Automotive Lightweight Material Market Share 2023, Global Industry Share, Revenue, Business Opportunities and Future Investment Strategies till 2033: SPER Market Research
Materials with a high strength to weight ratio, significant design flexibility, and corrosion resistant qualities are considered automotive lightweight materials. In order to reduce the vehicle’s overall weight and ultimately improve fuel economy, lightweight materials are necessary. Additionally, it offers superior operating performance. Major Original Equipment Manufacturers (OEMs) use materials including polymer composites, plastics, magnesium, titanium, and steel in their cars to lower their overall weight.
According to SPER market research, 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 growing emphasis on sustainability is enabling consumers to demand items that reduce vehicle emissions and the overall carbon footprint. The rising usage of lightweight materials by automakers to differentiate their products and gain a competitive edge is contributing to the industry’s expansion. Aside from this, the widespread application of items to enhance automotive safety features is another factor propelling growth. In addition, the industry is growing as a result of recent advancements in manufacturing techniques that have simplified and reduced the cost of incorporating lightweight materials into mass-produced cars. Additionally, the rise of the industry is being supported by the general public’s increased appreciation of the benefits of products in furthering sustainability.
But rising material costs combined with a decline in car sales and manufacturing are stifling the market’s expansion. Lightweight materials come at an excessively high cost. Two examples of lightweight materials that are more costly than conventional materials like steel and aluminium are carbon fibre reinforced plastics (CFRP) and glass fibre reinforced plastics (GFRP).
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Impact of COVID-19 on Automotive Lightweight Material Market
Furthermore, the COVID-19 epidemic has brought about a worldwide halt to commerce, which has had an impact on sales and production in a number of industries, including the market for lightweight automobile materials. One major end usage for these materials is in automotive applications. Production of lightweight automotive materials has been impacted by global lockdowns and disrupted supply chains that have hampered industrial activity. Even after the shutdown, it will probably take several quarters to get output back to normal. The shortened growth trajectory of the worldwide automotive lightweight material market is anticipated to be permanently impacted by the decreased demand from associated industries in the second quarter of 2020.
Geographically, a major chunk of the global market for automotive lightweight materials is consumed in Asia-Pacific. Over the course of the forecast period, the automotive lightweight materials market in China and Japan is anticipated to rise rapidly due to the expansion of their respective automotive industries. The greatest market for vehicle lightweight materials in Asia Pacific is China. Latin America and the Middle East and Africa are emerging markets for automobile lightweight materials. There is a significant market for lightweight automobiles in Latin America, the Middle East, and Africa.
Automotive Lightweight Material Market Key Player
Additionally, some of the market key players are Alcoa Corporation, ArcelorMittal, BASF SE, Bayer AG, Owens Corning Corporation, 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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