The demand for Automotive Lightweight Materials to improve the performance of EVs has risen with the inclusion of passenger cars, luxury cars, and trucks in this category.
PUNE, India , March 9, 2023 /PRNewswire/ — The automotive lightweight materials market is expected to grow at 7.3 % CAGR from 2023 to 2029. It is expected to reach above USD 131.41 Billion by 2029 from USD 74.79 Billion in 2022.
Automotive Lightweight Materials Market Growth in upcoming years
Due to the overall weight reduction benefit, demand for automotive lightweight material is skyrocketing for use in passenger vehicles, particularly electric vehicles (EVS). Additionally, as fuel prices have risen, automakers have been forced to create lighter vehicles. The United States government’s CAFE standards are pushing manufacturers to create lightweight materials to improve vehicle mileage.
Here are some of the lightweight materials that are expected to see growth in the automotive industry:
High-performance automobiles frequently use carbon fiber, a substance that is both incredibly strong and light. Even though it costs more than other materials, its use is anticipated to rise as automakers look for methods to lighten vehicles and boost their fuel economy. Magnesium is another lightweight metal that is gaining popularity in the automotive industry. Although more costly than aluminum, it is both stronger and lighter. Steering wheels, seat supports, and other components frequently contain magnesium. High-strength steel is becoming more popular in the automotive industry because it is stronger and lighter than traditional steel. It is commonly used in body panels, chassis components, and other parts.
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Drivers
Fuel Efficiency and Emissions Regulations- Governments all over the world are enforcing stricter regulations for car emissions and fuel economy. By making cars lighter and more fuel-efficient, the use of lightweight materials can assist automakers in adhering to these rules.
Consumer Demand- Consumer interest in fuel-efficient cars that are also high-performing and secure is growing. By lowering the weight of vehicles without sacrificing efficiency or safety, lightweight materials can assist automakers in meeting these demands.
Cost Savings- While some lightweight materials, like carbon fiber, may cost more than conventional materials, other lightweight materials, like aluminum and high-strength steel, may result in cost savings due to decreased material usage and increased fuel efficiency.
Here are some of the technological advancements in the Automotive Lightweight Materials Market:
Manufacturing processes and material science developments have made it simpler and more efficient to create lightweight materials. As a result, manufacturers are using these materials more frequently.
Advanced Manufacturing Techniques: Lightweight materials can now be produced more easily and affordably thanks to improvements in production technologies like 3D printing. The production of lightweight components with little material waste is possible thanks to 3D printing’s high-precision ability to construct complex geometries.
Nanostructured Materials: The special characteristics of nanostructured materials, like graphene and carbon nanotubes, make them perfect for lightweight uses. These materials can be used to make powerful and long-lasting lightweight components because they are incredibly lightweight and strong.
Composite Materials: In the automotive business, composite materials like carbon fiber reinforced polymers (CFRP) are gaining popularity. With these materials, strength can be added where it is required while also reducing weight in order to suit a variety of uses.
Competitive Insight
Some of the notable market players operating in the global Automotive Lightweight Materials Market covered in this report are:
- Basf Se
- Toray Industries Inc.
- Lyondellbasell
- Novelis Inc.
- Arcelormittal
- Alcoa Corporation
- Owens Corning
- Stratasys Ltd.
- Tata Steel
- Posco *The Company List Is Indicative
Recent Developments
Some examples of recent developments and announcements related to the automotive lightweight materials market in 2022:
- BMW has announced that it plans to use sustainable carbon fiber reinforced plastics (CFRP) in its future electric vehicles. The company has developed a new process for producing CFRP using renewable energy sources, which will help reduce the environmental impact of its vehicles.
- Tesla has unveiled a new structural battery pack design that integrates the battery cells into the vehicle structure, reducing the weight and complexity of the vehicle. The battery pack is made from lightweight materials, including aluminum and steel, and is designed to improve the performance and range of Tesla’s vehicles.
Browse the full “Automotive Lightweight Materials Market by Material Type (Metal, Composites, Plastic, Elastomer), Vehicle Type (ICE, Electric, Hybrid), Application (Interior, Body in white, Powertrain and Others) and Region, Global trends and forecast from 2023 to 2029“ Report and TOC at https://exactitudeconsultancy.com/reports/13055/automotive-lightweight-materials-market/
Segment Overview
The Automotive Lightweight Materials Market is segmented by Material, Vehicle Type, and By Application.
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By Material |
By Vehicle Type |
By Application |
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Regional Insights
The European region is dominating the automotive lightweight materials market. Europe’s market share was 35% of the global market share.
The greatest market share for automotive lightweight materials in 2021 belonged to China, and it is anticipated that it will continue to hold the top spot through the estimated forecast period. China’s rising car manufacturing operations are mostly to blame for the country’s rising lightweight material usage.
Over the historical period, it was noted that the demand for lightweight materials was expanding in both the United States and Mexico. The rising use of lightweight automotive materials in these nations’ car manufacture is blamed for this. In addition, the expansion of research and development efforts by Korean and Japanese producers of automotive lightweight materials will be advantageous for the industry by the mid-term forecast period.
Asia-Pacific: The Asia-Pacific region is expected to witness significant growth in the EMI shielding market due to the increasing use of electronic devices, the growing demand for EMI shielding in the automotive and aerospace industries, and the presence of major EMI shielding manufacturers in the region. Additionally, it is anticipated that rising expenditures in the construction of 5G infrastructure will fuel market expansion in this area.
North America: With the United States being the biggest market in the area, North America is a sizable market for EMI shielding. The market in this region is expanding as a result of rising EMI shielding demand from the automotive sector and rising usage of electronic devices. Major EMI shielding producers are also present in the area, which is helping the industry expand.
Quantitative Analysis
- Market size, estimates, and forecasts from 2023 – 2029
- Market size and revenue estimates for product up to 2029
- Market revenue estimates for application up to 2029
- Market revenue estimates for type up to 2029
- Regional market size and forecast up to 2029
- Company financial
What are the Key Data Covered in this Automotive Lightweight Materials Market Report?
- CAGR of the market during the forecast period 2023-2029
- Detailed information on factors that will drive Automotive Lightweight Materials Market growth during the next Six years
- Precise estimation of the Automotive Lightweight Materials Market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour
- The growth of the Automotive Lightweight Materials industry across North America, Europe, APAC, South America, the Middle East, and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of Automotive Lightweight Materials Market vendors
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