The Europe Automotive Lightweight Material Market is expected to grow at an annual compound rate of around 8% from 2023 to 2028. The strict government regulations to reduce carbon emissions from vehicles stimulate the growth of lightweight automotive materials in Europe.
Market Overview:
Advanced materials play an essential role in the fuel competition of new cars with a guarantee of safety and high performance. Light vehicles need less acceleration power and also increase vehicle efficiency compared to heavier cars.
Lightweight materials are used in cars to reduce their weight and increase speed and fuel efficiency. These lightweight materials are a suitable replacement for the heavy generic metals that were previously used to build the vehicle chassis, owing to advantages such as lower material consumption, higher strength, moderate corrosion rate, and better maneuverability. Carbon fiber is one of those materials widely used by automakers around the world, as it helps reduce the weight of the vehicle while maintaining strength.
Market Drivers:
The main factors that drive the growth of the Europe automotive lightweight materials market are strict rules and regulations regarding emissions and fuel savings and an increase in government initiatives to reduce vehicle weight. The increase in the manufacturing of aeronautical modules and the increase in the penetration of light elements to reinforce the needs of other light materials, including improved compounds, stimulate the development of the market of light materials for automobiles in Europe.
Market Restraints:
The main factor that limits the growth of the market for lightweight automotive materials is the high cost of raw materials such as carbon fiber, titanium and magnesium. Therefore, equipment manufacturers in emerging countries rely more on economic passenger cars, which use conventional materials such as plastics and high-strength steel when combined with high-end metals such as titanium and magnesium. Also, the limited accessibility of raw materials, especially titanium in developing countries, as found in the earth's crust.
Market Opportunities:
The growing demand for these materials by developing countries and the trend in the electrification of vehicles should offer significant growth opportunities for the market for light automotive elements in the near future.
Market Segmentation:
The category of metals is expected to continue dominating the market in the near future. This can be attributed to the high adoption of aluminum and high-strength materials. Also, the market is likely to experience the highest demand for composite materials during the forecast period due to their exceptional physical and mechanical properties, as well as their high durability.
The under-bonnet segment accounts for the prominent share and is predicted to expand with the same growth rate in the coming years.
Among these, the engine segment is estimated to continue its lead in the foreseen years, attributing to the need for highly efficient engine performance with the adoption of fewer weight components.
The electric and hybrid vehicles will witness tremendous growth rates in the projected years, owing to the rising government initiatives and mounting production of such vehicles across the region.
Market Regional Analysis:
Europe is the second-largest market for automotive lightweight materials in the world, and this can be attributed to the growing focus of European governments in reducing carbon dioxide emissions and the focus of automotive companies on improving the fuel economy of vehicles. Germany is a noteworthy nation in Europe that contributes significantly to this business.
Market Key Players:
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