GLOBAL AUTOMOTIVE LIGHTWEIGHT MATERIAL MARKET IS PREDICTED TO REACH USD 168.19 BILLION BY 2033: SPER Market Research
Automotive lightweight material is a term used to describe materials that are used in automotive systems and components because of their excellent corrosion resistance, high strength-to-weight ratio, and significant design flexibility. The need for weight reduction and increased fuel efficiency, compliance with environmental regulations, and shifting consumer attitudes toward mobility solutions due to the demand for high-strength materials to achieve high-end operational performance are the main factors expected to drive automakers’ attention toward material redesign in the recent past. automobile manufacturers have employed various materials such as plastics, polymer composites, steel, magnesium, and aluminium to meet the evolving demands of the automobile sector. Because composites offer greater strength and safety in a variety of automotive applications, they are becoming more and more popular.
According to SPER market research, ‘Global Automotive Lightweight Material Market Size– By material Type, By propulsion Type, By component, By Application, By vehicle type-Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the global automotive lightweight material Market is predicted to reach USD 168.19 billion by 2033 with a CAGR of 7.9%.
The growing focus on fuel economy, reducing emissions, and adhering to strict regulations has propelled the need for automotive lightweight materials. The car industry’s growing need for lightweight materials stems from the goal of improving environmental sustainability and fuel efficiency. Thanks to these materials, automakers can lighten their vehicles, which improves fuel economy and lowers pollution. Because of its strength and low weight, aluminum is a prominent participant in the market and is used extensively in the automobile sector. It is widely used in structural elements, engine components, and car bodies. It is anticipated that the market for aluminum will continue because of its affordability, recyclability, and availability.
Significant obstacles prevent the automotive lightweight materials market from being widely adopted and from expanding. These obstacles include financial constraints, complicated production processes, material availability, compatibility with current infrastructure, issues with longevity and durability, safety requirements and laws, and consumer acceptability. Since the cost of producing lightweight materials is typically higher than that of traditional materials, this presents a significant hurdle. This makes them less economically viable, especially for mass-market automobiles. Working with lightweight materials can involve intricate manufacturing procedures that frequently need for specific tools and methods. Production cycles may thus get longer.
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Impact of COVID-19 on Automotive Lightweight Material Market
Due to commute limits, the COVID-19 epidemic has had a negative influence on the global automotive lightweight materials industry. It is anticipated that in 2020, this will affect the financial performance of the market players. It has affected the economy as a whole, and contributors like market players are coming up with smart cost-cutting strategies. Automotive lightweight materials market participants face several key risk concerns, including labor dependency, supply chain execution, changes in regulations and policies, working capital management, and liquidity and solvency management. Due to shortages of raw materials as a result of supply chain disruptions, labor shortages, and commuting limits, the majority of automotive lightweight material manufacturing facilities have closed during the epidemic.
Automotive Lightweight Material Market Key Players:
Geographically, North America accounted for the largest revenue share due to its superior and effective performance. The growth of the automotive lightweight material and the emergence of significant companies in the Asia-Pacific and Latin American markets are also contributing to the expansion. Furthermore, it is projected that the market’s power will improve and operations with the least complex procedures will benefit from the growing acceptance of the automotive lightweight materials market . In addition, Alcoa Corporation, ArcelorMittal, BASF SE, Bayer AG, Covestro AG, Grupo Antolin, LyondellBasell, Magna International, Novelis, others.
Automotive Lightweight Material Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Material Type: Based on the Material Type, Global Automotive Lightweight Material Market is segmented as; Composite (Carbon Fiber Reinforced Polymer, Glass Fiber Reinforced Polymer, Natural Fiber Reinforced Polymer, Other Composites), Elastomer, Metal (Aluminum, High Strength Steel, Magnesium & Titanium), Plastic, Other.
By Propulsion Type: Based on the Propulsion Type, Global Automotive Lightweight Material Market is segmented as; Electric Powered, IC Engine Powered, Others.
By Component: Based on the Component, Global Automotive Lightweight Material Market is segmented as; Bumper & Fender, Door and Seat, Engine & Exhaust, Frame, Fuel Tank, Hood & Trunk Lid, Instrument Panel, Seats, Transmission, Wheel, Others.
By Application: Based on the Application, Global Automotive Lightweight Material Market is segmented as; Body in White, Chassis and Suspension, Closures, Exterior, Interiors, Powertrain, Structural, Others.
By Vehicle Type: Based on the Vehicle Type, Global Automotive Lightweight Material Market is segmented as; Heavy Commercial Vehicle (HCV), Light Commercial Vehicle (LCV), Passenger Vehicle.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Automotive Lightweight Material Market Growth
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