Automotive Lightweight Materials Market Size, Share, Growth Report...

Automotive Lightweight Materials Market Size, Share, Growth Report 2030

Posted 2024-07-16 10:09:29

Automotive Lightweight Materials Market

The global automotive lightweight materials market was estimated to be worth USD 73.99 billion in 2022 and is expected to grow to USD 126.55 billion by the end of 2030, 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 6.94%. The study examines the factors that will propel growth, impede it, and affect demand for automotive lightweight materials globally over the course of the projection period. Additionally, it will aid in navigating and investigating the prospects that present themselves in the automotive lightweight materials market.

Global Automotive Lightweight Materials Market: Overview

New cars' fuel efficiency is largely fueled by advanced materials, which also ensure excellent performance and safety. In comparison to heavier cars, lightweight cars use less power to accelerate, increase vehicle efficiency, and use 6–8% less gasoline.

Automotive Lightweight Materials Market

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Global Automotive Lightweight Materials Market: Growth Factors

The expansion of the worldwide automotive lightweight materials market is boosted by an increase in the production of aircraft modules and an increase in the penetration of lightweight elements, which strengthens the need for other lightweight materials, such as improved composites. However, a number of limitations, including the high cost of carbon fiber and the quick fluctuations in raw material costs, restrict its application in the manufacturing of automobile components. It is projected that these factors will impede the growth of the worldwide automotive lightweight materials market. Furthermore, compared to the worldwide automotive lightweight materials market for Europe and North America, Asia-Pacific is anticipated to have notable expansion. The amount of lightweight materials used in automobiles is expected to increase due to the growing global demand for cars that are both lightweight and fuel-efficient.

Global Automotive Lightweight Materials Market: Segmentation

The global market for automotive lightweight materials is divided into several segments based on the type of material used, including aluminum, HSS, high-strength steel, magnesium/titanium, EPDM, high-performance plastics, NR, SBR, GFRP, CFRP, and NFRP. The global market for automotive lightweight materials is segmented based on application, including body-in-white, powertrains and closure, interiors, chassis & suspension, and others.The worldwide automotive lightweight materials market is divided into several segments based on the type of component used, including wheels, frame, engine and exhaust, bumpers and fenders, hoods and trunk lids, doors, seats and instrument panels. The global automotive lightweight materials market is segmented into LCV, passenger car, BEV, HCV, PHEV, and HEV segments based on the type of vehicle.

Global Automotive Lightweight Materials Market: Regional Analysis

The market with the fastest rate of growth is the North American automotive lightweight materials market. The market for automotive lightweight materials is expected to grow as a result of the impending CAFÉ fuel standards and pollution restrictions for light-duty cars, which may require car manufacturers to make their vehicles significantly lighter in order to comply with the regulations. Furthermore, when it comes to light trucks, the region leads the world market for automotive lightweight materials. The majority of North America's need for materials for lightweight automobiles comes from the United States. With a high demand from countries like China, India, and Japan, Asia-Pacific is predicted to grow at the second-fastest rate in the market.

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