New York, United States , Nov. 29, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Lightweight Materials Market Size is to grow from USD 72.16 Billion in 2022 to USD 137.8 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 6.7% during the projected period. The rising adoption of lightweight materials in various applications such as body in white, chassis and suspension, powertrains, closures, interiors, and others in vehicle types including passenger vehicles, light commercial vehicles, and heavy commercial vehicles are expected to boost the demand for the automotive lightweight materials market during the forecast period.
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Manufacturers have developed lightweight automobiles in response to the ever-increasing difficulties connected with improving fuel efficiency and lowering greenhouse gas emissions. Furthermore, weight reduction may increase the practicality of recycling as well as the vehicle's performance. Automobile makers are always exploring new materials to improve vehicle safety, vibration and sound insulation, and engine performance, with the majority of these advancements focusing on lightweight. Although steel was once the only material used in automobiles, manufacturers are increasingly transitioning to aluminum, the most rapidly developing lightweight material, as well as magnesium and composite materials that provide greater efficiency. The global automotive lightweight materials market is predicted to grow due to factors such as increased weights due to advancements in comfort, safety, and pollution-control systems in order to fulfill stringent emission, safety, and fuel economy criteria around the world.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Automotive Lightweight Materials Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Metal, Composite, Plastic, Elastomer, Others), By Application (Body in White, Chassis and Suspension, Powertrains, Closures, Interiors, Others), By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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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 primarily owing to the use of lightweight metals in the overall structures and chassis of electric vehicles. Metallic structures in automobiles give stability and long-term durability and are thus used to improve vehicle integrity.
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 attributed to emerging countries' expanding middle-class populations, high-income levels, and purchasing power, which are expected to support the expansion of the passenger automobile segment, hence driving demand for lightweight vehicles.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. This is primarily owing to the high demand for automobiles in countries such as China, India, and others. Another key driving element in this region is the growing demand for fuel-efficient and low-emission vehicles. On the other hand, North America is predicted to expand the fastest during the forecast period. The growth of the passenger car category is likely to benefit the region's automotive lightweight market. The region also houses the majority of the world's top automakers. During the forecast period, the Europe automotive lightweight materials market is expected to develop at a significant CAGR. Stringent pollution rules and a growing desire for environmentally friendly autos drive the demand for lightweight materials in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Automotive Lightweight Materials Market include 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 several others.
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Recent Developments
- On March 2023, Solvay has revealed that its Battery Enclosure Materials Automation (BEMA) project, which aims to produce an all-composite solution for energy-efficient battery packs, has received significant funding from Innovate UK as part of UK Research and Innovation. BEMA is now undergoing pre-industrial testing and evaluation. Jaguar Land Rover and Vertical Aerospace have already written letters of support for this partnership with Airborne, a technical leader in advanced composites manufacturing through automation and digitalization.
Market Segment
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
- Metal
- Composite
- Plastic
- Elastomer
- Others
Automotive Lightweight Materials Market, Application Analysis
- Body in White
- Chassis and Suspension
- Powertrains
- Closures
- Interiors
- Others
Automotive Lightweight Materials Market, Vehicle Type Analysis
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Automotive Lightweight Materials Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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