Automotive Lightweight Materials Market to Hit USD 115.9 Billion by 2034 with a 3.7% CAGR Growth from 2024 to 2034 - Report by Transparency Market Research, Inc.

Lighter vehicles require less energy to move, which directly translates to improved fuel efficiency and lower emissions. Consumers are increasingly demanding vehicles that offer better mileage and performance.

Wilmington, Delaware, United States, Transparency Market Research Inc. -, July 31, 2024 (GLOBE NEWSWIRE) -- The automotive lightweight materials market (자동차 경량소재 시장) was projected to attain US$ 77.0 billion in 2023. It is likely to garner a 3.7% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 115.9 billion.

There is a growing trend towards the use of carbon fiber reinforced polymers and other composites due to their high strength to weight ratio and durability. Aluminum is becoming a popular choice for vehicle frames, body panels, and other structural components due to its lightweight properties and recyclability.

Automakers are increasingly using advanced high strength steel alloys that offer superior strength and lower weight compared to traditional steel. Lightweight materials are being integrated into mass produced vehicles, not just luxury or high performance models, indicating broader adoption across the industry.

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Collaborations between automakers, material suppliers, and technology companies are accelerating the development and adoption of new lightweight materials. Continued investment in research and development of new materials and manufacturing technologies presents significant growth opportunities. Breakthroughs in nanomaterials and bio based composites could revolutionize the market.

Key Findings of Market Report

Lightweight materials can enhance vehicle safety by improving crashworthiness. High strength materials like advanced high strength steel and aluminum can absorb and dissipate energy better during collisions.
There is a growing consumer demand for high performance vehicles, which benefit from lightweight materials to improve acceleration, handling, and overall driving dynamics.
Many leading automakers are making strategic moves to incorporate lightweight materials into their production lines, driven by the need to innovate and stay competitive.
Beyond structural components, there is a push to reduce weight in non-structural parts such as interior components, seats, and dashboards using lightweight polymers and composites.

Market Trends for Automotive Lightweight Materials

By material, the composites, and mainly the carbon fiber reinforced polymers segment is expected to boost the growth of the automotive lightweight materials market.
CFRP offers exceptional strength to weight ratio, making it ideal for reducing the weight of vehicle structures and components without compromising strength and safety.
CFRP helps automakers meet stringent fuel efficiency and emission standards by enabling the production of lighter vehicles with improved performance and reduced environmental impact.
Ongoing advancements in carbon fiber production processes, such as automated layup techniques and resin infusion methods, are reducing manufacturing costs and expanding the application of CFRP in mass produced vehicles.

Global Market for Automotive Lightweight Materials: Regional Outlook
North America

The growing popularity of electric vehicles in North America necessitates the use of lightweight materials to offset the weight of battery packs and extend driving range, presenting opportunities for lightweight material suppliers.
North American automotive manufacturers and material suppliers are investing in research and development to advance lightweight materials and manufacturing processes, enhancing their competitiveness in the global market.

Asia Pacific

Asia Pacific is the largest automotive manufacturing region globally, with countries like China, Japan, South Korea, and India leading in production.
The increasing demand for vehicles in the region drives the adoption of lightweight materials to improve fuel efficiency and meet regulatory standards.
Stringent government regulations and emission standards in countries like China and India encourage automakers to adopt lightweight materials to reduce vehicle weight and emissions.
Regulations such as China VI and Bharat Stage VI (BS-VI) push for cleaner and more fuel efficient vehicles.

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Automotive Lightweight Materials Market: Key Players
The competitive landscape of the automotive lightweight materials market (Markt für Leichtbaumaterialien für die Automobilindustrie) is characterized by the presence of several key players, as well as numerous smaller companies and startups, operating globally and regionally.

The entities compete based on factors such as product innovation, material performance, cost effectiveness, manufacturing capabilities, and strategic partnerships. The following companies are well known participants in the automotive lightweight materials market:

BASF SE
Covestro AG
LyondellBasell Industries Holdings B.V.
Toray Industries, Inc.
ArcelorMittal
thyssenkrupp AG
Novelis
Alcoa Corporation
Owens Corning
Stratasys
Tata Steel
POSCO
Mitsubishi Chemical Corporation
TEIJIN LIMITED
SGL Carbon
LANXESS

Key Developments

In 2022, LyondellBasell Industries Holdings B.V. introduced a Polypropylene (PP) compound material that significantly reduces vehicle weight by 10kg. The innovative compound facilitates foam formation, decreases material density, enables thin walled component manufacturing, serves as a metal substitute, and even eliminates the need for car paint.
In the same year, Toray Industries Inc. debuted its advanced 3D printer capable of manufacturing automotive components, power tools, and other heat resistant equipment with exceptional strength and precise design accuracy.

Top of Form

Automotive Lightweight Materials Market Segmentation
Material

Metals

High Strength Steel (HSS)
Aluminum
Magnesium and Titanium

Composites

Carbon Fiber Reinforced Polymers (CFRP)
Glass Fiber Reinforced Polymers (GFRP)
Natural Fiber Reinforced Polymers (NFRP)

Plastics
Elastomers

Application

Body-in-White
Chassis and Suspensions
Powertrains
Closures
Interiors
Others

Component

Frames
Wheels
Bumpers and Fenders
Engines and Exhausts
Transmissions
Doors
Hoods and Trunks
Seats
Instrument Panels
Fuel Tanks
Others

Vehicle Type

Passenger Vehicles

Hatchbacks
Sedans
SUVs

Light Commercial Vehicles
Heavy Duty Trucks
Buses and Coaches
Off-road Vehicles

Agriculture Tractors & Equipment
Construction & Mining Equipment

Propulsion

IC Engine

Gasoline
Diesel

Electric

Battery Electric
Plug-in Hybrid Electric

Sales Channel

OEM
Aftermarket

Region

North America
South America
Europe
Asia Pacific
Middle East & Africa

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