Advanced Automotive Materials Market Size, Industry Share and...

Advanced Automotive Materials Market Size, Industry Share and Forecast, 2032

Posted 2024-04-12 11:01:43

Advanced Automotive Materials Market

The global market for advanced automotive materials was estimated to be worth USD 79.24 billion in 2023 and is expected to grow to USD 142.04 billion by the end of 2032, according to a report released by Zion Market Research. Over the course of the projection period, the market is anticipated to rise at a CAGR of 6.70%. The growth factors, barriers to entry, and effects on demand for the worldwide advanced automotive materials market are examined in this study for the period of forecasting. Additionally, it will support exploration and navigation of the emerging opportunities in the Advanced Automotive Materials Market sector.

Global Advanced Automotive Materials Market: Overview

The primary purpose of utilizing the market for innovative automotive materials is to reduce the vehicle's weight. Contributes to improving fuel efficiency and lowering greenhouse gas emissions in the atmosphere by further reducing the vehicle's total weight. Compared to conventional materials, modern automotive materials offer higher service temperatures, better dimensional stability, and better mechanical performance.

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Global Advanced Automotive Materials Market: Segmentation

Globally, the market for advanced automotive materials is divided into material types and applications. The global market is segmented into metals, thermoplastic elastomers (TPEs), composites, and engineered plastics based on the types of materials. Powder metals, high-strength steel (HSS), aluminum, stainless steel, and other materials are included in the subsegment of metals. The category of engineered plastics is further subdivided into nylon, polycarbonate, ABS, and polyphenylene oxide.

Thermoplastic vulcanizates, copolyester elastomer, thermoplastic polyolefin, styrene block copolymer, and other subcategories are included in the thermoplastic elastomers category. Glass fiber reinforced plastic (GFRP) and carbon fiber reinforced plastic (CFRP) comprise the subsegments of the composites segment. The market is divided into powertrain, structural, interior, exterior, and other segments based on the applications.

Global Advanced Automotive Materials Market: Growth Factors

The primary driver of the advanced automotive materials market is customer demand, which is rising as a result of increased vehicle weight reduction. This lowers fuel efficiency and, ultimately, carbon dioxide emissions. Other key drivers propelling the global market's growth include the increasing emphasis on durability, safety, vibration, and noise reduction through the substitution of conventional materials. The development of new process technologies, together with advancements in resins and metal alloys, has helped to boost demand for advanced automotive materials manufacturing, which in turn has fueled the market's expansion.

In comparison to other materials, the strength offered by advanced automotive materials is superior and aids in the absorption of more energy during a collision. Growing shortages of raw materials, especially for engineered plastics, pressure to recycle materials, and a lack of knowledge about the advantages of advanced automotive materials are the factors impeding the growth of the market for these materials.

Global Advanced Automotive Materials Market: Regional Analysis

The global market for advanced automotive materials is divided into several regional segments, including Latin America, Asia Pacific, Western and Eastern Europe, North America, and the Middle East and Africa. North America is the area that is leading the advanced automotive materials industry. In the North American area, the United States held the greatest market share for advanced automotive materials. According to estimates, the Asia-Pacific region will grow into a profitable regional market with plenty of prospects for industry participants in the years to come. Large population, stringent emission standards, economic growth, increasing awareness of environmentally friendly systems, and the benefits of high fuel economy are the main drivers propelling the market for advanced automotive materials in this region.

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