According to the latest report by IMARC Group, titled “Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on automotive lightweight materials market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. 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 exhibit a high strength-to-weight ratio, superior corrosion resistance properties, and substantial design flexibility. They are used in structural elements that support advanced safety devices, integrated electronic systems, and emission control systems. They provide numerous benefits, such as minimizing the overall weight of the vehicle, which helps in increasing fuel economy, assists in reducing greenhouse gas emissions, improves the performance of the automobile and reduces noises and vibrations, and provides high-end operational performance. They are primarily used for replacing cast iron and conventional steel components in different types of vehicles, including electric, plug-in, and hybrid electric vehicles. Some of the most popular lightweight materials used in the automotive industry are high-strength steel, polymer composites, aluminum alloys, carbon fiber, and magnesium alloys.
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Market Trends:
The rising demand for fuel-efficient automobiles is driving the automotive lightweight materials market across the globe. Moreover, continuous technological developments and innovations in the automobile industry, coupled with the rising demand for alternative fuel technologies, are further contributing to the market. Due to rapid environmental degradation, numerous major companies are developing lighter and more functional materials to improve vehicle fuel efficiency, thus supporting the demand. In line with this, numerous stringent regulations undertaken by governments for improving fuel economy and automotive emission, enhancing safety, and modifying the performance of vehicles are acting as other growth-inducing factors. The market is further driven by other factors, including the rapid electrification of vehicles and extensive research and development (R&D) by key players.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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
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:
- 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 Technology Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- 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 (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 (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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