Electric vehicle (EV) lightweight materials are specialized materials engineered to reduce the overall weight of electric vehicles while maintaining or enhancing structural integrity, performance and safety. Reducing the weight of electric vehicles is essential to improving their energy efficiency, extending their driving range and compensating for the weight of EV battery packs.
The electric vehicle lightweight materials market consists of revenues earned by entities (organizations, sole traders and partnerships) by providing lightweight materials used in various EV applications, including structural, interior and functional components, helping manufacturers achieve regulatory targets for emissions and fuel efficiency while enhancing vehicle performance.
The global electric vehicle lightweight materials market was valued at $2,700.00 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 20.00%.
Rising Demand For Electric Vehicles
Rising demand for electric vehicles contributed to the growth of the electric vehicle lightweight materials market during the historic period. As consumer demand for electric vehicles continues to surge, the need for lightweight materials becomes paramount to enhance EV range and energy efficiency, fueling growth in the electric vehicle lightweight materials market. For example, in December 2022, according to Heycar, a used car marketplace, 42,284 new EVs were registered in the UK, 52.62% higher than the 27,705 new electric cars that were registered over the same month in 2021. For example, according to Reuters, a UK-based news agency, from May 2023 to April 2024, more than 20,500 new EVs were sold in Russia, a jump of about 350% on the previous year. Therefore, rising demand for electric vehicles drove to the growth of the electric vehicle lightweight materials market.
Next-Generation Nonwoven Fabric for Safe Electric Vehicle Batteries
Companies operating in the electric vehicle lightweight materials market are focused on Next-Generation nonwoven fabric for safe electric vehicle batteries. This advanced process produces a fabric that not only meets stringent safety standards but also aligns with the lightweight and flexible characteristics required for next-generation EV batteries. For instance, in September 2024, Asahi Kasei Corporation, a Japan-based company that provides engineering plastics specifically designed for EVs, launched a new grade of LASTANTM, a flame-retardant nonwoven fabric created especially to improve the safety of EV batteries. The fabric is appropriate for a variety of uses in EV battery packs since it offers electrical insulation of up to 3.5 kV (kilovolt) at a thickness of 1 mm. The fabric is (degrees Celsius) produced through an advanced process that involves air-baking a unique acrylic fiber at temperatures between 200°C and 300°C, resulting in a lightweight yet highly flexible material. LASTANTM exhibits remarkable flame resistance, capable of withstanding temperatures as high as 1,300°C without developing holes or compromising its integrity.
The global electric vehicle lightweight materials market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up 20.5% of the total market in 2023.
Electric Vehicle Lightweight Materials Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global electric vehicle lightweight materials market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for electric vehicle 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 electric vehicle 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 history and forecasts market growth by geography. It places the market within the context of the wider electric vehicle lightweight materials market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by material type, by vehicle type, by propulsion type and by application market.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the electric vehicle lightweight materials market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by material type, by vehicle type, by propulsion type and by application in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies Details on the company profiles of other major and innovative companies in the market
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for electric vehicle lightweight materials providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Material Type: Metals And Alloys; Composites; Plastics; Elastomers; Other Material Types
- 2) By Vehicle Type: Passenger Vehicle; Utility Vehicles (SUVs, MPVs, Compact SUVs); Light Commercial Vehicles; Medium And Heavy-Duty Vehicles; Buses And Coaches
- 3) By Application: Body-In-White; Battery; Chassis And Suspension; Powertrains And Closures; Interiors; Others Applications
- 4) By Propulsion Type: Battery Electric Vehicle; Plug-In Hybrid Vehicle; Fuel Cell Electric Vehicle
- Companies Mentioned: SGL Carbon SE; Evonik Industries AG; Teijin Limited; Toray Industries Inc.; LyondellBasell Industries Holdings B.V.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; electric vehicle lightweight materials indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.