Automotive Lightweight Material Market Growth 2023, Size, share, rising Trends, Revenue, Key Manufacturer, Business opportunities and Future Outlook till 2033: SPER Market Research
Automotive lightweight materials are those that have a high strength-to-weight ratio, excellent corrosion resistance, and significant design flexibility. These materials are used in automotive systems and components. .
According to SPER market Automotive Lightweight Material Market Size- By Material Type, By Propulsion Type, By Component, By Application, By Vehicle Type- Regional Outlook, Competitive Strategies and Segment Forecast to 2033 ’ state that the Global Automotive Lightweight Material Market is predicted to reach USD 168.19 billion by 2033 with a CAGR of 7.9 %.
The automotive industry has historically produced a wide range of parts and components using a variety of manufacturing techniques. Production of panels and body parts has typically employed hot-forming and cold-forming manufacturing techniques. Only common materials like certain grades of steel, aluminium, and other comparable metals could be used in these manufacturing processes. Moreover, certain manufacturing techniques were not appropriate for creating intricate panel designs and shapes. With the growing demand for cars with cutting-edge designs and features, advanced manufacturing technologies are displacing traditional manufacturing techniques. Micro-injection moulding, resin transfer, and additive manufacturing are some of these technologies. The ability to create new materials that are stronger and relatively light in weight was the main benefit of using such cutting-edge manufacturing techniques.
It is comparatively more practical to use cutting-edge lightweight materials to lower the vehicle’s overall weight. Some of these resources, though, are not easily accessible everywhere. This includes a range of supply chain challenges and the corresponding expenses. Magnesium, for example, is one of the essential materials used in the automotive industry for a variety of purposes. Magnesium is frequently used in the construction of steering column brackets, steering wheel frames, cylinder head covers, gearbox bodies, intake housings and manifolds, wheels, etc. for automobiles.
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Impact of COVID-19 on Automotive Lightweight Material Market
The global market for automotive lightweight materials has been adversely affected by the COVID-19 pandemic due to limitations on commuting, and it is anticipated that this will have a negative impact on the financial performance of market participants in 2020. The economy as a whole has been affected, and contributors like market players are developing calculated cost-cutting strategies. The supply chain’s performance, changes in regulations and policies, reliance on labour, working capital management, and liquidity and solvency management are the main risk factors for companies in the automotive lightweight materials market. Due to transportation restrictions, labour shortages brought on by disruptions in the supply chain, and limited raw material supplies, the majority of automotive lightweight material manufacturing facilities have closed during the pandemic.
Automotive Lightweight Material Market Key Player
Asia Pacific is anticipated to have the strongest demand for small passenger cars due to strong growth in the automotive sector. The region’s automotive lightweight materials market will benefit from the expansion of the passenger car segment. Many of the biggest automakers in the world are also present in the area. For example, manufacturing facilities have already been established in these nations by the Volkswagen Group (Germany), Mercedes (Germany), Ford (US), Renault (France), and other companies. Furthermore, the market for automotive lightweight materials will be driven by the growing need for fuel-efficient vehicles to meet strict emission regulations. Regionally, the Asia Pacific area is anticipated to witness a growth in the automotive lightweight materials market.
Additionally, the key market players are Saudi Arabia Basic Industries Corporation (SABIC), Toray Industries, Others.
Automotive Lightweight Material Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Material Type: Based on the Material Type, Global Automotive Lightweight Material Market is segmented as; Composite (Carbon Fiber Reinforced Polymer, Glass Fiber Reinforced Polymer, Natural Fiber Reinforced Polymer, Other Composites), Elastomer, Metal (Aluminum, High Strength Steel, Magnesium & Titanium), Plastic, Other.
By Propulsion Type: Based on the Propulsion Type, Global Automotive Lightweight Material Market is segmented as; Electric Powered, IC Engine Powered, Others.
By Component: Based on the Component, Global Automotive Lightweight Material Market is segmented as; Bumper & Fender, Door and Seat, Engine & Exhaust, Frame, Fuel Tank, Hood & Trunk Lid, Instrument Panel, Seats, Transmission, Wheel, Others.
By Application: Based on the Application, Global Automotive Lightweight Material Market is segmented as; Body in White, Chassis and Suspension, Closures, Exterior, Interiors, Powertrain, Structural, Others.
By Vehicle Type: Based on the Vehicle Type, Global Automotive Lightweight Material Market is segmented as; Heavy Commercial Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Automotive Lightweight Material Market Growth
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