PUBLISHER: The Business Research Company | PRODUCT CODE: 1435686
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435686
The automotive lightweight materials industry focuses on producing various lightweight materials utilized in manufacturing automotive components, including but not limited to carbon fiber, aluminum, and magnesium. These materials are incorporated into vehicles with the primary aim of reducing overall weight, enhancing speed, and improving fuel efficiency.
The automotive lightweight materials market encompasses several material categories, including metals, composites, plastics, and elastomers. Metals such as high-strength steel, aluminum, magnesium, and titanium are instrumental in reducing vehicle weight and enhancing efficiency. Composites consist of high-performance fibers (such as carbon or glass) and a matrix material (such as epoxy polymer), combining to deliver superior properties compared to individual materials. Plastics are utilized to impart additional strength, flexibility, rigidity, fatigue resistance, shear strength, and heat resistance to automotive components. Elastomers, known for their high viscoelasticity, are used in producing components that require resilience against extreme temperatures, including hoses, insulators, seals, bushes, engine mounts, and gaskets. These automotive lightweight materials find application across various vehicle types including passenger vehicles, light commercial vehicles, and heavy commercial vehicles. They are used in the manufacturing of bodies in white, chassis and suspension systems, powertrain components, closures, interiors, and other integral vehicle parts.
The automotive lightweight materials market research report is one of a series of new reports from The Business Research Company that provides automotive lightweight materials market statistics, including automotive lightweight materials industry global market size, regional shares, competitors with a automotive lightweight materials market share, detailed automotive lightweight materials market segments, market trends and opportunities, and any further data you may need to thrive in the automotive lightweight materials industry. This automotive lightweight materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive lightweight materials market size has grown strongly in recent years. It will grow from $111.13 billion in 2023 to $121.87 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth observed in the historical period can be attributed to advancements in material science, adherence to regulatory emission standards, consumer preference for performance, cost and manufacturing advancements, and the effects of globalization and market competition.
The automotive lightweight materials market size is expected to see strong growth in the next few years. It will grow to $170.71 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The anticipated growth in the forecast period can be attributed to sustainable and eco-friendly solutions, urbanization and the trend towards compact vehicle designs, the global expansion of automotive production, a shift towards autonomous vehicles, and a growing focus on electric mobility solutions. Major trends expected in the forecast period include a demand for fuel efficiency, advancements in material technology, the adoption of electric vehicles, emission reduction requirements, and a heightened focus on performance and safety.
The automotive lightweight materials market is poised for growth, propelled by the increased production of electric vehicles. Electric vehicles, which rely wholly or partly on electricity for power, are gaining popularity due to their minimal operating expenses and environmental friendliness. These vehicles incorporate lightweight materials, such as carbon-fiber-reinforced plastic, enabling them to operate solely on electricity and avoiding classification as hybrids. As of April 2023, the International Energy Agency reported a significant surge in electric car sales, accounting for 14% of all new cars sold globally in 2022, up from 9% in 2021. The first quarter of 2023 saw over 2.3 million electric cars sold, reflecting a 25% increase from the same period the previous year. Projections indicate that the sales of electric cars will reach 14 million units by the end of 2023, marking a notable 35% year-on-year increase. Thus, the rising production of electric vehicles is a key driver for the growth of the automotive lightweight materials market.
The automotive lightweight materials market is anticipated to experience growth driven by the increasing demand for fuel economy. Fuel economy, representing the efficiency with which a vehicle converts fuel into distance traveled, is a crucial factor for consumers and regulatory agencies alike. Lightweight materials play a significant role in enhancing fuel economy by providing greater design flexibility. This flexibility allows for the optimization of vehicle shapes, contributing to improved aerodynamics-an essential element for fuel efficiency. As of December 2023, the United States Environmental Protection Agency reported that global fuel economy achieved a record high of 26.0 miles per gallon (mpg) in 2021, reflecting a 0.6 mpg increase. The pursuit of improved fuel economy is, therefore, a key driver for the growth of the automotive lightweight materials market.
The automotive lightweight materials market is witnessing a surge in popularity for new product developments and innovative compositions. Major players in the market are directing their efforts towards creating cutting-edge products by leveraging lightweight materials such as carbon fiber and aluminum, replacing conventional materials. An illustrative example of this trend is the announcement made by Bucci Composites, an Italy-based company specializing in the fabrication of composite components and systems for various sectors, including automobiles. In March 2021, Bucci Composites completed the construction of a 22-inch automotive wheel rim made from carbon fiber, showcasing advanced features in material composition and design.
Leading companies in the automotive lightweight materials market are strategically emphasizing the adoption of large-scale magnesium injection molding to secure a competitive advantage. Large-scale injection molding involves the high-pressure and high-volume injection of molten material, typically plastic or metal, into a mold or cavity to produce numerous identical parts or products. An illustrative example of this strategic focus is demonstrated by Haitian Die Casting, a China-based die-casting company. In July 2022, the company introduced the HMG3000, a cutting-edge large-scale magnesium injection molding machine. This machine boasts a formidable clamping force of up to 30,000 kN and an impressive maximum screw speed of 800 mm/s. The launch of the HMG3000 is anticipated to drive the widespread adoption of magnesium alloys in automotive lightweighting initiatives.
In May 2022, Sandvik, a distinguished Sweden-based engineering company, successfully acquired Preziss for an undisclosed sum. This strategic acquisition is intended to bolster Sandvik's product portfolio, particularly in the realm of lightweight materials catering to automotive markets. Preziss, headquartered in Spain, is recognized for its expertise as a manufacturer of CNC milling and tooling systems.
Major companies operating in the automotive lightweight materials market report are BASF SE, ArcelorMittal SA, Pohang Iron and Steel Company, Saint-Gobain SA, Saudi Basic Industries Corporation, LyondellBasell Industries Holdings B.V., ThyssenKrupp AG, Mitsubishi Chemical Corporation, 3M Company, Tata Steel Company, Henkel AG & Co., Covestro AG, Toray Industries Inc., Novelis Inc., DuPont De Nemours and Company, Alcoa Corporation, Owens Corning Fiberglass Company, Huntsman Corporation, Teijin Limited, Lanxess AG, AK Steel Corporation, Borealis AG, SGL Carbon Graphite Technic Co. Ltd., Stratasys Ltd., Aleris Corporation, WHB Brasil Automotive, NovaCentrix Corp., Vorbeck Materials Corporation Inc., Intrinsiq Materials Inc.
Europe was the largest region in the automotive lightweight materials market in 2023. North America was the second-largest market in the automotive lightweight materials market share. The regions covered in the automotive lightweight materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive lightweight materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive lightweight materials market consists of sales of high strength steel, aluminum, and magnesium & titanium. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Lightweight Materials Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive lightweight materials market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive lightweight materials ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive lightweight materials market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.