In the near future, it is also anticipated that the automobile industry’s implementation of strict carbon emission rules will increase demand for lightweight vehicle materials.
WILMINGTON, Del., Nov. 7, 2023 /PRNewswire/ — The global automotive lightweight materials market was estimated to have acquired US$ 155.9 billion in 2022. It is anticipated to register a 7.2% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 282.7 billion.
Strict government rules on vehicle emissions and fuel efficiency are a major factor driving the global market for automotive lightweight materials. Manufacturers are compelled to use lighter materials in response to these demands, which lower vehicle weight while enhancing environmental performance.
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Automotive Lightweight Materials Market Report Scope:
|
Report Coverage |
Details |
|
Forecast Period |
2023-2031 |
|
Base Year |
2022 |
|
Size in 2022 |
US$ 155.9 Billion |
|
Forecast (Value) in 2031 |
US$ 282.7 billion |
|
Growth Rate (CAGR) |
7.2 % |
|
No. of Pages |
317 Pages |
|
Segments covered |
Material,Vehicle,Application |
Key Findings of Market Report
- Automobiles are often made of lightweight materials like steel, titanium, polymer composites, and plastics.
- Manufacturers are placing a strong emphasis on reducing the weight of several parts, such as frames, interior and external systems, and powertrains.
- Since they use less fuel, lightweight materials are often used in the production of external components.
- To gain a larger market share, automakers that produce lightweight vehicles are investing in increasing their production capacity.
- The stiffness and strength of composites are known to provide observable advantages over metals.
- Lowering production overheads is facilitated by the widespread use of glass fiber reinforced plastic (GFRP) and carbon fiber reinforced plastic (CFRP).
- Numerous automotive components, including seats, gearboxes, batteries, brakes, steering systems, suspension systems, wheels, and body shells, are made using these materials on a large scale.
Market Trends For Automotive Lightweight Materials
- A number of end-use industries have placed a strong emphasis on reducing carbon emissions because of rising global temperatures. Nations are creating a reliable system of carbon emission standards globally.
- In order to lower transportation expenses and the quantity of greenhouse gasses and other pollutants released by the transportation industry, they are also offering a strong transportation network. In the upcoming years, these initiatives should propel the expansion of the automotive lightweight materials market.
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Global Market for Automotive Lightweight Materials: Regional Outlook
Various reasons are propelling the growth of the automotive lightweight materials market in different regions. These are:
- In the years to come, Asia Pacific is anticipated to hold a significant share. This might be attributed to the regional increased attention on fuel efficiency as well as the rise in the usage of electric and hybrid automobiles. In Asia Pacific, China, India, and Japan are the primary markets for automobile lightweight materials.
- It is anticipated that increased adherence to BS6 standards will improve India’s automotive lightweight materials market data. It is anticipated that the Latin American industry will expand steadily in the near future. The main drivers of the Latin American market’s growth are Brazil and Argentina.
- Within the automobile lightweight materials industry, North America has reached a mature stage. The technological advancements in the area concerning electric vehicles are indicative of this. The region’s governments are enforcing strict pollution control laws, which might increase demand for lightweight vehicle materials over the next few years.
- During the forecast period, the presence of major automakers and the adoption of Euro 6 standards are anticipated to propel the revenue of the automotive lightweight materials market in Europe.
Global Automotive Lightweight Materials Market: Key Players
In order to produce novel materials that lighten vehicles, manufacturers in the worldwide automotive lightweight materials market are actively involved in research and development. This is essential for meeting strict environmental rules by lowering emissions and increasing fuel efficiency.
The use of lightweight materials such as aluminum, high-strength steel, innovative composites, and others can improve structural integrity while lowering the overall weight of vehicles. In order to meet the growing demand for environmentally friendly automotive solutions and comply with sustainability targets, manufacturers are additionally making investments in efficient production methods as well as recycling technologies. The following companies are well-known participants in the global automotive lightweight materials market:
- DuPont
- Henkel AG & Co.
- NovaCentrix
- Vorbeck Materials Corporation, Inc.
- Intrinsiq Materials, Inc.
- Heraeus Holding GmbH
- Johnson Matthey Plc
- Creative Materials Inc.
- Applied Ink Solutions
Few of key developments by the players in this market are:
|
Company name |
Key Developments |
|
Toray Industries, Inc. |
|
|
Covestro |
|
Global Automotive Lightweight Materials Market Segmentation
Material
- Metal Alloys (Magnesium, Aluminum, and Titanium)
- High-strength Steel (HSS, AHSS, UHSS)
- Composites (Carbon Fiber, Glass Fiber, and Others)
- Polymers (PP, PU, ABS, PVC, PA66, and Others)
Vehicle
- Passenger Vehicles
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
Application
- Interior
- Exterior
- Structural
- Powertrain
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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