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Automotive Lightweight Materials Market Analysis: $177.57 Billion by 2029 With a CAGR of 8.2%
Automotive Lightweight Materials Market
Automotive Lightweight Materials Market Value Projection: How Much Will the Market Size by 2025?
The market size of automotive lightweight materials has seen significant growth over the recent years. It is expected to escalate from $120.2 billion in 2024 to $129.42 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. The historic period growth was driven by developments in material science, legal emission standards, consumer interests in performance, economical and manufacturing upgrades, globalization, and market rivalry.
What Will Be the Market Growth Forecat for Automotive Lightweight Materials in 2029?
There is anticipated substantial growth in the automotive lightweight materials market in the coming years, with expectations to reach $177.57 billion by 2029, evidenced by a compound annual growth rate (CAGR) of 8.2%. This upward trend projected during the forecast period can be credited to eco-friendly and sustainable solutions, the rise of urbanization and smaller vehicle designs, the worldwide expansion of car manufacturing, the movement towards self-driving vehicles, and a heightened emphasis on electric mobility innovations. Significant trends expected for the forecast period include a growing necessity for fuel efficiency, progress in materials technology, increased adoption of electric vehicles, stricter controls on emissions, and a priority on performance and safety.
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What Are the Core Competitive Drivers in the Automotive Lightweight Materials Industry?
The escalating production of electric vehicles in upcoming years is likely to fuel the expansion of the automotive lightweight materials market. Electric vehicles, which are either fully or partially run on electricity, have lower operational costs due to minimized maintenance needs from having fewer moving components. They are also exceptionally environment-friendly as their electricity usage either drastically reduces or eliminates the need for fossil fuels like petrol or diesel. Lightweight materials such as carbon-fiber-reinforced plastic are utilized in contemporary electric vehicles, enabling them to function solely on electricity and avoid hybrid categorization. For instance, the International Energy Agency (IEA), an intergovernmental organization based in France, reported in April 2023 that global sales of electric cars in 2022 constituted 14% of all newly sold cars, a significant increase from 9% in the previous year. Over the first quarter of 2023, more than 2.3 million electric cars were sold, a 25% surge compared to the same timeframe the preceding year. Moreover, projections indicate that by the conclusion of 2023, 14 million electric cars will have been sold, marking a 35% annual growth. As such, the uptick in electric vehicle production is promoting the automotive lightweight materials market's expansion.
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Which Automotive Lightweight Materials Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Automotive Lightweight Materials Market?
There is a growing trend in the automotive lightweight materials market for new and unique product developments and compositions. Core market leaders are prioritizing the creation of fresh, innovative goods using lightweight materials such as carbon fiber and aluminum as substitutes for standard materials. In September 2024, Viva Composite Panel Private Limited, an Indian firm specialized in producing aluminum composite panels (ACP), introduced a fresh set of light aluminum composite panels specifically designed to augment the safety and functioning of bus bodies in India. Accommodating the soaring demand for lightweight materials in the auto industry, the new lightweight aluminum composite panels are envisaged to enhance bus body safety and performance. As aluminum offers low density and a substantial strength-to-weight ratio, it is being increasingly embraced by the automotive sector, in turn improving fuel efficiency and limiting emissions. This strategy is congruent with the greater industrial movement toward using lightweight auto aluminum materials to enhance vehicle functionality and decrease overall mass.
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Who Are the 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 Regional Automotive Lightweight Materials Markets Offer the Greatest Growth Potential?
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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