BANGALORE, India, Oct. 12, 2022 /PRNewswire/ — Automotive Lightweight Materials market is segmented by Type – Aluminum Alloys, Magnesium Alloys, High Strength Steels, Engineering Plastics, Composites and Others, by Application – Body-in White, Chassis & Suspension, Powertrains and Closure, Interiors and Others. Global Opportunity Analysis and Industry Forecast, 2022 – 2028. It is published in Valuates Reports under the Vehicle Parts & Accessories Category.
Due to the COVID-19 pandemic, the global Automotive Lightweight Materials market size is estimated to be worth USD 124110 million in 2022 and is forecast to a readjusted size of USD 167270 million by 2028 with a CAGR of 5.1% during the forecast period 2022-2028.
Major factors driving the growth of the Automotive Lightweight Materials Market
The automotive lightweight materials market is anticipated to develop as a result of government attempts to reduce vehicle weight, and tighten government rules on vehicle emissions and fuel economy, and other factors.
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TRENDS INFLUENCING THE GROWTH OF AUTOMOTIVE LIGHTWEIGHT MATERIALS MARKET
Stringent emission and fuel economy regulations are expected to fuel the growth of the Automotive Lightweight Materials Market. Globally, several nations have enacted strict rules for vehicle emissions and fuel efficiency. Automotive OEMs are now required to employ more lightweight materials, such as plastics, composites, and lightweight metals. To increase environmental protection, reduce harmful emissions, and produce safer, more comfortable, and more cost-effective vehicles, as well as to achieve these goals, there are many requirements stated against the production of cars, both from the perspective of the customer and also as legal requirements. One of the most popular strategies to achieve these frequently incompatible goals is to use lightweight design concepts.
In response to the necessity for strict environmental laws, different governments have also proposed programs for vehicle weight reduction. Additionally, there has been an increase in industry wide R&D spending as multiple key players work to make these materials less expensive and more recyclable. This factor is expected to drive the growth of the Automotive Lightweight Materials Market.
The upward trend of vehicle electrification is expected to further fuel the Automotive Lightweight Materials Market. A technical revolution in the automobile sector has been brought about by the advent of electric vehicles. These cars outperform their internal combustion counterparts in terms of performance. The development of electric vehicles has been facilitated by elements like the rise in environmental consciousness, government backing and incentives, and OEM expenditures. Electric vehicles use lightweight materials to increase the engine’s pulling power because their engines have low power. As a result, the market for lightweight materials has a chance to expand due to the growing popularity of electric vehicles.
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AUTOMOTIVE LIGHTWEIGHT MATERIALS MARKET SHARE ANALYSIS
Based on type, aluminum alloys held the largest segment, with a share of over 43%. The use of lightweight alloy materials, especially different aluminum alloys, is seen as another option for meeting the demands of lightweight automotive body constructions. Compared to steel materials, aluminum has a better potential for weight reduction.
Based on application, the largest application is interiors and others, with a share of over 30%. On account of rising applications in the instrument panel, trim, seats, insulation, airbags, hood, front and rear doors, liftgate, windows, lighting, electrical components, and others, the interior, closure, and other categories are predicted to grow in the approaching years.
During the forecast period, Europe is anticipated to have tremendous growth. The market expansion has been accelerated by the regional presence of major suppliers of the aforementioned commodities as well as international automakers. Additionally, significant participant investment in R&D is anticipated to promote market expansion.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- BASF
- Thyssenkrupp
- Covestro
- Arcelormittal
- Lyondellbasell
- Novelis
- Toray
- Alcoa
- Owens Corning
- Borealis
- SGL Carbon
- DSM
- SABIC
- SAAB
- Constellium
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SIMILAR REPORTS
– The global Automotive Interior Material market size is estimated to be worth USD 41660 million in 2022 and is forecast to be a readjusted size of USD 46920 million by 2028 with a CAGR of 2.0% during the review period.
– The global automotive accessories market size is estimated to be worth USD 1,575.6 Billion in 2022 and is forecast to a readjusted size of USD 1,946.3 Billion by 2028 with a CAGR of 3.58% during the forecast period 2022-2028.
– The global Armor Materials market was valued at USD 6290.9 million in 2020 and it is expected to reach USD 9963.3 million by the end of 2027, growing at a CAGR of 7.1% during 2021-2027.
