Global Automotive Lightweight Materials Market Insights and Forecast to 2028

Automotive Lightweight Materials Market 2028

The global Automotive Lightweight Materials market size is estimated to be worth US$ 124110 million in 2022 and is forecast to be a readjusted size of US$ 167270 million by 2028 with a CAGR of 5.1% during the forecast period 2022-2028.

The demand for greater safety and improved vehicle performance, as well as strict requirements for fuel economy and automotive emissions, are anticipated to propel the Automotive Lightweight Materials market. Furthermore, getting into contracts and agreements with automotive OEMs and the growing trend of vehicle electrification are expected to present the Automotive Lightweight Materials market players with lucrative potential prospects.

Automotive Lightweight Materials Market Trends

The surge in need for improved safety and enhanced performance of the vehicle is expected to fuel the Automotive Lightweight Materials market. Compared to typical materials, lightweight materials have qualities of significant weight reduction and increased strength, both of which are essential to the production of vehicles. Additionally, a number of high-end technology-enabled gadgets are available in the current era of sophisticated mobility solutions to fulfill the shifting demands of automobile consumers. Lightweight materials are used in systems including safety devices, cutting-edge pollution control systems, and integrated electronic systems to increase operational effectiveness and reduce vehicle weight. As a result, the use of lightweight materials in the automobile industry is anticipated to fulfill the demand for increased strength and top-tier operational efficiency, which in turn helps to fuel the expansion of the global automotive lightweight materials market.

Automotive manufacturers and component producers demand a variety of automotive lightweight materials for their production processes. Open contracts and agreements between car OEMs and producers of lightweight materials for automobiles are on display in this material procurement. Contracts and agreements between end users and manufacturers of automotive lightweight materials are anticipated to be used to launch the automotive lightweight materials solution. These contracts specify a list of conditions that must be satisfied in a specific amount of time. These agreements and contracts are related to potential long-term business relationships with end users. In order to obtain a competitive edge and maintain long-term business possibilities in the worldwide automotive lightweight materials market, industry competitors must concentrate on securing contracts and agreements.

The automotive lightweight materials market has grown as a result of rising consumer demand for automobiles with increased stability on roads as well as durability and performance of the vehicles for effective fuel consumption throughout major areas. Furthermore, manufacturers have been forced to use lightweight materials in the manufacturing process due to strict pollution regulations in North America and Europe, which has helped the automotive lightweight materials market expand.

Automotive Lightweight Materials Market Share Analysis

Based on application, The body in the white application segment is expected to be the most lucrative. The segment expansion will be supported by the usage of materials in more areas of the vehicle, such as the cross and side beams, passenger compartment frames, under-body floors, front-end structures, and panels.

Based on region, Europe is expected to be the most lucrative. The market expansion has been accelerated by the regional presence of major suppliers of the aforementioned commodities as well as international automakers. Additionally, significant participant investment in R&D is anticipated to promote market expansion.

Segment by Type

• Aluminum Alloys
• Magnesium Alloys
• High Strength Steels
• Engineering Plastics
• Composites and Others

Segment by Application

• Body-in White
• Chassis & Suspension
• Powertrains and Closure
• Interiors and Others

Production By Region

• North America
• Europe
• China
• Japan

Consumption By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Asia-Pacific
• China
• Japan
• South Korea
• India
• Australia
• China Taiwan
• Indonesia
• Thailand
• Malaysia
• Latin America
• Mexico
• Brazil
• Argentina
• Colombia

BY COMPANY

• BASF
• Thyssenkrupp
• Covestro
• Arcelormittal
• Lyondellbasell
• Novelis
• Toray
• Alcoa
• Owens Corning
• Borealis
• SGL Carbon
• DSM
• SABIC
• SAAB
• Constellium

Automotive Lightweight Materials Market Scope