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Global Automotive Lightweight Material Market Projected to Grow at a CAGR of 7% During the Forecast Period of 2021-2026.

According to a new report by EMR titled, ‘Global Automotive Lightweight Material Market Report and Forecast 2021-2026, the global automotive lightweight material market reached a value of nearly USD 144.4 billion in 2020. The market is further expected to reach USD 217 billion by 2026, growing at a CAGR of 7% between 2021 and 2026.

The global automotive lightweight material market is growing rapidly due to the increasing demand for lightweight automotive products globally. Governments are constantly working to reduce rising levels of pollution caused by vehicle emissions. Furthermore, the rising fuel prices, the introduction of emission standards, and the financial implications of adhering to these standards are expected to fuel the demand for lightweight materials in the automotive industry over the forecast period.

The Middle East and Africa is expected to be one of the fastest-growing regions in the market. The growth in this regional market is driven by the rapid industrialization and the establishment of manufacturing units by various conglomerates like the Cytec Solvay Group. It is expected that the growing software industry will increase the market demand. Europe is one of the leading regions in the market for lightweight materials. Together with growing innovation in lightweight materials used in aviation, the involvement of major car manufacturers is expected to drive the demand for products in this area. It is expected that the growing focus on renewable energy would increase the use of lightweight materials in the energy sector.

BASF SE (OTCMKTS: BASFY), one of the key players in the automotive lightweight material market, is increasing its presence in emerging markets to meet local needs while continuing to invest in developed economies. BASF SE products aid this development with safety-enhanced lightweight consumer goods materials.

Market Analysis by Material Type, Application, Component, Electric Vehicle Type, and Region:

  • The material types included in the industry are metal, composite, plastic, and elastomer.
  • It has wide applications in the body in white, chassis and suspension, powertrain, closures, and interiors, among others.
  • The components included in the market are frame, wheel, bumper and fender, engine and exhaust, transmission, doors, hood and trunk lid, seats, instrumental panel, and fuel tank.
  • The electric vehicle types include battery electric vehicle, hybrid electric vehicle, plug-in hybrid electric vehicle, electric truck, and electric bus.
  • The major regions in the market include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • Rising technological advances in the automotive industry is driving the global automotive lightweight materials market.
  • The rising disposable income of consumers is propelling the growth of the sector. 
  • On the basis of material, metal is expected to lead the industry. 
  • Strict emission, as well as fuel economy regulations by the government, is driving the global automotive lightweight material industry.

Key Offerings of the Report:

  • The EMR report provides an overview of the global automotive lightweight material market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the material type, application, component, electric vehicle type, and region of the automotive lightweight material market.
  • A thorough assessment of the regional price trends for the period (2016-2020) and (2021-2026) has also been given within the report.

The key players in the global automotive lightweight material market include BASF SE, Covestro AG, LyondellBasell Industries Holdings B.V., Toray Industries, Inc., ArcelorMittal S.A., thyssenkrupp AG, Novelis Inc., Alcoa Corporation, Owens Corning Ltd., and Stratasys Ltd. among others. The comprehensive report covers their market share, capacity, and latest developments like mergers, acquisitions and investments, capacity expansions, and plant turnarounds.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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