– Global Body Armor Materials Market Insights and Forecast to 2028
– The global Automotive NVH Materials market was valued at USD 2297.9 million in 2020 and it is expected to reach USD 2567.9 million by the end of 2027, growing at a CAGR of 1.6% during 2021-2027.
– Global Car Lightweight Materials Market Research Report 2022
– The global High Density Core Materials market size is estimated to be worth USD 526 million in 2022 and is forecast to a readjusted size of USD 673.3 million by 2028 with a CAGR of 4.2% during the review period.
– The global Aluminum Alloys market size is estimated to be worth USD 42740 million in 2022 and is forecast to be a readjusted size of USD 49850 million by 2028 with a CAGR of 2.6% during the review period.
– The global Aluminum-Magnesium Alloys market size is estimated to be worth USD 10230 million in 2022 and is forecast to be a readjusted size of USD 13330 million by 2028 with a CAGR of 4.5% during the review period.
– The global Magnesium Alloys market size is estimated to be worth USD 1269.1 million in 2022 and is forecast to a readjusted size of USD 2272.9 million by 2028 with a CAGR of 10.2% during the review period.
– The global Metamaterials market size is projected to reach USD 22950 million by 2028, from USD 934.4 million in 2021, at a CAGR of 57.3% during 2022-2028.
– The global Ballistic Composites market size is estimated to be worth USD 1401.7 million in 2022 and is forecast to a readjusted size of USD 1773.6 million by 2028 with a CAGR of 4.0% during the forecast period 2022-2028.
– Global Carbon Fiber Market Outlook 2022
– The global Bio-Composites market size is estimated to be worth USD 31720 million in 2022 and is forecast to be a readjusted size of USD 62880 million by 2028 with a CAGR of 12.1% during the review period.
– The global Glass Fiber Reinforced Plastic (GFRP) Composite Material market was valued at USD 23590 million in 2020 and it is expected to reach USD 32150 million by the end of 2027, growing at a CAGR of 4.5% during 2021-2027.
– The global Advanced Composites market size is estimated to be worth USD 25780 million in 2022 and is forecast to be a readjusted size of USD 36990 million by 2028 with a CAGR of 6.2% during the review period.
– The global Recycled Carbon Fiber market size is estimated to be worth USD 133.2 million in 2022 and is forecast to a readjusted size of USD 234.5 million by 2028 with a CAGR of 9.9% during the review period.
– The global thermoplastic composites market size was valued at USD 15.2 billion in 2019, and is projected to reach USD 22.8 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.
– The global High Purity Quartz market size is estimated to be worth USD 611950 million in 2022 and is projected to reach USD 803340 million by 2028 with a CAGR of 4.6% during the review period.
– The Containerboard market was valued at USD 155920 million in 2022, and it is anticipated to reach USD 198430 million by 2028, registering a CAGR of about 4.1% during the forecast period (2022–2028).
– The global Water Electrolysis market size is estimated to be worth USD 263.4 million in 2022 and is forecast to a readjusted size of USD 733.1 million by 2028 with a CAGR of 18.6% during the review period.
– The global methionine market size was valued at USD 6423 million and it is expected to reach USD 8380.2 million by the end of 2027 with a CAGR of 4.0% during 2021-2027.
– The global Maleic Anhydride market size is projected to reach USD 4963.6 million by 2027, from USD 3145.3 million in 2020, at a Compound Annual Growth Rate (CAGR) of 7.9% during 2021-2027.
– The global polylactic acid market size is estimated to be worth USD 1108.3 million in 2022 and is projected to reach USD 1346.7 million by 2028 with a CAGR of 3.3% during the forecast period.
– The global Ceramic Capacitor market size is estimated to be worth USD 14660 million in 2022 and is forecast to be a readjusted size of USD 23790 million by 2028 with a CAGR of 8.4% during the review period.
– The global Bentonite market size is estimated to be worth USD 1422.7 million in 2022 and is forecast to be a readjusted size of USD 1640.3 million by 2028 with a CAGR of 2.4% during the review period.
– Considering the economic change due to COVID-19 and Russia-Ukraine War Influence, the global Antifreeze market is projected to reach USD 5986.7 Million by 2028 from an estimated USD 5507.6 Million in 2022, at a CAGR of 1.4% during 2023 and 2028.
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