Global Automotive Lightweight Materials Market Overview And Prospects
Learn about the global automotive lightweight materials market through The Business Research Company, which provides information on automotive lightweight materials market size, automotive lightweight materials market drivers and restraints, automotive lightweight materials market players, the COVID-19 impact on the automotive lightweight materials market, and more.
The global automotive lightweight material market is expected to grow from $82.53 billion in 2020 to $86.92 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The automotive lightweight material market is expected to reach $133.01 billion in 2025 at a CAGR of 11.2%.
The surge production of electric vehicles is expected to drive innovation in automotive lightweight materials manufacturing, thus driving the market during the forecast period.
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The automotive lightweight material market consists of sales of automotive lightweight materials by entities (organizations, sole traders, and partnerships) that are engaged in the production of different lightweight materials for the manufacturing of automotive components such as carbon fiber, aluminum, and magnesium among others. Automotive lightweight materials are used in vehicles to decrease weight, increase speed, and improve fuel economy. Due to advantages such as reduced material consumption, increased strength, low degradation risk, and improved handling, these lightweight materials are an excellent substitute for bulky conventional materials previously used to build vehicle frames.
Global automotive lightweight materials market segments include:
By Material Type: Metals, Composites, Plastics, Elastomer
By Vehicle Type: Passenger Vehicle, Light Commercial Vehicle, Heavy Commercial Vehicle
By Application: Body In White, Chassis And Suspension, Powertrain, Closures, Interiors, Others
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe was the largest region in the automotive lightweight material market in 2020.
New product developments and compositions are gaining significant popularity in the automotive lightweight material market. Key players in the automotive lightweight materials market are focusing on developing new and innovative products to the market using lightweight materials such as carbon fiber, aluminum and replacing generic materials.
TBRC’s automotive lightweight materials market report covers:
Major Market Players: BASF SE, Covestro AG, LyondellBasell Industries Holdings B.V., Toray Industries Inc., ArcelorMittal, ThyssenKrupp AG, Novelis Inc., Alcoa Corporation, Stratasys Ltd., Owens Corning, Tata Steel, and POSCO.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Automotive Lightweight Materials Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides automotive lightweight materials market overviews, analyzes and forecasts market size, share, automotive lightweight materials market players, automotive lightweight materials market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s automotive lightweight materials market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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