Global Automotive Lightweight Materials Market Insights Forecasts to 2032.
- The Global Automotive Lightweight Materials Market Size was valued at USD 72.16 Billion in 2022.
- The Market is Growing at a CAGR of 6.7% from 2022 to 2032.
- The Worldwide Automotive Lightweight Materials Market Size is expected to reach USD 137.8 Billion by 2032.
- North America is expected to Grow the fastest during the forecast period.
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The Global Automotive Lightweight Materials Market Size is expected to reach USD 137.8 Billion by 2032, at a CAGR of 6.7% during the forecast period 2022 to 2032.
The ever-growing difficulties associated with improving fuel efficiency and reducing greenhouse gas emissions have driven manufacturers to develop lightweight vehicles. Additionally, weight reduction may improve the feasibility of recycling as well as the performance of the vehicle. The most significant and efficient approach is to create and use lightweight, high-performance materials as replacements for traditional automotive materials like cast iron and steel. Automobile manufacturers are continually developing novel materials for enhancing vehicle safety, vibration and sound insulation, and engine performance, with the majority of these developments centered around lightweight. Even though automobiles used to be exclusively made of steel, manufacturers are now shifting to aluminum, the most rapidly developing lightweight material, as well as magnesium and composite materials that provide higher efficiency. Furthermore, OEMs are exploring a lighter material beyond steel to lower the weight of autos. 3M, for example, has created hollow glass microspheres known as "glass bubbles" that are made of not only water-resistant but also chemically stable soda-lime borosilicate glass. It can help lower the weight of the composite by up to 40%. It is suitable for application as a filler in sheet or bulk molded composites. DSM Engineering Plastics created EcoPaXX PA 410, a bio-based polyamide utilized in the crankshaft cover of Volkwagen's MDB-4 TDI diesel engines.
Moreover, weight can be reduced by reducing the quantity of material required to sustain structural loads. Design advances, such as topology optimization, can result in lighter components with equal mechanical performance. Automobile producers have employed plastics, polymer composites, steel, magnesium, and aluminum to meet the evolving needs of the automobile industry. Composites are gaining popularity in vehicle development partly because of their extensive variety of uses and better safety and strength.
Global Automotive Lightweight Materials Market Report Coverage
|Market Size in 2022:||USD 72.16 Billion|
|Forecast Period 2022-2032 CAGR:||6.7%|
|2032 Value Projection:||USD 137.8 Billion|
|Historical Data for:||2019-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Material Type, By Application, By Vehicle Type, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||ThyssenKrupp AG, Novelis, Inc., Alcoa Corporation, Owens Corning, Toray Industries, Inc., ArcelorMittal, BASF SE, Covestro AG, Magna International, 3M Company, Arconic Inc., DuPont de Nemours, Inc., General Motors Company, Nippon Steel Corporation, Sumitomo Chemical Co., Ltd., LyondellBasell Industries Holdings B.V., Stratasys Ltd., Tata Steel, POSCO, Covestro AG, PPG Industries, SABIC and other key venders.|
|Pitfalls & Challenges:||COVID-19 Empact,Challenges, Future, Growth, & Analysis|
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The global automotive lightweight materials market is expected to rise mainly because of considerations such as higher weights due to the improvements in comfort, safety measures, and pollution-control equipment in order to meet severe emission, safety, and fuel economy standards around the world. Electric vehicles (EVs) have entered the market as a result of technological advancements and breakthroughs in the automotive industry, as well as an increase in demand for alternative fuel options. With the inclusion of passenger cars, luxury automobiles, and trucks in this classification, the market for lightweight materials for boosting the performance of EVs has increased.
When compared to typical materials, lightweight materials have significant weight savings as well as great strength, all of which constitute vital factors in the car production process. Furthermore, with the growing demand for vehicles with cutting-edge designs and features, traditional manufacturing methods are providing an opportunity for modern manufacturing technology. Among these are additive manufacturing, resin transfer molding, micro injection molding, and others. The potential of developing new materials that are comparatively light in weight and more durable has been identified as one of the most significant advantages of implementing such advanced production technologies. As a result, the usage of lightweight materials in automotive is predicted to achieve higher strength and high-end operating efficiency, contributing to the advancement of the worldwide automotive lightweight materials market over the forecast period.
By Material Type Insights
The metal segment is dominating the market with the largest revenue share over the forecast period.
On the basis of material type, the global automotive lightweight materials market is segmented into the metal, composite, plastic, elastomer, and others. Among these, the metal segment is dominating the market with the largest revenue share of 52% over the forecast period. This is mostly due to the utilization of lightweight metals in the overall structures and chassis of electric cars and trucks. Aluminum, titanium, magnesium, and high-strength steel are among these metals. The demand for metallic materials is predicted to rise due to the requirement for reliability in chassis, passenger compartment frames, under-body floors, instrument panels, and other areas. Metallic structures in automobiles provide stability and life expectancy and are thus employed to increase vehicle integrity.
By Application Insights
The body in white segment is expected to hold the largest share of the global automotive lightweight materials market during the forecast period.
