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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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