACP), introduced a new range of lightweight aluminum composite panels in September 2024. These panels are specifically designed to improve the safety and efficiency of bus bodies in India, addressing the heightened demand for lightweight automotive materials. The automotive industry is progressively opting for aluminum due to its superior strength-to-weight ratio and low density, which contribute significantly to enhancing fuel efficiency and curbing emissions. This action is in line with the broader industry movement towards the use of lightweight automotive aluminum materials to upgrade vehicle performance and lessen overall weight.
What Are the Emerging Segments in the Automotive Lightweight Materials Market?
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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Automotive Lightweight Materials Industry?
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.
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