Global Automotive Lightweight Materials Market Growth 2024-2030
Automotive Lightweight Materials, valued at US$ 117.11 billion in 2023, are projected to reach US$ 168.00 billion by 2030, with a 5.3% CAGR attributed to rising demand in downstrea
According to Publisher’s latest study, the global Automotive Lightweight Materials market size was valued at US$ 117110 million in 2023. With the growing demand in the downstream market, the Automotive Lightweight Materials is forecast to a readjusted size of US$ 168000 million by 2030 with a CAGR of 5.3% during the review period.
The research report highlights the growth potential of the global Automotive Lightweight Materials market. Automotive Lightweight Materials are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Automotive Lightweight Materials. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Automotive Lightweight Materials market.
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Automotive lightweight material refers to materials that exhibit a high strength-to-weight ratio, superior corrosion resistance properties, and substantial design flexibility, thereby finding its application in automotive systems and components. In recent years, the requirement for weight minimization & higher fuel efficiency, adherence to environmental regulations, and changing consumer sentiments toward mobility solutions as consumers demand for high-strength materials to attain high-end operational performance are the major factors anticipated to influence automakers to focus on redesigning materials.
Key Features:
The report on the Automotive Lightweight Materials market reflects various aspects and provides valuable insights into the industry.
Market Size and Growth: The research report provides an overview of the current size and growth of the Automotive Lightweight Materials market. It may include historical data, market segmentation by Type (e.g., Aluminium Alloys, Magnesium Alloys), and regional breakdowns.
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Manmayi Raval
Research Consultant
Market Drivers: The market is expanding as a result of countries enforcing stronger emissions and fuel efficiency regulations to battle climate change and lower air pollution. To comply with regulatory requirements, automakers are being compelled to adopt pre-emptive steps and make use of lightweight materials. These lightweight materials help to reduce the vehicle's overall weight without sacrificing its durability or structural integrity, which improves fuel economy and reduces greenhouse gas (GHG) emissions. Furthermore, adhering to these rules helps businesses stay out of trouble financially and shows them as progressive, responsible businesses. In addition, the market is growing because the governments impose clear corporate fuel economy rules, which force companies to use lightweight materials in their fleets.
The market for electric vehicles (EVs) is expanding quickly because consumers are favouring more environmentally friendly modes of transportation. Accordingly, lightweight materials are frequently utilized in the production of electric vehicle (EV) chassis, panels, interior elements, and other structural sections because they greatly increase energy efficiency, boost vehicle safety, and increase the range between charges. Additionally, the market expansion is being bolstered by the broad product implementation in EV thermal management systems, which dissipate heat and guarantee maximum performance. Furthermore, automakers' increasing use of lightweight materials in critical areas like the body, interior, and suspension to make EVs stronger, more resilient, and more consumer-friendly is driving up market growth.
Challenges- The high cost of lightweight materials and supply chain issues make it difficult to incorporate into mid-range cars and commercial vehicles. It is comparatively more practical to use cutting-edge lightweight materials to lower the vehicle's overall weight. Some of these resources, nevertheless, are not easily accessible everywhere. This includes a range of supply chain challenges and the corresponding expenses. Magnesium, for example, is one of the essential materials utilized in the automobile industry for a variety of purposes. Magnesium is frequently used in the construction of steering column brackets, steering wheel frames, cylinder head covers, gearbox bodies, intake housings manifolds, wheels, etc. for automobiles.
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Technological Developments: The research report can delve into the latest technological developments in the Automotive Lightweight Materials industry. This includes advancements in Automotive Lightweight Materials technology, Automotive Lightweight Materials new entrants, Automotive Lightweight Materials new investment, and other innovations that are shaping the future of Automotive Lightweight Materials.
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Automotive Lightweight Materials market. It includes factors influencing customers' purchasing decisions, and preferences for Automotive Lightweight Materials products.
Government Policies and Incentives: The research report analyses the impact of government policies and incentives on the Automotive Lightweight Materials market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting the Automotive Lightweight Materials market. The report also evaluates the effectiveness of these policies in driving market growth.
Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provides market forecasts and outlook for the Automotive Lightweight Materials industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.
Recommendations and Opportunities: The report concludes with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Automotive Lightweight Materials market.
Recent developments- LyondellBasell created a polypropylene (PP) compound in October 2022 that can lower a vehicle's weight by 10 kg.
BASF SE created Ultradur B43335G3 HR HSP, a saturated polyester, in May 2022 to safeguard delicate electronic equipment inside of cars.
