NEWARK, Del, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The lightweight automotive body panels market size is projected to be valued at US$ 122,054.9 million in 2023 and is expected to rise to US$ 191,369.2 million by 2033. The sales of lightweight automotive body panels market are predicted to thrive at a significant CAGR of 4.6% during the forecast period.
The lightweight automotive body panels market is experiencing significant growth, primarily driven by the rising production of commercial vehicles and increasing demand from the logistics sector. Additionally, there is a growing market demand for economic and fuel-efficient vehicles, further bolstering the expansion of this market segment.
The automotive industry is witnessing a shift toward lightweight construction to address the challenges posed by stringent emission regulations and the need for sustainability. Lightweight body panels play a crucial role in achieving these goals, as they contribute to overall weight reduction, resulting in improved fuel economy and reduced environmental impact.
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The rising demand for commercial vehicles, driven by the growing logistics sector, is a key factor propelling the market growth. With the expansion of e-commerce and last-mile delivery services, there is a surging need for efficient transportation solutions. Also, lightweight automotive body panels enable commercial vehicles to carry larger payloads while maintaining optimal fuel efficiency, offering cost savings for logistics companies.
The market is benefiting from the increasing consumer preference for economic and fuel-efficient vehicles. As fuel prices continue to rise and environmental consciousness grows, consumers are seeking vehicles that offer better fuel economy without compromising performance. Moreover, lightweight body panels contribute to reducing vehicle weight, leading to improved fuel efficiency and lower operating costs.
Advancements in material science and manufacturing technologies are likely to further enhance the performance and cost-effectiveness of lightweight automotive body panels, opening new opportunities for market players.
Key Takeaways
In 2022, the United States dominated the global lightweight automotive body panels market, securing over 24.3% market share.
In 2022, China experienced notable growth in the lightweight automotive body panels market, witnessing a significant Compound Annual Growth Rate (CAGR) of 5.2%.
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Scope of the Report
| Report Attributes | Details | ||
| Growth Rate | CAGR of 4.6% from 2023 to 2033 | ||
| Base Year of Estimation | 2022 | ||
| Historical Data | 2018 to 2022 | ||
| Forecast Period | 2023 to 2033 | ||
| Quantitative Units | Revenue in US$ million and Volume in Units and F-CAGR from 2022-2032 | ||
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis | ||
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Regional Outlook
USA Market: The USA holds a significant share (more than 24.3%) in the global lightweight automotive body panels market. The market growth in the USA is propelled by the demand for fuel-efficient vehicles, the implementation of stringent carbon emission regulations, and the presence of key market players.
China Market: China's lightweight automotive body panels market experienced notable growth with a CAGR of 5.2% in 2022. The market expansion is driven by the booming automotive industry, ongoing research and development efforts to develop innovative lightweight materials, the emphasis on reducing vehicle weight for improved efficiency, and favorable government support.
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Recent Developments
- May 2021: LyondellBasell (NYSE: LYB) said today that it has made another step toward realizing its objective of expanding the circular economy by creating virgin-grade polymers from raw materials recovered from plastic rubbish at its facility in Wesseling, Germany. This raw material, produced through the thermal conversion of plastic waste, is processed into ethylene and propylene at LyondellBasell manufacturing facilities before being converted into polypropylene (PP) and polyethylene (PE) in downstream plastics production units.
- May 2019: BASF SE intends to establish a Thermoplastic Polyurethane (TPU) factory as well as a compounding facility for engineering plastics at its proposed integrated chemical production ("Verbund") location in Zhanjiang, China.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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