Automotive Lightweight Materials Market Report, Top Key Players, Trends and Forecast 2022-2027
Automotive lightweight materials are widely utilized across the automotive industry for improving the overall efficiency of the electric, plug-in and hybrid electric vehicles (EVs), among others.
According to the latest report by IMARC Group, titled “Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on automotive lightweight materials market drivers. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global automotive lightweight materials market size reached US$ 67.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 107.0 Billion by 2027, exhibiting a growth rate (CAGR) of 7.97% during 2022-2027.
Automotive lightweight materials are primarily utilized for replacing conventional steel and cast iron components in different types of vehicles, such as plug-in, electric, hybrid, etc. They are used in structural elements that enable vehicles to carry advanced safety devices, emission control systems, and integrated electronic systems. Automotive lightweight materials offset the weight of the automobile’s power systems, including electric motors and batteries, while enhancing the efficiency and all-electric range. Some commonly used materials include polymer composites, carbon fiber, magnesium alloys, high-strength steel, aluminum alloys, etc.
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With rising environmental concerns, automotive companies are developing lighter and functional materials that increase fuel and vehicle efficiency, thereby improving the fuel economy. This, along with escalating fuel prices, are currently driving the automotive lightweight materials market. Additionally, government bodies of various nations are implementing stringent environmental regulations and introducing vehicle weight reduction plans to control carbon emissions, which are further bolstering the product demand. Moreover, rising investments in R&D activities in the automotive sector to lower the cost and increase the recyclability will continue to augment the automotive lightweight materials market in the coming years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- BASF SE
- Magna International
- Toray Industries
- Covestro AG
- thyssenkrupp AG
- Alcoa Corporation
- Bayer AG
- Saudi Arabia Basic Industries Corporation (SABIC)
- PPG Industries
- Owens Corning Corporation
- Grupo Antolin
Automotive Lightweight Materials Market Segmentation:
Our report has categorized the market based on region, material type, technology type, component, application and vehicle type.
Breakup by Material Type:
- High Strength Steel (HSS)
- Magnesium & Titanium
- Carbon Fiber Reinforced Polymer (CFPR)
- Glass Fiber Reinforced Polymer (GFRP)
- Natural Fiber Reinforced Polymer (NFRP)
- Other Composites
Breakup by Technology Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Breakup by Component:
- Door and Seat
- Instrument Panel
Breakup by Application:
Breakup by Vehicle Type:
- Passenger Vehicle
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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