EV Lightweight Materials Market Projected to Grow to US$ 69.4 Billion by 2031, Says Transparency Market Research, Inc.

Wilmington, Delaware, United States, Sept. 06, 2023 (GLOBE NEWSWIRE) -- The EV lightweight materials market is set to experience robust growth, with a projected CAGR of 27.4% from 2022 to 2031, according to a report released by TMR. By 2031, the market is expected to be valued at approximately US$ 69.4 billion. As of 2023, the EV lightweight materials market is anticipated to reach US$ 8.9 billion.

The adoption of EV vehicles has increased owing to the increasing government regulation implementing strict emissions standards to reduce carbon emissions and combat climate change. Lightweight materials help EVs meet these standards by reducing overall vehicle weight and improving energy efficiency.

Lightweight materials, such as aluminum, magnesium, and carbon fiber composites, reduce vehicle weight, allowing for larger batteries or more efficient power utilization, which extends the driving range of EVs.

Growing consumer interest in electric vehicles, coupled with increased awareness of environmental issues, is driving automakers to invest in lightweight materials to make EVs more attractive and competitive in the market.

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Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the EV lightweight materials market was valued at US$ 7.01 billion.
• By material type, the metal and alloys segment to enjoy high demand, accumulating a high revenue share during the forecast period, as metals and alloys offer various benefits such as low density, high strength-to-weight ratio, and improved corrosion resistance
• Based on application, the body in white segment is anticipated to dominate the industry during the forecast period
• Based on vehicle type, the passenger vehicle segment is expected to generate high revenue during the forecast period.

EV Lightweight Materials Market: Key Trends and Opportunistic Frontiers

• Growing technological advances and continuous research and development efforts are leading to the creation of new lightweight materials that offer improved strength, durability, and cost-effectiveness, making them more appealing to automakers.

• EV manufacturers are investing in the research and replacement of conventional materials with lighter alternatives that have the potential to significantly reduce the overall weight of the vehicle. Vendors in the industry are developing novel lightweight materials to expand their market revenue.

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EV Lightweight Materials Market – Regional Analysis

• Asia Pacific is expected to dominate the EV lightweight materials market during the forecast period. The increase in the adoption of EVs in countries such as Japan, China, India, South Korea, and Singapore is augmenting the market progress in the region.

• North America is expected to account for a significant share in the EV lightweight materials market owing to the increasing focus on reducing emissions and promoting electric mobility. The demand for lightweight materials, such as aluminum and carbon fiber, to improve EV performance.

Competitive Landscape

The global EV lightweight materials market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global EV lightweight materials market report:

• BASF SE
• Covestro AG
• Toray Industries, Inc.
• ArcelorMittal
• SABIC
• thyssenkrupp AG
• Solvay
• SGL Carbon SE
• Celanese Corporation
• Novelis Inc.
• LyondellBasell Industries Holdings B.V.
• Constellium
• Teijin Limited
• Evonik Industries AG
• LANXESS Deutschland GmbH
• Alcoa Corporation
• Owens Corning
• Stratasys Ltd.
• Tata Steel
• US Magnesium LLC
• WHB Brasil
  

Key Developments in the EV Lightweight Material Market

• Tesla has been at the forefront of electric vehicle innovation. They have been investing in research and development to make their EVs lighter and more energy-efficient. Tesla has been using aluminum extensively in their vehicle structures to reduce weight and improve range.

• Volkswagen has been working on its Modular Electric Drive Toolkit (MEB) platform, which underpins a range of electric vehicles across its brands. This platform incorporates lightweight materials and advanced engineering to optimize weight distribution and energy efficiency.

• BMW has been actively researching lightweight materials, including carbon fiber-reinforced plastics (CFRP). Their i3 and i8 models have incorporated CFRP components in their construction to reduce weight and improve performance.

• Ford has announced plans to use advanced materials, including aluminum and high-strength steel, in their electric vehicle lineup. They are focused on lightweighting to enhance the efficiency and driving range of their EVs.

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EV Lightweight Materials Market – Key Segments

Material Type 

Metals and Alloys 

• High-strength Steel (HSS) 
• Aluminum 
• Magnesium 
• Titanium 
• Beryllium 
• Others 

Composites 

• Carbon-fiber-reinforced Polymers (CFRPs) 
• Glass-fiber-reinforced Polymers (GFRPs) 
• Natural Fiber-reinforced Polymers (NFRPs) 
• Other Composites 

Plastics 

• Polycarbonate (PC) 
• Polyamide (PA) 
• Polymethyl Methacrylate (PMMA) 
• Polyacetal/Polyoxymethylene (POM) 
• PET 
• Others 

Elastomers 
Others 

Application 

• Battery Packs 
• Electric Traction Motors 
• Electronic Components 
• Power Electronic Controllers 
• Body-in-White 
• Chassis and Suspension 
• Powertrains/Transmissions 
• Closures 
• Interiors 
• DC/DC Converters 
• Thermal Systems 
• On-board Chargers 
• Tires and Wheels 
  • Bumpers and Fenders 
  • Lighting 
  • Dashboards 
  • Seat Systems 
  • Steering Systems 
  • Fuel Tanks 
  • Doors 
  • Others 
    

Vehicle Type 

• Passenger Cars (Hatchbacks and Sedans) 
  • Battery Electric Vehicles (BEVs) 
  • Hybrid Electric Vehicles (HEVs) 
• Utility Vehicles (SUVs, MPVs, Compact SUVs) 
  • Battery Electric Vehicles (BEVs) 
  • Hybrid Electric Vehicles (HEVs) 
• Light Commercial Vehicles 
  • Battery Electric Vehicles (BEVs) 
  • Hybrid Electric Vehicles (HEVs) 
• Medium and Heavy-duty Vehicles 
  • Battery Electric Vehicles (BEVs) 
  • Hybrid Electric Vehicles (HEVs) 
• Buses & Coaches 
  • Battery Electric Vehicles (BEVs) 
  • Hybrid Electric Vehicles (HEVs) 
    

Region  

• North America 
• Europe 
• Asia Pacific 
• Middle East & Africa 
• Latin America 
  

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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