Automotive Lightweight Material Market

 Automotive Lightweight Material Market Size (2023-2028):

The Automotive Lightweight Material Market is a fast-growing market that is majorly driven by the demand from end-users like OEMs. The Lightweight Material market is anticipated to grow at a 7.4 % CAGR to reach a total of USD 136.74 Billion by the end of 2028.

Drivers and Restraints:

The major factors driving the growth of the Lightweight material market include the stringent emission and fuel economy regulations imposed by the governments and the growing demand for weight reduction in the automotive sector.

However, contrasting to these positive market factors, there are some factors like High cost and price-sensitive nature that are hindering the growth of the Lightweight Material Market.

Market Segmentation Analysis:

By Material

• Metal
• Composite
• Plastic
• Elastomer based on type.

The Metals segment has accounted for the largest share in the global Lightweight Material market. The evolving research resulting in the innovative use of metals like Aluminium, Magnesium, High Strength Steel, and Titanium for vehicle light-weighting makes the segment grow at a significant CAGR and maintain the lead during the forecast period. The metals mentioned are lighter and stronger than traditionally used steel.

By Vehicle Type

• ICE
• Electric & Hybrid

Among the mentioned vehicle types, the HCV segment in the ICE vehicle type segment is calculated to be the segment with the fastest growth rate in the forecast period. Technological advancements and the rising focus of OEMs such as Fiat, BMW, and Dongfeng in the weight reduction of HCVs due to fuel economy regulations and stringent emissions is one of the major factors contributing to the fastest growth of this segment in the lightweight material market. BEV segment in Electric and Hybrid vehicle type is the segment which consists of batteries that use chemical energy and results in a 70% reduction in the weight of the electric vehicle. This segment is currently growing at a significant rate and is anticipated to lead the Lightweight material market during the forecast period.

 AUTOMOTIVE LIGHTWEIGHT MATERIAL MARKET REPORT COVERAGE:

Market Geographical Analysis:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle east ana Africa

The Europe region is anticipated to lead the global Lightweight Material market both in terms of value and volume during the forecast period. The situation of Euro 6 norms implementation in Europe will have a knock-on effect of decreasing pollutants in the air, such as carbon monoxide and nitrogen oxide. This will, in turn, compel major OEMs such as BMW, and Fiat to improve fuel economy in their vehicles and lower the levels of CO2 emission. Also, the increasing demand for vehicles in the region is also driving the growth of the market in this region. The market in this region will account for the largest automotive lightweight materials market in the forecast period.

North America is next in the lead for the global Lightweight Material market followed by Asia-Pacific.

Market Key Market Players:

• BASF SE (Germany)

• Covestro AG (Germany)

• LyondellBasell Industries Holdings B.V. (Netherlands)

• Toray Industries

• Inc. (Japan)

• ArcelorMittal (Luxembourg)

• ThyssenKrupp AG (Germany)

• Novelis, Inc. (US)

and Alcoa Corporation (US), is the leading shareholders of the Global Lightweight Material Market. There is a constant competition between these companies regarding the pricing and quality of the product. They are currently focused on providing expansion strategies to improve their market value and position.

Recent Developments:

Toray Industries Inc., a Japanese company, in early 2019 announced the opening of its AMCEU (Automotive Center Europe) in Germany and Munich. This facility will serve as a base for technological developments to expand the business of Green Innovation (GR) in Europe. Toray Industries’ GR business is according to the environmental restrictions imposed by the government and will work on the development of highly functional materials to maintain their cutting edge technology in automobiles.

Research Report Key Highlights:

• The evaluation of the current product and services market and the future implications of the market.

• Address the matter by better understanding the market through size estimates and CAGR analysis to forecast the future market.

• More extensive segmentation to better understand the dynamics of the market at a minimal level by dividing the market into smaller segments.

• Address the key market challenges, drivers, and restraints to provide insights for gaining market share.

• Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is as a result of the competitive environment.