Automotive Lightweight Material Market to Hit $128,010.1 Million Sales by 2030, Says P&S Intelligence

NEW YORK, Nov. 28, 2022 /PRNewswire/ -- According to the latest market research report published by P&S Intelligence, in 2021, the automotive lightweight material market was worth around $67,498.7 million, and it is predicted to advance at a 7.4% CAGR from 2021 to 2030, hit $128,010.1 million in 2030.

Consumers are looking for high corrosion resistance, flexible design, and a high strength-to-weight ratio when it comes to automotive components and systems. The major reason automakers are focusing on redesigning the material are the rising requirement for high fuel efficiency, to follow environmental guidelines.

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Europe Generates Highest Revenue

In 2021, Europe held the largest market share, of around 40%. This is credited to the availability of major material suppliers and automakers in the region, with Germany a major hub for innovations in vehicle designs and functionalities.

Moreover, Euro 6 standards have been implemented with the goal to reduce the amount of pollutants in the environment, such as carbon monoxide and nitrogen oxides. The standards consist of instructions for OEMs to decrease CO₂ emissions and make vehicles more fuel efficient.

Furthermore, the manufacturers of materials for auto components are spending huge amounts on R&D in order to create more-lightweight yet sturdier materials. Because of the growing automobile sector, Europe will continue its dominance in the coming years.

China, South Korea, India, and Japan are the key automobile producers in the APAC region. Essentially, the demand for light materials in APAC is projected to grow with a significant rate in the coming years due to the rich supply of resources and growing demand for commercial automobiles.

Metals Are Most-Demanded Materials

In 2021, the metal category held the largest revenue share, over 40%. Titanium, magnesium, aluminum, and high-strength steel are witnessing a rise in the demand because of the need for durability in components such as passenger compartments, chassis, and frames.

Metallic components that are used in automobiles need to be rigid, long-lasting, and stable. The demand for them is also surging because of the increasing focus on passenger safety, which is contributing in the acceptance of high-safety-rating vehicles in Europe.

Browse detailed report on Automotive Lightweight Material Market Size, Share, Trends and Growth Analysis 2022-2030

Many regions have implanted severe laws for automobile carbon emission reduction and fuel efficiency augmentation. Automotive OEMs need to procure more-lightweight materials, including composites, plastics, and low-molecular-mass metals. Automobiles equipped with modern lightweight components utilize less fuel and offer higher safety.

If the mass of a vehicle is reduced by 10%, then approximately 8% fuel can be saved. Modern components help the engine endure high temperatures and pressures, which, in turn, enhances durability and reduces carbon emissions

Furthermore, the revolution in the automobile industry has produced many opportunities for tier II and III suppliers. For instance, because of the environmental concerns, demand for EV components is surging around the world.

Global Automotive Lightweight Material Market Report Coverage

By Type

• Metals
• Composites
• Plastics
• Elastomers

By Application

• Body in White
• Chassis and Suspension
• Powertrain
• Closures
• Interiors

By Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa
• U.A.E.

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SOURCE P&S Intelligence