How Has the Automotive Lightweight Materials Market Size Evolved in Recent Years?
The automotive lightweight materials market has seen considerable growth due to a variety of factors.
• The market size of automotive lightweight materials has significantly expanded in the past few years. It is projected to increase from $120.2 billion in 2024 to $131.08 billion in 2025, with a compound annual growth rate (CAGR) of 9.1%.
Factors contributing to the growth during the historic period include progress in material science, regulatory emission standards, customer inclination towards performance, cost, and manufacturing advancements as well as globalization and market competition.
What Is The Projected Growth Of The Automotive Lightweight Materials Market?
The automotive lightweight materials market is expected to maintain its strong growth trajectory in upcoming years.
• Over the coming years, significant growth is expected in the automotive lightweight materials market, with forecasts predicting a rise to $183.69 billion by 2029, representing a compound annual growth rate (CAGR) of 8.8%.
Factors contributing to this upward trend during the forecast period include the surge in environmentally friendly solutions, urbanization, compact vehicle designs, wider global automotive production networks, a shift to self-driving cars, and an increasing emphasis on electric mobility. Key trends to watch during this phase include a surge in demand for fuel-efficient cars, improvements in materials technology, a rise in the adoption of electric vehicles, increased regulations for emission reduction, and greater attention to performance and safety.
What Are the Critical Driver Fuelling the Automotive Lightweight Materials Market's Growth?
The emergence of electric vehicles in large quantities is likely to fuel the expansion of the automotive lightweight materials market in the near future. Electric vehicles, which are vehicles powered entirely or partially by electricity, offer lower operational costs due to fewer maintenance requirements and are environmentally friendly as they use little or no fossil fuels. Lightweight materials like carbon-fiber-reinforced plastic are employed in these vehicles to run solely on electricity, thereby avoiding any categorization as hybrid vehicles. As per the International Energy Agency (IEA), an intergovernmental body based in France, in April 2023, electric vehicle sales constituted 14% of all new global car sales in 2022, up significantly from 9% in 2021. In the opening quarter of 2023, more than 2.3 million electric cars sold, signifying a 25% rise compared to the same time last year. Furthermore, it's forecasted that about 14 million electric vehicles will be purchased by the close of 2023, a 35% increase year on year. Consequently, the growth trajectory of the automotive lightweight materials market is influenced by the escalating manufacture of electric vehicles.
What Are The Principal Market Segments In The Global Automotive Lightweight Materials Healthcare Industry?
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
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Which Emerging Market Trends Are Altering The Automotive Lightweight Materials
Innovations and new product development are becoming increasingly prominent in the automotive lightweight materials market. Industry leaders are focusing on creating fresh and inventive products using materials like carbon fiber and aluminum, in place of traditional materials. In September 2024, a company from India called Viva Composite Panel Private Limited, which specializes in aluminum composite panels (ACP), unveiled a new range of lightweight aluminum composite panels. These are specifically tailored to increase safety and efficiency in bus bodies across India. The new conductor of lightweight aluminum composite panels aims to fulfill the growing demand for lightweight materials in the auto industry. Aluminum's high strength-to-weight ratio and low density have made this metal a popular choice in the automotive world, as it significantly elevates fuel efficiency and lessens emissions. This move is in line with the wider industrial trend of employing automotive aluminum lightweight materials to enhance vehicle performance and decrease total weight.
Who Are the Key Players 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.
What are the Regional Insights into the Automotive Lightweight Materials Market?
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.
