GLOBAL LIGHTWEIGHT MATERIALS FOR EV MARKET FORECAST 2022-2030

NEW YORK, Nov. 16, 2022 /PRNewswire/ --

KEY FINDINGS
The global lightweight materials for EV market is set to project a CAGR of 19.17% during the forecast years of 2022 to 2030. The market growth is primarily credited to the expansion of EV drive range as well as stringent government regulations on vehicle emissions.



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MARKET INSIGHTS
Materials that are lightweight are essential for HEVs, PHEVs, and BEVs.Moreover, the use of lightweight materials in these automobiles helps enhance performance, decreases the weight of power components such as batteries and electric motors, and increases the all-electric range.

On account of the rising need for lighter vehicles, electric vehicle manufacturers are also investing in lightweight materials as well as displacing conventional materials, with the capacity to minimize the vehicle’s overall weight by a substantial amount, thereby bolstering the global market’s growth.
Due to the potential weight of electric vehicle batteries, the rest of the vehicle must constitute lightweight materials in order to offer a longer lifespan.In this regard, for every 100kg saved, an electric vehicle is expected to enhance its mileage by nearly 10â€"11%.

In addition, the use of lightweight components will also lessen the weight of the electric motors and drive trains in these vehicles, consequently lowering the center of gravity while extending the range of the vehicle. As a result, these factors are set to play a pivotal role in propagating the growth of the global lightweight materials for EV market.

REGIONAL INSIGHTS
The global lightweight materials for EV market growth assessment comprises the evaluation of North America, Europe, Asia-Pacific, and Rest of World. Asia-Pacific is estimated to rise with the highest CAGR of 19.69% during the forecasting years. The market growth of the region is propelled by government incentives and support in nations like China and India, in addition to investments for the achievement of economies of scale on the basis of manufacturing capabilities available in the region.

COMPETITIVE INSIGHTS
The global lightweight materials for EV market is expected to witness high industry rivalry among operating players. Several companies also have access to resources with global distribution networks and capacities.
Some of the key firms operating in the global market include BASF SE, Celanese Corporation, Constellium SE, etc.

Our report offerings include:
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• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
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• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments

Companies mentioned
1. BASF SE
2. CELANESE CORPORATION
3. CONSTELLIUM SE
4. COVESTRO AG
5. LYONDELLBASELL INDUSTRIES NV
6. NOVELIS INC
7. SABIC
8. SGL CARBON SE
9. SOLVAY SA
10. THYSSENKRUPP AG
11. TORAY INDUSTRIES INC

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