According to the latest report by IMARC Group, titled “Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on automotive lightweight materials market share. The report also includes competitor and regional analysis, and contemporary advancements in the global market.
The global automotive lightweight materials market size reached US$ 73.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 115.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.7% during 2023-2028.
Automotive lightweight materials play a pivotal role in this evolution. These materials, characterized by their low density and high strength, are utilized to replace traditional heavy metals in-vehicle components. The objective is to achieve weight reduction without compromising safety or structural integrity. From aluminum and carbon fiber composites to advanced polymers, automotive lightweight materials offer a compelling solution to the industry’s pursuit of more sustainable and agile vehicles. By substituting heavy components, manufacturers can achieve greater energy efficiency, extend the driving range for electric vehicles, and optimize vehicle handling.
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Market Trends:
The global automotive lightweight materials market is witnessing a paradigm shift, driven by a confluence of factors that underscore the industry’s shifting landscape. One of the most influential drivers is the regulatory environment focused on emissions reduction. Stringent fuel efficiency and emission standards compel automakers to explore novel ways to shed vehicle weight. This regulatory push aligns seamlessly with consumer preferences for vehicles that are both environmentally friendly and economically efficient. The transition to electric and hybrid vehicles further amplifies the significance of lightweight materials, as the need for extended battery range necessitates weight savings elsewhere in the vehicle. Beyond regulatory pressure, advancements in manufacturing technologies are enabling the production of automotive lightweight materials at scale and reduced cost. This accessibility is facilitating their integration into mainstream vehicle production.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- BASF SE
- Magna International
- Toray Industries
- Covestro AG
- ArcelorMittal
- thyssenkrupp AG
- Alcoa Corporation
- Bayer AG
- Saudi Arabia Basic Industries Corporation (SABIC)
- PPG Industries
- LyondellBasell
- Novelis
- 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.
Breakup by Material Type:
- Metal
- High Strength Steel (HSS)
- Aluminum
- Magnesium & Titanium
- Composite
- Carbon Fiber Reinforced Polymer (CFPR)
- Glass Fiber Reinforced Polymer (GFRP)
- Natural Fiber Reinforced Polymer (NFRP)
- Other Composites
- Plastic
- Elastomer
Breakup by Technology Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Others
Breakup by Component:
- Frame
- Wheel
- Bumper
- Door and Seat
- Instrument Panel
- Others
Breakup by Application:
- Structural
- Interior
- Exterior
- Powertrain
- Others
Breakup by Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
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 (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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