Global Automotive Lightweight Material Market Report and Forecast 2024-2032

Global Automotive Lightweight Material Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global automotive lightweight material market attained a value of USD 176.89 billion in 2023. Aided by the evolving automotive landscape prioritising efficiency, emission reduction, and performance enhancement, the market is projected to further grow at a CAGR of 7% between 2024 and 2032.

Automotive lightweight materials refer to advanced materials, primarily metals, composites, and polymers, specifically designed to reduce vehicle weight. Incorporating these materials results in cars that are not only fuel-efficient but also compliant with stringent global emissions standards. Materials such as aluminium, titanium, high-strength steel, magnesium, carbon fibre reinforced polymers (CFRP), and other composite materials lead this transformative wave in the automotive industry.

A discernible shift towards sustainable transportation solutions is a cornerstone for the impressive trajectory of the automotive lightweight material market growth. Governments and international bodies worldwide are imposing stricter emission norms, propelling automakers to innovate. By integrating lightweight materials, vehicles can reduce weight without compromising on performance or safety, resulting in lowered carbon emissions and enhanced fuel economy.

Additionally, the burgeoning electric vehicle (EV) sector is fuelling the automotive lightweight material market demand. As automakers race to increase the range of EVs and bring down the total cost of ownership, lightweighting emerges as an imperative. Reduced vehicle weight compensates for the heft of the battery, ensuring efficient energy consumption and extended driving ranges.

The pervasive influence of advanced manufacturing technologies, such as additive manufacturing and computer-aided engineering, is further augmenting the potential of lightweight materials in automotive applications. These technologies enable intricate designs and optimised components, ushering in vehicles that are both lightweight and robust.

Nevertheless, the applications of automotive lightweight materials are not confined to passenger vehicles alone. Their inherent advantages - strength, durability, and weight reduction - make them indispensable for commercial vehicles, aerospace, and even the burgeoning sector of autonomous vehicles.

As per the automotive lightweight material market analysis, in sectors like aerospace, the benefits are twofold: improved fuel efficiency and payload capacity. These materials, especially advanced composites, withstand the rigorous demands of modern aircraft, thus guaranteeing safety and performance. On the other hand, for autonomous vehicles, lightweighting ensures the efficient use of onboard energy, vital for sensors, computation, and communication systems.

Market Segmentation

The market can be divided based on material type, application, component, electric vehicle type, and region.

Market Breakup by Material Type

• Metal
• Composite
• Plastic
• Elastomer

Market Breakup by Application

• Body in White
• Chassis and Suspension
• Powertrain
• Closures
• Interiors
• Others

Market Breakup by Component

• Frame
• Wheel
• Bumper & Fender
• Engine & Exhaust
• Transmission
• Doors
• Hood & Trunk Lid
• Seats
• Instrumental Panel
• Fuel Tank

Market Breakup by Electric Vehicle Type

• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-In Hybrid Electric Vehicle
• Electric Truck
• Electric Bus

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global automotive lightweight material market. Some of the major players explored in the report by Expert Market Research are as follows:

• BASF SE
• Covestro AG
• LyondellBasell Industries Holdings B.V.
• Toray Industries, Inc.
• ArcelorMittal S.A.
• Thyssenkrupp AG
• Novelis Inc.
• Owens Corning
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.