Dublin, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The "Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive lightweight materials market, valued at US$ 73.3 billion in 2022, is poised for substantial growth, with a projected market size of US$ 115.0 billion by 2028. This growth is expected to be driven by several factors, including advancements in materials technology, increasing environmental concerns, and the pursuit of fuel efficiency.
Key Insights
Automotive lightweight materials play a crucial role in the automotive industry by replacing traditional materials such as cast iron and conventional steel in various vehicle types, including electric, plug-in, and hybrid electric vehicles. These materials are utilized in structural components, allowing vehicles to accommodate advanced safety features, integrated electronics, and emission control systems.
The adoption of lightweight materials helps offset the weight of power systems like electric motors and batteries while enhancing efficiency and extending the all-electric range of vehicles. Common lightweight materials used in the automotive sector include high-strength steel, aluminum alloys, polymer composites, carbon fiber, and magnesium alloys.
Market Trends
Several prominent trends are shaping the growth of the automotive lightweight materials market:
- Environmental Concerns: Rapid environmental degradation has prompted automotive companies worldwide to develop lighter and more functional materials to improve vehicle fuel efficiency. Reducing vehicle weight significantly enhances fuel economy, a crucial factor amid rising fuel prices.
- Government Initiatives: Governments in various countries have introduced vehicle weight reduction plans to comply with stringent environmental regulations. These initiatives encourage the adoption of lightweight materials in the automotive industry.
- Investments in R&D: Major players in the automotive sector are increasing investments in research and development activities to lower the cost of lightweight materials and enhance their recyclability.
Key Market Segments
The report provides a comprehensive analysis of key market segments, including:
- Material Type: Categorized into metals (high-strength steel, aluminum, magnesium, and titanium), composites (carbon fiber-reinforced polymer, glass fiber-reinforced polymer, natural fiber-reinforced polymer, and other composites), plastics, and elastomers.
- Propulsion Type: Segmented into IC engine-powered, electric-powered, and others.
- Component: Includes frame, wheel, bumper, door and seat, instrument panel, and others.
- Application: Comprises structural, interior, exterior, powertrain, and others.
- Vehicle Type: Categorized as passenger vehicles, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
Regional Analysis
The global automotive lightweight materials market is analyzed regionally, covering North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Competitive Landscape
Key players in the automotive lightweight materials market include BASF SE, Magna International, Toray Industries, Covestro AG, ArcelorMittal, thyssenkrupp AG, Alcoa Corporation, Bayer AG, Saudi Arabia Basic Industries Corporation (SABIC), PPG Industries, LyondellBasell, Novelis, Owens Corning Corporation, Grupo Antolin, and others.
Key Questions Answered
The report addresses critical questions about the global automotive lightweight materials market:
- Market size in 2022 and growth projections for 2023-2028.
- Impact of COVID-19 on the market.
- Key factors driving market growth.
- Market segmentation by material type, propulsion type, application, and vehicle type.
- Regional analysis.
- Key players/companies in the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 134 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $73.3 Billion |
| Forecasted Market Value (USD) by 2028 | $115 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/uds043
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