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Newark, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The automotive lightweight material market was estimated at around USD 77.12 billion in 2021, growing at a CAGR of nearly 7.5% during 2022-2030. The market is projected to reach approximately USD 148.56 billion by 2030.
Materials with a high strength-to-weight ratio, outstanding corrosion resistance, and significant design flexibility are referred to as automotive lightweight materials and are used in automotive systems and components. The main factors that are anticipated to influence automakers to concentrate on material redesigning in the coming years are the need for weight reduction and higher fuel efficiency, adherence to environmental regulations, and changing consumer sentiments toward mobility solutions as consumers demand high strength materials to achieve the high-end operational performance. Automobile makers have employed plastics, polymer composites, steel, magnesium, and aluminum to meet the evolving demands of the automobile industry. Due to the many different ways that composites are used in the production of automobiles, which have better strength and safety, they are becoming more popular. The market for automotive lightweight materials is anticipated to increase as a result of factors including strict rules for fuel efficiency and automobile emissions, the need for improved safety, and improved vehicle performance.
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Lightweight materials are used in automobiles to increase economy, extend all-electric range, and counteract the weight of their power sources, such as electric motors and batteries. High-strength steel, aluminum alloys, polymer composites, carbon fiber, magnesium alloys, and other lightweight materials are some of the most often utilized ones in the automotive industry. Automobile manufacturers all over the world are creating lighter and more useful materials to increase the fuel efficiency of automobiles in response to the fast environmental damage. Because a lighter car has significantly better fuel economy, using lightweight materials helps manufacturers to create more efficient vehicles. As a result, the desire for lighter automobiles is being driven by rising gasoline prices. In addition to this, governments from a number of countries have implemented measures to reduce the weight of vehicles in response to the requirement for strict environmental rules. Additionally, there has been an increase in R&D spending as multiple key players work to make these materials less expensive and more recyclable.
Electric cars (EVs) have been introduced to the market as a result of technological advancements and breakthroughs in the automotive industry, as well as the rising need for alternative fuel technologies. The demand for lightweight materials to improve the performance of EVs has risen with the inclusion of passenger cars, luxury cars, and trucks in this category. The projected timeframe will see a surge in demand for lightweight materials as a result of upcoming electric vehicles from well-known automakers like Toyota, General Motors, Renault, and Tata Motors.
The market for automotive lightweight material market is segmented into the material, end user, and application. According to material, the metal segment is expected to increase at the quickest rate. Three different types of metal are frequently utilized to lighten vehicles. These include aluminum, magnesium, and titanium as well as high strength steel. Compared to steel, these materials are lighter and more robust. Thus, it is anticipated that these metals will be utilized in electric vehicles in the near future.
Composite materials enhance the vehicle's strength and lightness without changing its design or dynamics. These are becoming more popular in the production of automobiles since they give the vehicles durable qualities and are simple to mold. The market for composites is anticipated to be impacted by the increase in the production of electric vehicles.
The global market is divided into passenger cars, LCVs, and HCVs depending on the manner of end user. The growing demand for vehicles is likely to make the passengers cars sector the leading segment throughout the forecast period. Increase in high income levels, and strong purchasing power in the Asia Pacific area as well as America are projected to be the segment's main drivers. Increased consumer demand is what's driving the passenger cars segment's expansion.
The body in white segment is anticipated to hold major share by application in the automotive air filters market during the forecast period. It is anticipated that materials will be used more frequently in the construction of vehicles, particularly in the front end structures, under-body flooring, cross and side beams, and passenger compartment frame. This will support the segment's expansion.
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The biggest market share of the total market was held by the Europe in the automotive lightweight material market. Due to rising usage of lightweight materials in vehicles and strict government restrictions to lower carbon emissions and improve fuel efficiency, Europe is anticipated to continue to be the largest region.
| Base Year || 2021 |
| Forecast period || 2022-2030 |
| Report Coverage || Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope || North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) || USD Billion |
| Automotive Lightweight Material Market CAGR || 7.5% |
| Segments Covered || By Material |
By End User
List of the prominent players in the Global automotive lightweight material market:
• Alcoa Inc.
• Owens Corning
• BASF SE
• Novelis Inc.
• Tata Steel Limited
• US Magnesium
The global Automotive lightweight material market is segmented as follows:
By End user
• Passenger Cars
• Body in White
• Chassis and Suspension
• North America
o The U.S.
o The UK
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Rest of Latin America
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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