The new report by Expert Market Research titled, ‘Global Automotive Lightweight Material Market Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive lightweight material market, assessing the market based on its segments such as material types, applications, components, electric vehicle types, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 144.4 Billion
• Forecast CAGR (2023-2028): 7%
Factors such as stringent regulations for fuel economy and automotive emission need for improved safety, and enhanced performance of the vehicles are expected to drive the growth of the automotive lightweight materials market. In the current era of advanced mobility solutions, several high-end technology-enabled devices are being used to meet the changing needs of automotive consumers. Systems such as safety devices, advanced emission control systems, and integrated electronic systems use lightweight materials to improve operational efficiency and reduce the overall weight of the vehicles. Thus, the use of lightweight materials in the automotive is expected to meet the improved strength and high-end operational efficiency, which in turn, contributes to the growth of the global automotive lightweight materials market.
Automotive Lightweight Material Industry Definition and Major Segments
Automotive lightweight materials have a high strength-to-weight ratio, outstanding corrosion resistant qualities, and significant design freedom, making them suitable for use in automotive systems and components.
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Based on material type, the market includes:
- Metal
- Composite
- Plastic
- Elastomer
The major applications of the market are:
- Body in White
- Chassis and Suspension
- Powertrain
- Closures
- Interiors
- Others
The several components of the market are:
- Frame
- Wheel
- Bumper and Fender
- Engine and Exhaust
- Transmission
- Doors
- Hood and Trunk Lid
- Seats
- Instrumental Panel
- Fuel Tank
On the basis of electric vehicle types, the market includes:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Electric Truck
- Electric Bus
On the basis of region, the market is segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Automotive Lightweight Material Market Trends
High demand for weight reduction in performance vehicles is expected to increase the demand for lightweight materials for vehicle manufacturing. Increasing demand for fuel economy and vehicle stability is likely to support the global market growth. The growth of the automobile industry in major regions like North America, Europe, and the Asia Pacific, is likely to accelerate the market growth significantly. Further, technological developments and innovations in the automobile industry, coupled with the rise in demand for alternative fuel technologies, have introduced electric vehicles (EVs) into the market. The addition of passenger cars, luxury cars, and trucks in this category has accelerated the demand for lightweight materials to increase the performance of EVs.
Key Market Players
The major players in the market are BASF SE, Covestro AG, LyondellBasell Industries Holdings B.V., Toray Industries, Inc., ArcelorMittal S.A., Thyssenkrupp AG, Novelis Inc., and Owens Corning, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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