The automotive lightweight materials market has exhibited robust growth, ascending from $111.13 billion in 2023 to $121.87 billion in 2024, with a compound annual growth rate (CAGR) of 9.7%. The growth in the historical period is attributed to advancements in material science, adherence to regulatory emission standards, consumer preferences for performance, cost considerations, and manufacturing advancements, driven by globalization and market competition. Looking ahead to 2028, the market size is projected to reach $170.71 billion, maintaining a CAGR of 8.8%. The expected growth in the forecast period is associated with sustainable and eco-friendly solutions, the trend towards urbanization and compact vehicle designs, the global expansion of automotive production, the shift towards autonomous vehicles, and a growing emphasis on electric mobility solutions. Prominent trends in this forecast period include a continued demand for fuel efficiency, advancements in material technology, the increasing adoption of electric vehicles, compliance with emission reduction requirements, and a heightened focus on both performance and safety.
Major Driver In The Automotive Lightweight Materials Market
The surge production of electric vehicles is expected to propel the growth of the automotive lightweight materials market over the coming years. Electric vehicles are automobiles that are powered entirely or partially by electricity. Electric vehicles have minimal operating expenses since they have fewer moving parts to maintain, and they are also very eco-friendly because they consume little or no fossil fuels (petrol or diesel). Lightweight materials such as carbon-fiber-reinforced plastic are used in modern electric vehicles, allowing them to run purely on electricity and avoid being classified as hybrids. For instance, in April 2023, according to the International Energy Agency (IEA), a France-based intergovernmental organization, electric car sales accounted for 14% of all new cars sold globally in 2022, a considerable rise from 9% in 2021. Over 2.3 million electric cars were sold in the first quarter of 2023, representing a 25% increase from the same period last year. Additionally, it is projected that 14 million electric cars will be sold by the end of 2023, marking a 35% year-on-year increase. Therefore, the increasing production of electric vehicles drives the growth of the automotive lightweight materials market.
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Automotive Lightweight Materials Market Competitive Landscape
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.
Key Automotive Lightweight Materials Market Trend
New product developments and compositions are gaining significant popularity in the automotive lightweight materials market. Key players in the automotive lightweight materials market are focusing on developing new and innovative products for the market using lightweight materials such as carbon fiber and aluminum, replacing generic materials. For instance, in March 2021, Italy-based Bucci Composites, a fabricator of composite components and systems for automobile, military, maritime, and industrial uses, announced that it had finished construction of a 22-inch carbon fiber automotive wheel rim with advanced features.
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Automotive Lightweight Materials Market Segmentation
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
By Geography:The regions covered in the automotive lightweight materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Europe was the largest region in the automotive lightweight materials market in 2023.
The Automotive Lightweight Materials Global Market Report 2024 furnishes information about the global automotive lightweight materials market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