Based on the application, the global automotive lightweight materials market is classified into body in white, chassis and suspension, powertrains, closures, interiors, and others. Among these, the body in white segment is expected to hold the largest share of the global automotive lightweight materials market during the forecast period. The use of materials in the cross and side beams, passenger compartment frame, under-body floors, front-end structures, and panels are expected to increase their penetration in vehicle manufacturing, thereby supporting the segment growth.
By Vehicle Type Insights
The passenger vehicles segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of vehicle type, the global automotive lightweight materials market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger vehicles segment is dominating the market with the largest revenue share of 57.2% over the forecast period. This can be ascribed to rising middle-class populations, high income levels, and purchasing power in developing nations, which are predicted to boost the expansion of the passenger car segment, hence pushing the demand for lightweight vehicles. The expansion of the passenger car segment, which includes a hatchback, luxury hatchbacks, sedans, SUVs, and multi-utility vehicles, can be associated with increased consumer demand. The trend toward high-performance and fuel-efficient automobiles has driven manufacturers to adopt lightweight materials, which has contributed to segment expansion.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. This is mostly due to high demand in the automobile industry in nations such as China, India, and others. Other significant driving factors in this region include the rising demand for fuel-saving and low-emission automobiles. Furthermore, the region's ample natural resource abundance, in addition to tremendous demand from end users of passenger cars and commercial vehicles, is expected to drive up demand for these lightweight materials.
North America, on the contrary, is expected to grow the fastest during the forecast period. The expansion of the passenger car segment is expected to have a favorable impact on the region's automotive lightweight market. The majority of the world's top car manufacturers are also present in the region. Additionally, pollution control regulations and the growing demand for fuel-efficient automobiles are projected to drive the market for lightweight automotive components. Furthermore, the region has also experienced significant expenditures in R&D in the automotive lightweight materials market, resulting in increasing utilization of innovative lightweight materials in vehicle manufacture.
The Europe automotive lightweight materials market is expected to register a substantial CAGR growth rate during the forecast period. Stringent pollution laws and an increasing desire for environmentally friendly automobiles boost the region's demand for lightweight materials. European manufacturers were among the first to adopt lightweight technology, employing complex composites and lightweight metals to minimize fuel consumption and environmental impact. The increasing number of multinational automakers in the region, as well as important suppliers of the aforementioned commodities, has fueled industry expansion. Furthermore, increasing R&D spending by manufacturers is projected to boost automotive lightweight materials market expansion.
List of Key Market Players
- ThyssenKrupp AG
- Novelis, Inc.
- Alcoa Corporation
- Owens Corning
- Toray Industries, Inc.
- BASF SE
- Covestro AG
- Magna International
- 3M Company
- Arconic Inc.
- DuPont de Nemours, Inc.
- General Motors Company
- Nippon Steel Corporation
- Sumitomo Chemical Co., Ltd.
- LyondellBasell Industries Holdings B.V.
- Stratasys Ltd.
- Tata Steel
- Covestro AG
- PPG Industries
Key Market Developments
- On March 2023, ABC Technologies Holdings Inc., a major manufacturer and supplier of specialized, highly designed, technical plastics and lightweighting solutions to the worldwide automobile industry, announced that the previously announced acquisition of WMG Technologies has been completed.
- On May 2023, Cabot Corporation has launched its new ENTERATM aerogel particle range. ENTERA aerogel particles are a thermal insulation additive that enables the construction of ultra-thin thermal barriers for lithium-ion batteries used in electric vehicles (EVs).
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Automotive Lightweight Materials Market based on the below-mentioned segments:
Automotive Lightweight Materials Market, Material Type Analysis
Automotive Lightweight Materials Market, Application Analysis
- Body in White
- Chassis and Suspension
Automotive Lightweight Materials Market, Vehicle Type Analysis
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Automotive Lightweight Materials Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1.What is the market size of the automotive lightweight materials market?1. What is the market size of the automotive lightweight materials market?
2.Which are the key companies in the market?Thyssenkrupp AG, Novelis, Inc., Alcoa Corporation, Owens Corning, Toray Industries, Inc., ArcelorMittal, BASF SE, Covestro AG, Magna International, 3M Company, Arconic Inc., DuPont de Nemours, Inc., General Motors Company, Nippon Steel Corporation, Sumitomo Chemical Co., Ltd., LyondellBasell Industries Holdings B.V., Stratasys Ltd., Tata Steel, POSCO, Covestro AG, PPG Industries, SABIC
3.Which segment dominated the automotive lightweight materials market share?The passenger vehicles segment in vehicle type dominated the automotive lightweight materials market in 2022 and accounted for a revenue share of over 57.2%.
4.What are the elements driving the growth of the automotive lightweight materials market?The widespread availability of electric vehicles, which require lightweight materials, is one of the most significant drivers boosting the growth of the automotive lightweight material market.
5.Which region is dominating the automotive lightweight materials market?Asia Pacific is dominating the automotive lightweight materials market with more than 38.7% market share.
6.Which segment holds the largest market share of the automotive lightweight materials market?The metal segment based on material type holds the maximum market share of the automotive lightweight materials market.
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