Market overview:

The automotive lightweight materials market was worth usd 74.65 million in 2021 and is expected to be worth usd 139 million by 2030, increasing at a cagr of 7.16% between 2022 and 2030.

 

The increase in eco-friendliness is one of the important factors in developing the automotive lightweight materials market. The governmental authority's establishment of tight criteria to minimize carbon dioxide emissions motivates an increased variety of lightweight materials for use in automobiles, fueling the development of the automotive lightweight materials market.

 

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nonetheless, the growth of this automotive lightweight material market is expected to be constrained by the rising pricing of lightweight materials in automobiles like carbon filaments. Using new lightweight materials can enhance a vehicle's fuel economy while simultaneously maintaining its performance and safety criteria. Lowering the vehicle's mass by 10% makes it possible to get a 6 to 8% gain in fuel efficiency. Using lightweight materials reduces the quantity of gasoline required to power a vehicle since the acceleration of a vehicle with less mass takes less power. Engine components that use current materials can endure high pressure and temperature levels, which adds to increased efficiency and lower emissions.

 

The expansion of the covid-19 pandemic has had a detrimental influence on the worldwide automobile lightweight materials industry, owing to commuting limits. It is likely to decrease market participants' financial performance in 2020. It has affected the whole economy, and contributors such as market players are devising cost-cutting strategies. Supply chain execution, labor reliance, regulatory & policy changes, liquidity & solvency management and working capital management, are the primary risk considerations for automotive lightweight materials industry participants. Most automotive lightweight material production plants were shut down during the pandemic due to commuting limitations, raw material shortages and worker unavailability caused by supply chain disruption. A rising pattern of vehicle jolt is big potential in the automotive lightweight materials market. Introducing electric cars has resulted in an unprecedented shift in the automotive market.

 

Segmentation of the market:

The worldwide automotive lightweight materials market is segmented by vehicle type, material type, and component.

 

By vehicle type:

  • Electric powered
  • Ic engine powered
  • Others

By material type:

  • Composite
  • Elastomer
  • Plastics
  • Metal

By component type:

  • Powertrain
  • Frame
  • Exterior systems & components
  • Interior systems & components

 

Regional analysis:

North america, asia-pacific, europe, and the rest of the world comprise the global automotive lightweight materials market. Europe now dominates the worldwide industry and is predicted to develop rapidly in the next few years. The presence of multinational automakers and important materials suppliers in the region has helped industry expansion. Furthermore, the significant r&d investment of the manufacturers is projected to promote market expansion.

 

The asia-pacific region was anticipated to be the leader in usage by 2020, owing to strong growth in the adoption of electric and electric crossover cars. Some asian countries, including india, china, korea and japan, have announced plans to replace public transit with progressed electric vehicles.

 

Recent developments:

In may 2019, basf se constructed an engineering plastics compounding plant as well as a thermoplastic polyurethane (tpu) factory at its proposed integrated chemical production ("Verbund") location in zhanjiang, china.

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