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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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
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 2022-2027. Our report has categorized the market based on material type, propulsion type, component, application and vehicle type.
Breakup by Material Type:
Breakup by Propulsion Type:
Breakup by Component:
Breakup by Application:
Breakup by Vehicle Type:
Breakup by Region:
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.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, Propulsion Type, Component, Application, Vehicle Type, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Companies Covered||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|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
The global automotive lightweight materials market was valued at US$ 67.2 Billion in 2021.
We expect the global automotive lightweight materials market to exhibit a CAGR of 7.97% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous manufacturing units for various automotive lightweight materials.
The rising utilization of numerous automotive lightweight materials, such as polymer composites, carbon fiber, magnesium alloys, etc., to improve vehicular efficiency, is primarily driving the global automotive lightweight materials market.
Based on the material type, the global automotive lightweight materials market has been segmented into metal, composite, plastic, and elastomer. Currently, metal holds the majority of the total market share.
Based on the propulsion type, the global automotive lightweight materials market can be categorized into IC engine powered, electric powered, and others, where IC engine powered currently exhibits a clear dominance in the market.
Based on the application, the global automotive lightweight materials market has been segregated into structural, interior, exterior, powertrain, and others. Among these, powertrain accounts for the majority of the global market share.
Based on the vehicle type, the global automotive lightweight materials market can be divided into passenger vehicle, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCV). Currently, passenger vehicle holds the largest market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe currently dominates the global market.
Some of the major players in the global automotive lightweight materials market include BASF SE, Magna International, Toray Industries, Covestro AG, ArcelorMittal SA, ThyssenKrupp AG, Alcoa Corporation, Bayer AG, Saudi Arabia Basic Industries Corporation (SABIC), PPG Industries, LyondellBasell Industries N.V., Novelis Inc., Owens Corning Corporation, Grupo Antolin, etc.
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