PUBLISHER: Grand View Research | PRODUCT CODE: 1609543
PUBLISHER: Grand View Research | PRODUCT CODE: 1609543
The global automotive lightweight material market size is expected to reach USD 115.85 billion by 2030, registering a CAGR of 2.3% from 2025 to 2030, according to a new report by Grand View Research, Inc. A rise in demand for weight reduction in passenger cars and commercial vehicles to support fuel efficiency is expected to ascend the demand for lightweight materials over the forecast period.
These materials are widely available in different forms, like metal, composites, plastics, and elastomer, thus providing growth prospects for the market. Commercial availability of the above-stated materials in major regions across the globe, coupled with a wide presence of multinational vehicle manufacturers, is expected to support the market growth.
A rise in demand for passenger vehicles with enhanced fuel economy and stability on roads has increased the demand for lightweight materials. The introduction of electric vehicles in the passenger car and commercial vehicle segments is likely to offer growth opportunities for the market. Moreover, the growing demand for increasing the performance of the premium car segment is anticipated to support the demand for automotive lightweight materials.
In 2019, Europe emerged as the largest consumer of lightweight materials with the presence of a pool of players and car manufacturers in the region. Multinational players are engaged in the business of automotive lightweight materials on account of the wide scope in the upcoming electric vehicle segment.