The Automotive Lightweight Materials Market size was valued at USD 56.60 Billion in 2023 and the industry is projected to grow from USD 60.56 Billion in 2024 to USD 97.25 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.09% during the forecast period (2024 - 2032).
Market Research Future (MRFR) expects that the emergence of stringent government regulations pertaining to CO2 emissions can assist the automotive lightweight material market 2024 in gaining significant grounds between evaluation period.
Growth Boosters and Main Barriers
The automotive lightweight materials market can find lucrative opportunities in developing economies, given the surging awareness about the benefits of these materials in terms of fuel efficiency. Besides, the strict government standards combined with the increasing replacement of traditional steel and cast iron with lightweight materials like aluminum and magnesium alloys, high-strength steel (HSS), as well as carbon fiber and polymer composites have also sped up the market momentum.
The soaring demand for automotive lightweight materials in the automotive industry has been due to the rising need for better fuel economy. The weight reduction aspect of using these materials is quite appealing to the automakers, as it helps boost various other performance aspects important to the consumers. The overall surge in the sale of vehicles in developing nations also works in favor of the market.
The pricing factor is a significant point of discussion in the automotive sector. The discussion generally pertains to automotive lightweight materials in electric cars, trucks, pickups, and more. Sales of these materials have risen at a fast rate in developed nations like the US, Norway, Germany, UK, China, and others.
Strong financial conditions with sound disposable income have resulted in the high sales of automotive lightweight materials in these countries. But the sales in developing as well as undeveloped countries have been underwhelming, owing to the high cost of automotive lightweight materials, leading to abysmal market growth in these regions. Although countries like India, Brazil and Indonesia have massive population, automotive lightweight materials have still not been able to gain much traction in these countries.
Market Segmentation
The automotive lightweight material industry has been considered for material, vehicle type and application.
The different types of automotive lightweight materials include plastic, rubber, metal, and others.
The vehicle types reviewed in the market study are commercial vehicle as well as passenger vehicle.
Application-based categories are structural, exterior, interior, and more.
Regional Insight
The primary markets for automotive lightweight material identified in the report are Europe, North America, Asia Pacific/APAC and Rest of the World/RoW.
Over the coming years, it is expected that the APAC market can gain at the fastest pace, with large contribution from emerging countries like India, South Korea, Japan and China. A number of automotive leaders are trying to tap into this region, given the soaring demand for commercial and passenger vehicles. These automotive giants are striving to expand their business in the region, which could result in cut throat rivalry between the vendors in the years to come.
In North America, especially in the United States (U.S), automakers are recalibrating their facilities to handle advanced materials. Meanwhile, in the wake of rising demand from automakers, various automotive suppliers are working on expanding their plants or are building new facilities. At present, BMW is making high demand for carbon fiber while Ford is demanding more and more aluminum, leading to higher investments in facilities that supply these materials.
Notable Contenders
Some of the notable contenders in the automotive lightweight material industry include Novelis Inc.,(U.S.), Owens Corning (U.S.), BASF SE (Germany), Alcoa Inc., (U.S.), PPG Industries, Inc (U.S.), Lyondellbasell N.V. (U.S.), ArcelorMittal S.A. (Luxembourg), Covestro AG (Germany), Toray Industries Inc.(Japan), ThyssenKrupp AG (Germany), to name a few.
Latest Updates
May 2020
The Indian Institute of Technology Madras (India), along with the US Army Research Laboratory and University of North Texas, has created a magnesium alloy that boasts of significant properties. The alloy has been developed to replace aluminum and steel in automotive components. It is not only strong and extremely ductile but can also help bring down the carbon footprint of automobiles.
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