According to the latest report by IMARC Group, titled “Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on automotive lightweight materials market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global automotive lightweight materials market size reached US$ 67.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 107.0 Billion by 2027, exhibiting a growth rate (CAGR) of 7.97% during 2022-2027.
Automotive lightweight materials are extensively used as a substitute for cast iron and heavy steel components in different vehicles, including plug-in, electric and hybrid electric vehicles (EVs). Some commonly used automotive lightweight materials are high-strength steel, carbon fiber, aluminum alloys and magnesium alloys. These materials reduce the overall weight of automobiles to minimize their fuel consumption and carbon emissions and improve their efficiency and all-electric range.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Automotive Lightweight Materials Market Trends:
The escalating product demand from the automotive industry and increasing sales of electric vehicles (EVs) represent the primary factors driving the global automotive lightweight materials market. Additionally, the growing need for lighter vehicles with better fuel efficiency has augmented the product demand. Furthermore, the introduction of automobile weight reduction plans by various regional governments due to stringent environmental regulations has also bolstered the market growth. Other factors, including surging fuel prices, easy availability of recyclable materials and heavy investments in research and development (R&D) activities, are also anticipated to drive the market further.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- BASF SE
- Magna International
- Toray Industries
- Covestro AG
- thyssenkrupp AG
- Alcoa Corporation
- Bayer AG
- Saudi Arabia Basic Industries Corporation (SABIC)
- PPG Industries
- Owens Corning Corporation
- Grupo Antolin
Automotive Lightweight Materials Market Segmentation:
Our report has categorized the market based on region, material type, technology type, component, application and vehicle type.
Market Breakup by Material Type:
- High Strength Steel (HSS)
- Magnesium & Titanium
- Carbon Fiber Reinforced Polymer (CFPR)
- Glass Fiber Reinforced Polymer (GFRP)
- Natural Fiber Reinforced Polymer (NFRP)
- Other Composites
Market Breakup by Technology Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Market Breakup by Component:
- Door and Seat
- Instrument Panel
Market Breakup by Application:
Market Breakup by Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Market Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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