Automotive Lightweight Material Market Size, Share & Trends Analysis Report By Product (Metals, Composites, Plastics, Elastomers), By End Use (Passenger Cars, Light Commercial Vehicle), By Application, By Region, And Segment Forecasts, 2023 - 2030

Automotive Lightweight Material Market Size, Share & Trends Analysis Report By Product (Metals, Composites, Plastics, Elastomers), By End Use (Passenger Cars, Light Commercial Vehicle), By Application, By Region, And Segment Forecasts, 2023 - 2030

Automotive Lightweight Material Market Growth & Trends

The global automotive lightweight material market size is expected to reach USD 112.50 billion by 2030, registering a CAGR of 3.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. A rise in demand for weight reduction in passenger cars and commercial vehicles to support fuel efficiency is expected to ascend the demand for lightweight materials over the forecast period.

These materials are widely available in different forms, like metal, composites, plastics, and elastomer, thus providing growth prospects for the market. Commercial availability of the above-stated materials in major regions across the globe, coupled with a wide presence of multinational vehicle manufacturers, is expected to support the market growth.

A rise in demand for passenger vehicles with enhanced fuel economy and stability on roads has increased the demand for lightweight materials. The introduction of electric vehicles in the passenger car and commercial vehicle segments is likely to offer growth opportunities for the market. Moreover, the growing demand for increasing the performance of the premium car segment is anticipated to support the demand for automotive lightweight materials.

In 2019, Europe emerged as the largest consumer of lightweight materials with the presence of a pool of players and car manufacturers in the region. Multinational players are engaged in the business of automotive lightweight materials on account of the wide scope in the upcoming electric vehicle segment.

Automotive Lightweight Material Market Report Highlights

• In 2022, the body in the white application segment dominated the market with a share of 25.6% and is likely to grow at a moderate rate in the expected period. Increasing demand for the lightweight frame in the vehicle is likely to support the segment growth
• North America is expected to grow at the fastest CAGR of 4.7% during the forecast period. The North American automotive market is anticipated to witness technological introductions in the electric vehicle segment.
• Europe dominated the market and accounted for the largest revenue share of 36.5% in 2022. The presence of multinational carmakers, along with prominent suppliers of the said materials in the region, has surged the market growth.
• The introduction of electric vehicles by Tesla, Inc., which include passenger cars, specialty trucks, and large size trucks, is anticipated to influence other vehicle manufacturers, thus positively impacting the demand for lightweight materials.

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