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Automotive Lightweight Materials Market Growth with CAGR of 7.2% and USD 282.7 billion by 2031 | Report by Transparency Market Research Inc.

from 2022 to 2031 and by 2031, the market is likely to gain US$ 282.7 billion.

Strict government rules on vehicle emissions and fuel efficiency are a major factor driving the global market for automotive lightweight materials. Manufacturers are compelled to use lighter materials in response to these demands, which lower vehicle weight while enhancing environmental performance.

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Automotive Lightweight Materials Market Report Scope: 

Report Coverage

Details 

Forecast Period 

2023-2031

Base Year 

2022

Size in 2022

US$ 155.9 Billion

Forecast (Value) in 2031

US$ 282.7 billion

Growth Rate (CAGR)

7.2 %

No. of Pages 

317 Pages

Segments covered 

Material,Vehicle,Application

Key Findings of Market Report

Automobiles are often made of lightweight materials like steel, titanium, polymer composites, and plastics.Manufacturers are placing a strong emphasis on reducing the weight of several parts, such as frames, interior and external systems, and powertrains.Since they use less fuel, lightweight materials are often used in the production of external components.To gain a larger market share, automakers that produce lightweight vehicles are investing in increasing their production capacity.The stiffness and strength of composites are known to provide observable advantages over metals.Lowering production overheads is facilitated by the widespread use of glass fiber reinforced plastic (GFRP) and carbon fiber reinforced plastic (CFRP).Numerous automotive components, including seats, gearboxes, batteries, brakes, steering systems, suspension systems, wheels, and body shells, are made using these materials on a large scale.

Market Trends For Automotive Lightweight Materials

A number of end-use industries have placed a strong emphasis on reducing carbon emissions because of rising global temperatures. Nations are creating a reliable system of carbon emission standards globally.In order to lower transportation expenses and the quantity of greenhouse gasses and other pollutants released by the transportation industry, they are also offering a strong transportation network. In the upcoming years, these initiatives should propel the expansion of the automotive lightweight materials market.

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Global Market for Automotive Lightweight Materials: Regional Outlook

Various reasons are propelling the growth of the automotive lightweight materials market in different regions. These are:

In the years to come, Asia Pacific is anticipated to hold a significant share. This might be attributed to the regional increased attention on fuel efficiency as well as the rise in the usage of electric and hybrid automobiles. In Asia Pacific, China, India, and Japan are the primary markets for automobile lightweight materials.It is anticipated that increased adherence to BS6 standards will improve India's automotive lightweight materials market data. It is anticipated that the Latin American industry will expand steadily in the near future. The main drivers of the Latin American market's growth are Brazil and Argentina.Within the automobile lightweight materials industry, North America has reached a mature stage. The technological advancements in the area concerning electric vehicles are indicative of this. The region's governments are enforcing strict pollution control laws, which might increase demand for lightweight vehicle materials over the next few years.During the forecast period, the presence of major automakers and the adoption of Euro 6 standards are anticipated to propel the revenue of the automotive lightweight materials market in Europe.

Global Automotive Lightweight Materials Market: Key Players

In order to produce novel materials that lighten vehicles, manufacturers in the worldwide automotive lightweight materials market are actively involved in research and development. This is essential for meeting strict environmental rules by lowering emissions and increasing fuel efficiency.

The use of lightweight materials such as aluminum, high-strength steel, innovative composites, and others can improve structural integrity while lowering the overall weight of vehicles. In order to meet the growing demand for environmentally friendly automotive solutions and comply with sustainability targets, manufacturers are additionally making investments in efficient production methods as well as recycling technologies. The following companies are well-known participants in the global automotive lightweight materials market:

DuPontHenkel AG & Co.NovaCentrixVorbeck Materials Corporation, Inc.Intrinsiq Materials, Inc.Heraeus Holding GmbHJohnson Matthey PlcCreative Materials Inc.Applied Ink Solutions

Few of key developments by the players in this market are:

Company name

Key Developments

Toray Industries, Inc.

 In 2023, for CFRP mobility components, Toray Industries, Inc. unveiled their quick integrated molding process. To achieve remarkable mechanical qualities, the material is reported to encase a thermosetting prepreg skin and a porous, light carbon fiber-reinforced foam (CFRF) core.

 Covestro

 In 2022, to reduce gasoline emissions from cars, Covestro created a novel composite technology known as Continuous Fiber Reinforced Thermoplastic Polymers (CFRTP). When it comes to the creation of sustainable materials, the technology aids in compliance with UN requirements.

Global Automotive Lightweight Materials Market Segmentation 

Material

Metal Alloys (Magnesium, Aluminum, and Titanium)High-strength Steel (HSS, AHSS, UHSS)Composites (Carbon Fiber, Glass Fiber, and Others)Polymers (PP, PU, ABS, PVC, PA66, and Others)

Vehicle

Passenger VehiclesLight Commercial Vehicles (LCVs)Heavy Commercial Vehicles (HCVs)

Application

InteriorExteriorStructuralPowertrainOthers

By Region

North AmericaEuropeAsia PacificMiddle East & AfricaSouth America

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