Global Automotive Lightweight Material Market Size was valued at USD 52.9 Billion in 2022. The automotive lightweight material market industry is projected to grow from USD 56.603 Billion in 2023 to USD 97.254 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.00% during the forecast period (2023 - 2032). Strict pollution and fuel efficiency standards, as well as expanding government initiatives to reduce weight, are the market's development drivers. Several countries throughout the world have tightened the rules governing emissions and fuel efficiency for vehicles. Original equipment manufacturers (OEMs) in the automobile sector have been compelled to utilize more lightweight materials, such as composites, lightweight metals, and polymers, as a result of these requirements as the key market driver enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rapid use of cutting-edge technologies in the automotive industry drives Market CAGR. Over the next several years, it is anticipated that the market for automotive lightweight materials would expand due to the spike in electric car manufacturing. Automobiles that run totally or partially on electricity are referred to as electric cars. Electric cars are extremely eco-friendly since they use little to no fossil fuels (petrol or diesel), have fewer moving parts to maintain, and have low running costs. Modern electric cars are made of lightweight materials like carbon-fiber-reinforced plastic, which enables them to run entirely on electricity and avoid being labeled as hybrids. For instance, sales of electric vehicles are anticipated to rise from 2.5 million in 2020 to 3.4 million in 2021, according to the Economist Intelligence Unit (EIU).
For instance, the production of electric vehicles is anticipated to increase to at least 1.3 million this year, with a 1.5 million threshold being achievable depending on market circumstances, according to a CNBC study released in May 2020. As a result, the market for automotive lightweight materials is expanding as electric vehicle manufacturing rises.
The market for automotive lightweight materials is seeing a considerable increase in the popularity of new product innovations and compositions. The main competitors in the automotive lightweight materials market are concentrating on creating novel and cutting-edge goods for the market by utilizing lightweight materials like aluminum and carbon fiber to replace conventional materials. Additionally, in 2021, Bucci Composites, an Italian company that creates composite parts and systems for industrial, military, and commercial applications, said that it had completed the manufacture of a 22-inch carbon fiber automobile wheel rim with cutting-edge features. Thus, driving the automotive lightweight material market revenue.
The global automotive lightweight material market segmentation, based on material, includes metals, rubber, plastic, and others. The metal category led the market and is anticipated to develop rapidly over the next years. Aluminum, titanium, magnesium, and high-strength steel are among these metals. The need for metallic products is anticipated to rise due to the necessity for durability in components such as chassis, passenger compartment frames, under-body floors, instrument panels, and others.
Metallic components are utilized in automobiles to increase stiffness since they are stable and long-lasting. The demand for metallic materials is anticipated to be supported by concerns about passenger safety and a surge in the adoption of cars with the highest safety ratings in Europe and the Asia-Pacific region.
Based on application, the global automotive lightweight material market segmentation includes interior, exterior, structural, and others. The interior segment dominates the market during the forecast period, as consumers have become increasingly conscious of the interior quality and design of vehicles. Automakers are placing more emphasis on creating comfortable, aesthetically pleasing, and technologically advanced interiors to attract buyers. Lightweight materials play a crucial role in achieving these objectives without compromising safety or performance.
On account of rising applications in the instrument panel, trim, seats, insulation, airbags, hood, front and rear doors, liftgate, windows, lighting, electrical components, and others, the interior, closure, and other categories are predicted to grow in the approaching years.
The global automotive lightweight material market segmentation, based on Vehicle type, includes heavy commercial vehicles, light commercial vehicles, passenger vehicles, and others.  With the biggest revenue share in 2022, the passenger vehicle segment led the market and is predicted to rise rapidly over the next several years. The market for lightweight cars is likely to be driven by the rising middle-class population, high-income levels, and purchasing power in the Asia Pacific region as well as Central and South America. Rising consumer demand is responsible for the expansion of the passenger car market, which comprises hatchbacks, premium hatchbacks, sedans, SUVs, and multi-utility vehicles. The players have been forced to adopt lightweight materials due to the trend towards high-performance and fuel-efficient automobiles, helping the segment's growth.
