Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global automotive lightweight materials market size reached US$ 73.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 115.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.7% during 2023-2028.

Automotive lightweight materials are primarily used for replacing cast iron and conventional steel components in different types of vehicles such as electric, plug-in and hybrid electric vehicles. They are used in structural elements which enable vehicles to carry advanced safety devices, integrated electronic systems and emission control systems. The usage of lightweight materials in automobiles offsets the weight of their power systems like electric motors and batteries while improving the efficiency and increasing their all-electric range. Some of the most popular lightweight materials used in the automotive industry include high-strength steel, aluminum alloys, polymer composites, carbon fiber, magnesium alloys, etc.

With rapid environmental degradation, automotive companies across the globe are developing lighter and functional materials for improving the fuel efficiency of vehicles. The usage of lightweight materials enables manufacturers to improve vehicle efficiency, as a reduction in the weight of a car leads to significant improvement in fuel economy. Consequently, the increasing fuel prices are driving the demand for lighter vehicles. Other than this, governments of various nations have also introduced vehicle weight reduction plans in response to the need for stringent environmental regulations. Furthermore, there has been a rise in investments in R&D activities across the industry as several major players are aiming to lower the cost of these materials and increase their recyclability.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive lightweight materials market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on material type, propulsion type, component, application and vehicle type.

Breakup by Material Type:

Metal 

High Strength Steel (HSS)
Aluminum
Magnesium & Titanium

Composite 

Carbon Fiber Reinforced Polymer (CFPR)
Glass Fiber Reinforced Polymer (GFRP)
Natural Fiber Reinforced Polymer (NFRP)
Other Composites

Plastic
Elastomer

Breakup by Propulsion Type:

IC Engine Powered
Electric Powered
Others

Breakup by Component:

Frame
Wheel
Bumper
Door and Seat
Instrument Panel
Others

Breakup by Application:

Structural
Interior
Exterior
Powertrain
Others

Breakup by Vehicle Type:

Passenger Vehicle
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)

Breakup by Region:

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Competitive Landscape:

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, ArcelorMittal, thyssenkrupp AG, Alcoa Corporation, Bayer AG, Saudi Arabia Basic Industries Corporation (SABIC), PPG Industries, LyondellBasell, Novelis, Owens Corning Corporation, Grupo Antolin, etc.

Key Questions Answered in This Report:

What was the size of the global automotive lightweight materials market in 2022?

What is the expected growth rate of the global automotive lightweight materials market during 2023-2028?

What has been the impact of COVID-19 on the global automotive lightweight materials market?

What are the key factors driving the global automotive lightweight materials market?

What is the breakup of the global automotive lightweight materials market based on the material type?

What is the breakup of the global automotive lightweight materials market based on propulsion type?

What is the breakup of the global automotive lightweight materials market based on the application?

What is the breakup of the global automotive lightweight materials market based on the vehicle type?

What are the key regions in the global automotive lightweight materials market?

Who are the key players/companies in the global automotive lightweight materials market?