The Middle East and Africa (MEA) Automotive Lightweight Materials Market is expected to grow at an average annual rate of 4.81% from 2024 to 2029, and the market size is likely to increase from US$ 4.26 billion in 2023 to reach a valuation of US$ 5.65 billion by 2029.
Market Overview:
Automotive Lightweight materials are vital in vehicles to reduce weight and increase speed and fuel efficiency. These lightweight materials can replace the bulky, smooth materials previously used to build vehicle frames, thanks to their low material consumption, improved strength, low corrosion rate, and improved handling. Carbon fibre is one of the materials widely used by automotive companies around the world while reducing the weight of the vehicle and maintaining resistance. New materials play an essential role in increasing the competitiveness of new car fuel and ensuring high safety and performance. Light vehicles require less power to accelerate, increase vehicle efficiency compared to heavy vehicles and consume between 6 and 8% less fuel.
Market Drivers:
The MEA Automotive Lightweight Material Market has witnessed remarkable growth in recent years due to the rapid increase in automotive demand and strict government regulations and mandates in the automotive industry. Car manufacturers are increasingly choosing lightweight materials to reduce carbon emissions and increase vehicle efficiency. In addition, the growing demand for fuel efficiency and the reduction of hazardous emissions is expected to support the market for light automotive materials in the near future. Some international organizations are working to reduce greenhouse gas emissions, primarily through the implementation of strict standards and guidelines in the industry. The other factors that drive the market growth are significantly higher fuel efficiency, improved control, vehicle strength and service life, and reduced vehicle CO2 emissions. As the transport sector accounts for 23% of total global CO2 emissions, car manufacturers have adopted Automotive Lightweight materials to control further pollution, which boosts the market growth.
Market Restraints:
The higher price of light materials, such as carbon fiber and composites, than ordinary materials, increases the overall cost of the vehicle, which limits the market growth. However, the effect of this restriction is foreseen to diminish further in several research facilities that study low-cost alternatives.
Market Segmentation:
The category of metals is expected to continue dominating the market in the future. This can be due to the increasing adoption of aluminium and high-strength materials. Moreover, the composites segment is estimated to witness a noteworthy growth rate in the forecast period.
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 foreseen to continue its lead in the foreseen years, attributing to the need for highly efficient engine performance with the adoption of fewer weight components.
Electric and hybrid vehicles are predicted to register a tremendous growth rate in the proposed years, attributed to the rise in government initiatives and demand for such vehicles across the area.
Market Regional Analysis:
Saudi Arabia is the largest market for Automotive Lightweight Materials in the Middle East and accounts for approximately 40% of all revenue in the region. In 2019, Saudi Arabia imported more than one million lightweight vehicles, including passenger cars, commercial vehicles, and light trucks. Saudi Arabia remains a significant market for American car manufacturers. South Africa in the African region is another profitable market for the leading product manufacturers.
Market Key Players:
Market Recent Developments:
In February 2019, Tata Steel Ltd. was named the eighth most ethical company in the world by the Ethisphere Institute. The company is recognized in the 'metals, minerals, and mining sectors.
In September 2018, LANXESS, a German specialty chemicals company, announced on the Krefeld-Uerdingen site that it would build a new production unit to expand its global high-performance plastics production network. In the second half of 2019, they plan to produce Durethan and Pocan engineering plastics for the electronics and automotive industries.
In July 2018, LyondellBassel, a leader in the automotive light materials market, announced that it had made a deal with the Karlsruhe Institute of Technology to improve the chemical recycling of plastic materials and support global efforts in recycling economics and recycling needs of plastic waste. The company acquired A. Shulman for $ 2.2 billion in February 2018.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1200
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region