Lightweight Materials Market for Electric Vehicles to Expand at CAGR of 25.4% During Forecast Period, notes TMR Study

ALBANY, N.Y., Feb. 16, 2022 /PRNewswire/ -- The global lightweight materials market for electric vehicles was valued over US$ 3.36 Bn in 2020. The global market is expected to rise at a CAGR of 25.4% during the forecast period, from 2021 to 2031. The global lightweight materials market for electric vehicles is anticipated to cross the mark of US$ 50.78 Bn by 2031. Companies in the global lightweight materials market for electric vehicles are likely to acquire significant growth prospects in the future years, as fuel prices rise and sales of highly efficient electric vehicles climb throughout the world. Electric vehicles are becoming more popular in many developing nations, which is helping to boost the global market. Firms in the global lightweight materials market for electric vehicles are stepping up their efforts to boost its global production of lightweight materials.

Electric cars are becoming more popular in developing nations due to their fuel economy, great performance, and lightweight. End users are gaining interest in battery-powered electric vehicles. Major players in the global lightweight materials market for electric vehicles are funding and increasing their production capacities in order to deploy more of these materials.

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Lightweight materials, such as non-metallic composites, can assist in decreasing weight, increasing battery life whilst also retaining the vehicle's structural as well as esthetic integrity. Making the transition from metals to non-metallic composite materials presents opportunity for automotive makers to achieve marginal gains that is likely to lead to more sustainable and efficient electric vehicles.

Key Findings of Market Report

• Growing use of metals and alloys in electric cars for battery packs, external trims, and interior trims is likely to drive the global lightweight materials market for electric vehicles. Various metals such as nickel, copper, aluminum, and others are in high demand for use in electric automobiles.
  
  
• The exterior trim segment of the global market is predicted to grow significantly during the forecast period. Thus, increase in manufacturing of external trimmings, interior trims, and battery packs is expected to drive the demand for lightweight materials for electric cars.

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• Rise usage of non-metallic composite materials in the manufacturing process of electric cars, such as glass-fiber reinforced plastic (GFRP) and carbon-fiber reinforced plastic (CFRP), helps minimize weight of the vehicle and so prolongs the life of the battery of electric vehicles.
  
  
• Asia Pacific is likely to dominate the global market for lightweight materials for electric cars. The regional market is expected to grow at a CAGR of more than 28.1% during the projection period. The market in Asia Pacific is likely to be driven by rise in demand for lightweight materials for electric automobiles in different applications such as interior trims, exterior trims, and battery packs.

Lightweight Materials Market for Electric Vehicles: Growth Drivers

• In 2020, engineering plastics constituted a significant portion of the global lightweight materials market for electric vehicles. Exterior & interior and décor of electric automobiles, electrical components, power trains, and under-the-hood parts all make use of engineering plastics.
  
  
• Europe is another major player in the global lightweight materials market for electric vehicles. In Europe, Germany dominated the regional market in 2020 and is likely to prevail as a prominent regional player during the forecast period. The market in Germany is driven by rise in demand for lightweight materials in interior trims, external trimmings, and the battery pack of electric cars.

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Global Lightweight Materials Market for Electric Vehicles: Key Players

Some of the key market players are

• LyondellBasell Industries Holdings B.V.
• LANXESS Deutschland GmbH
• Toray Industries Inc.
• SGL Carbon SE
• Evonik Industries AG
• Constellium SE

Global Lightweight Materials Market for Electric Vehicles: Segmentation

Material

• Metals and Alloys
• Composites
• Engineering Plastics
• Others

Application

• Interior Trim
• Exterior Trim
• Electric Motor and Powertrain
• Battery Pack
• Electronic Components
• Bumper
• Lighting
• Connector and Cable
• Dashboard

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