Market Segmentation:
The Automotive Lightweight Materials market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
1. Segmentation by type
• Aluminium Alloys
• Magnesium Alloys
• High Strength Steels
• Engineering Plastics
• Composites and Others
2. Segmentation by application
• Body-in-White
• Chassis & Suspension
• Powertrains and Closure
• Interiors and Others
Regional Insights- Additionally, a thorough analysis of each of the major regional markets—America, Europe, Asia Pacific, the Middle East, and Africa—has been included in the market research report. The survey stated that Europe has the most market share. Due to some of the strictest automotive pollution regulations in the world, automakers are being pushed to use lighter materials in their vehicles, which will improve fuel economy and reduce carbon dioxide emissions. Moreover, the area is home to several top manufacturers who are pushing the boundaries of automotive innovation, such as the use of lightweight materials. The market is expanding in part because of European customers' growing environmental consciousness, which is enabling the demand for cars that are both environmentally friendly and fuel-efficient. In addition, the market is expanding due to the extensive use of hybrid and electric vehicles in Europe, which call for lightweight materials to boost economy and range. Furthermore, the area is a centre for material science technology breakthroughs, encompassing the creation of sophisticated high-strength steels, aluminium alloys, and composite materials appropriate for use in automotive applications.
The key players are mainly located in Europe, North America, China and Japan. In terms of product, aluminium alloys are the largest segment, with a share of over 43%. In terms of application, the largest application is interiors and others, with a share of over 30%.
3. Americas
• United States
• Canada
• Mexico
• Brazil
4. APAC
• China
• Japan
• Korea
• Southeast Asia
• India
• Australia
5. Europe
• Germany
• France
• UK
• Italy
• Russia
6. Middle East & Africa
• Egypt
• South Africa
• Israel
• Turkey
• GCC Countries
Competitive Landscape: To increase their technological skills and diversify their product offerings, industry leaders are collaborating and making smart acquisitions. Top businesses are also concentrating on emerging regions, where they may expand their consumer base by leveraging looser rules and an increase in automobile sales. In addition, to meet the growing demands of the automobile industry, they are diversifying their range of materials to include carbon fibre composites and innovative high-strength steel. Major vendors are also providing manufacturers with customisable solutions that are tailored to particular vehicle types and uses. In addition, they are concentrating on developing lightweight, recyclable materials to answer the growing environmental concerns. In addition, several businesses are actively interacting with clients via a range of platforms, such as technical seminars, webinars, and industry expos, to present their ideas and get input.
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Global key players in automotive lightweight materials include BASF, Thyssenkrupp, Covestro, ArcelorMittal, Lyondellbasell, etc. Global top five manufacturers hold a share of over 20%.
• BASF
• Thyssenkrupp
• Covestro
• Arcelormittal
• Lyondellbasell
• Novelis
• Toray
• Alcoa
• Owens Corning
• Borealis
• SGL Carbon
• DSM
• SABIC
• SAAB
• Constellium
Table of Contents
1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Automotive Lightweight Materials Annual Sales 2019-2030
2.1.2 World Current & Future Analysis for Automotive Lightweight Materials by Geographic Region, 2019, 2023 & 2030
2.1.3 World Current & Future Analysis for Automotive Lightweight Materials by Country/Region, 2019, 2023 & 2030
2.2 Automotive Lightweight Materials Segment by Type
2.2.1 Aluminum Alloys
2.2.2 Magnesium Alloys
2.2.3 High Strength Steels
2.2.4 Engineering Plastics
2.2.5 Composites and Others
2.3 Automotive Lightweight Materials Sales by Type
2.3.1 Global Automotive Lightweight Materials Sales Market Share by Type (2019-2024)
2.3.2 Global Automotive Lightweight Materials Revenue and Market Share by Type (2019-2024)
2.3.3 Global Automotive Lightweight Materials Sale Price by Type (2019-2024)
2.4 Automotive Lightweight Materials Segment by Application
2.4.1 Body-in White
2.4.2 Chassis & Suspension
2.4.3 Powertrains and Closure
2.4.4 Interiors and Others
2.5 Automotive Lightweight Materials Sales by Application
2.5.1 Global Automotive Lightweight Materials Sale Market Share by Application (2019-2024)
2.5.2 Global Automotive Lightweight Materials Revenue and Market Share by Application (2019-2024)
2.5.3 Global Automotive Lightweight Materials Sale Price by Application (2019-2024)
3 Global Automotive Lightweight Materials by Company
3.1 Global Automotive Lightweight Materials Breakdown Data by Company
3.1.1 Global Automotive Lightweight Materials Annual Sales by Company (2019-2024)
3.1.2 Global Automotive Lightweight Materials Sales Market Share by Company (2019-2024)
3.2 Global Automotive Lightweight Materials Annual Revenue by Company (2019-2024)
3.2.1 Global Automotive Lightweight Materials Revenue by Company (2019-2024)
3.2.2 Global Automotive Lightweight Materials Revenue Market Share by Company (2019-2024)
3.3 Global Automotive Lightweight Materials Sale Price by Company
3.4 Key Manufacturers Automotive Lightweight Materials Producing Area Distribution, Sales Area, Product Type
3.4.1 Key Manufacturers Automotive Lightweight Materials Product Location Distribution
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