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Global Automotive Lightweight Materials Market to Reach US$ 124.3 Billion by 2024, Driven by the Increasing Demand for Electric Vehicles

According to the latest report by IMARC Group, titled “Automotive Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global automotive lightweight materials market size reached US$ 82.8 Billion in 2018. Automotive lightweight materials are widely utilized across the automotive industry for improving the overall efficiency of the electric, plug-in and hybrid electric vehicles (EVs), among others. The usage of lightweight materials in the structural elements lowers the weight of the vehicle, which further reduces its fuel consumption and CO2 emissions significantly, without compromising on safety. Additionally, these materials can offset the weight of power systems while increasing their all-electric range. As a result, conventionally used metals, including cast iron and traditional steel components are increasingly being replaced by lightweight materials, such as carbon fiber, high-strength steel, polymer composites, and aluminum and magnesium alloys.

Global Automotive Lightweight Materials Market Trends:

One of the major factors driving the demand for lightweight materials is the rising sales of EVs. Market players are applying design to cost (DTC) strategies by focusing on material use and component integration. In line with this, they are utilizing lightweight materials in the structural parts of second-generation EVs to improve body design. Furthermore, enhanced research and development (R&D) in the automotive industry is also contributing significantly to the market growth. For instance, the National Institute of Standards and Technology (NIST), a physical sciences laboratory of the United States Department of Commerce, is partnering with automakers and base metal suppliers in the US to develop new lightweight materials based on advanced measurement methods, analysis and standards. Other factors driving the market include the easy availability of recyclable materials and governmental regulations pertaining to environment conservation. Looking forward, the market is expected to reach a value of US$ 124.3 Billion by 2024, expanding at a CAGR of around 7% during 2019-2024.

Market Summary:

  • On the basis of the material type, the market has been divided into metal [High Strength Steel (HSS), aluminum, and magnesium and titanium], composite [Carbon Fiber Reinforced Polymer (CFPR), Glass Fiber Reinforced Polymer (GFRP), Natural Fiber Reinforced Polymer (NFRP), and other composites], plastic and elastomer. Amongst these, metals account for a majority of the total market share.
  • Based on the technology type, the market has been divided into battery EVs, hybrid EVs, plug-in hybrid EVs and others.
  • On the basis of the component, the market has been categorized into frame, wheel, bumper, door and seat, instrument panel, and others.
  • Based on the application, powertrain exhibits a clear dominance in the market. Other major segments include structural, interior, exterior, and others.  
  • On the basis of the vehicle type, the market has been segregated into passenger vehicle, Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV).
  • On the geographical front, Europe holds the leading position in the market. Other major regions include North America, Asia Pacific, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has also been analyzed with the key players operating in the market being 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 and Grupo Antolin.

 

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