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.
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:
Our in-depth analysis of the global automotive lightweight material market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for vehicles and increasing initiatives to optimize fuel consumption are the major factors driving the market growth.
The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.
High production costs of lightweight material is a major factor estimated to hamper the market growth.
The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of increasing manufacturing and sale of passenger and electric cars.
The major players in the market are BASF SE, Covestro AG, LyondellBasell Industries Holdings B.V., TORAY INDUSTRIES, INC., thyssenkrupp AG, Novelis Group (Hindalco Industries Limited), Alcoa Corporation, Trinseo LLC, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by vehicle type, material, application, and by region.
The electric vehicle segment is anticipated to hold the largest market size by the end of 2029 on the back of increasing demand for electric vehicles among the people as these are fuel efficient, eco-friendly and require low maintenance.
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