Figure 1: Global Automotive Lightweight Material Market by Vehicle Type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. North America dominates the global automotive lightweight material market due to the implementation of corporate average fuel economy (CAFÉ) to promote the fuel efficiency of lightweight vehicles and passenger cars and the increased use of aluminum in structural and external components in electric vehicles, North America is anticipated to hold a sizable share of the market and grow quickly over the forecast period.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Global Automotive Lightweight Material Market Share By Region 2022 (Usd Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe automotive lightweight material market accounts for the second-largest market share.  In 2020, Europe accounted for the greatest portion of the market; over the forecast period, it is anticipated to continue to lead the market with the highest CAGR. The adoption of Euro 6 standards by several European nations, growing concerns about carbon emissions, and various measures to reduce pollutants are likely to fuel market expansion. Further, the German automotive lightweight material market held the largest market share, and the UK automotive lightweight material market was the fastest-growing market in the European region.
The Asia Pacific Automotive Lightweight Material Market is expected to grow at the fastest CAGR from 2023 to 2032. Due to the key drivers propelling the market's expansion include the rise in demand for fuel-efficient heavy commercial vehicles and significant expenditures made by manufacturers in the region's R&D process.  Moreover, China’s automotive intercooler market held the largest market share, and the Indian automotive intercooler market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the automotive lightweight material market, grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The automotive lightweight material industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global automotive lightweight material industry to benefit clients and increase the market sector. In recent years, the automotive lightweight material industry has offered some of the most significant medical advantages. Major players in the automotive lightweight material market include Covestro AG, ArcelorMittal, Lyondellbassel Industries Holdings B.V., Thyssenkrupp AG, Toray Industries Inc., BASF SE, Novelis Inc., Alcoa Corporation, Owens Corning, Stratasys Ltd., and others, are attempting to increase market demand by investing in research and development operations.
LyondellBasell is one of the largest plastics, chemicals, and refining companies in the world. While they have a diverse range of products and applications, they have been involved in the automotive industry as a supplier of lightweight materials. Their products include advanced plastics and polymers that are used in various automotive applications to reduce vehicle weight and improve fuel efficiency. For instance, in October 2022, The weight of the vehicle has been decreased by 10kg thanks to a PP compound created by LyondellBasell Industries Holdings BV. It will aid in the foaming of components, the reduction of material density, the thin walling of parts, the ability to replace metal, and the removal of paint from automobiles.
BASF offers a wide range of lightweight materials that cater to various applications within the automotive sector. BASF produces a variety of high-performance engineering plastics that are lightweight and possess excellent mechanical properties. These plastics are used in interior and exterior components, under-the-hood applications, and structural parts. Examples of their engineering plastics include Ultramid® (polyamide), Ultradur (PBT), and Ultrason (polyethersulfone). For instance, The Ultradur B4335G3 HR was developed by BASF SE to protect delicate electronic devices in harsh environments. For instance, shielding sensors from surface contact with water and salt when they are exposed to various environmental conditions.
August 2022:Â Toray Industries, Inc. has introduced a 3D printer that can create tools, power equipment, and other items that are heat resistant, high strength, and have good design perfection.
June 2021:Â Continuous Fibre Reinforced Thermoplastic Polymers (CFRTP), a novel composite technology created by Covestro, is lightweight and strong, lowering petrol emissions from automobiles while adhering to UN guidelines for the development of sustainable materials.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 52.9 Billion |
| Market Size 2023 | USD 56.603 Billion |
| Market Size 2032 | USD 97.254 Billion |
| Compound Annual Growth Rate (CAGR) | 7.00% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Application, Vehicle Type, Â and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Covestro AG, ArcelorMittal, Lyondellbassel Industries Holdings B.V., Thyssenkrupp AG, Toray Industries Inc., BASF SE, Novelis Inc., Alcoa Corporation, Owens Corning, Stratasys Ltd. |
| Key Market Opportunities | The emergence of Strict Regulations by the government |
| Key Market Dynamics | Increase in Fuel Efficiency achieved by the use of lightweight material in the automotive |
Automotive Lightweight Material Market Highlights:
Frequently Asked Questions (FAQ) :
The global automotive lightweight material market size was valued at USD 52.9 Billion in 2022.
The global market is projected to grow at a CAGR of 7.00% during the forecast period, 2023-2032.
North America had the largest share of the global market
The key players in the market are Covestro AG, ArcelorMittal, Lyondellbassel Industries Holdings B.V., Thyssenkrupp AG, Toray Industries Inc., and BASF SE.
The metal category dominated the market in 2022.
Passenger Vehicles had the largest share of the global market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
