Global Automotive Lightweight Material Market Highlights over 2020-2029
The global automotive lightweight material market is estimated to garner a significant CAGR over the forecast period, i.e., 2021-2029. The market is estimated to grow on the back of increasing demand for fuel efficient vehicles. Use of lightweight material in vehicles reduces the total energy consumption and helps in the attainment of better energy efficiency. Moreover, the growing demand for passenger cars is estimated to promote the market growth. In 2020, more than 61 million cars were sold globally, and the sale of passenger cars is further estimated to cross 70 million in 2021.
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The global automotive lightweight material market is segmented on the basis of vehicle type into light-duty vehicles, heavy-duty vehicles, electric vehicles and others, out of which, the electric vehicles segment is estimated to witness the largest share by the end of 2029 owing to the increasing adoption of electric vehicles. Moreover, growing availability of advanced electric vehicles from prominent car manufacturers is estimated to increase the demand for lightweight material, which, in turn, is expected to boost the growth of the segment. Based on material, the market is segmented into plastic, steel, aluminum, fiber glass, magnesium, and others. Among these, the plastic segment is estimated to garner significant CAGR during the forecast period on the back of increasing application of plastic in manufacturing the interior of commercial and passenger vehicles.
Global Automotive Lightweight Material Market Regional Synopsis
On the basis of regional analysis, the global automotive lightweight material market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
The market in the North America, is anticipated to hold the largest market share by the end of 2021 owing to the increasing number of cars manufactured and sold in the region. Moreover, the demand for electric vehicles is increasing in developed countries, such as, U.S.A and Canada, which is estimated to boost the demand for lightweight material among the manufacturers of such vehicles. Around 85,000 plug-in hybrid electric vehicles (PHEVs) were sold in the United States in 2019. Additionally, more than 240,000 all-electric vehicles (EV) were sold in the same year in the U.S. Furthermore, stringent government regulations on controlling carbon emission from vehicles and the focus of the automobile manufacturers on vehicle safety is foreseen to positively influence the market growth. For instance, with the introduction of Corporate Average Fuel Economy (CAFE) standards by the National Highway Traffic Safety Administration (NHTSA) in the U.S. applied for all the light-duty vehicles, the demand for light weight material is projected to increase exponentially in near future.
The market in the Asia-Pacific is predicted to experience the highest CAGR during the forecast period. The market growth is estimated to be driven by the increasing demand for passenger cars backed by the growing population and changing lifestyle of consumers in the region. In addition to that, Japan, India, and China are preferred as the car manufacturing hub by the major global manufacturers of vehicles, on the back of the availability of cheap labor. This is further estimated to boost the demand for automotive lightweight material in the region.
On the basis of region, the global automotive lightweight material market is segmented are as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Our in-depth analysis of the global automotive lightweight material market includes the following segments:
By Vehicle Type
- Light-Duty Vehicles
- Heavy -Duty Vehicles
- Electric Vehicles
- Fiber glass
- Increasing Number of Vehicles and Increase in the Disposable Income of the People to Drive the Market Growth
- Rising Government Regulations to Reduce the CO2 Emission likely to Boost the Market Growth
- High Cost Associated with Lightweight Materials to Hamper the Market Growth
Top Featured Companies Dominating the Market
- BASF SE
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Covestro AG
- LyondellBasell Industries Holdings B.V.
- TORAY INDUSTRIES, INC.
- thyssenkrupp AG.
- Novelis Group (Hindalco Industries Limited)
- Alcoa Corporation
- Trinseo S.A.
- LANXESS AG
- Borealis AG