Global Automotive Lightweight Materials Market Trends And Strategies Of Major Players In The Automotive Lightweight Materials Market 2021-2030
11 Aug, 2021
The automotive lightweight material market consists of sales of automotive lightweight materials by entities (organizations, sole traders, and partnerships) that are engaged in the production of different lightweight materials for the manufacturing of automotive components such as carbon fiber, aluminum, and magnesium among others. Automotive lightweight materials are used in vehicles to decrease weight, increase speed, and improve fuel economy. Due to advantages such as reduced material consumption, increased strength, low degradation risk, and improved handling, these lightweight materials are an excellent substitute for bulky conventional materials previously used to build vehicle frames.
Global Automotive Lightweight Materials Market Size And Drivers:
The global automotive lightweight material market is expected to grow from $82.53 billion in 2020 to $86.92 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The automotive lightweight material market is expected to reach $133.01 billion in 2025 at a CAGR of 11.2%. The surge production of electric vehicles is expected to propel the growth of the automotive lightweight material market over the coming years.
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Trends In The Global Automotive Lightweight Materials Market
New product developments and compositions are gaining significant popularity in the automotive lightweight material market. Key players in the automotive lightweight materials market are focusing on developing new and innovative products to the market using lightweight materials such as carbon fiber, aluminum and replacing generic materials. For instance, in 2020, ESE Carbon Co., a US-based composites manufacturer launched a new carbon fiber wheel that was made with customized fiber positioning and custom presses to reduce waste and increase scalability.
Global Automotive Lightweight Materials Market Segments:
The global automotive lightweight materials market is further segmented based on material type, vehicle type, application and geography.
By Material Type: Metals, Composites, Plastics, Elastomer
By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
By Application: Body In White, Chassis And Suspension, Powertrain, Closures, Interiors, Others
By Geography: The global automotive lightweight materials market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe was the largest region in the automotive lightweight material market in 2020.
Read More On The Report For The Global Automotive Lightweight Materials Market At:https://www.thebusinessresearchcompany.com/report/automotive-lightweight-materials-global-market-report
Automotive Lightweight Materials Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides automotive lightweight materials market overviews, analyzes and forecasts market size and growth for the global automotive lightweight materials market, automotive lightweight materials market share, automotive lightweight materials market players, automotive lightweight materials market segments and geographies, automotive lightweight materials market’s leading competitors’ revenues, profiles and market shares. The automotive lightweight materials market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.