Automotive Lightweight Material Market Growth Industry Share, Emerging Trends, Revenue, Key Players, Business Challenges and Forecast Analysis till 2033: SPER Market Research
Automotive lightweight materials are specific materials used in the construction of automobiles to minimize total weight while preserving or improving performance. High-strength steel, magnesium, aluminum, and composite materials—like carbon fiber—are among them. They are extensively utilized in the body constructions, suspensions, braking systems, interiors, wheels, and tires of automobiles. Automotive lightweight materials contribute to increased cargo capacity, enhanced braking performance, lower carbon dioxide emissions, and improved fuel efficiency. They also provide a high strength-to-weight ratio, increase the longevity of the vehicle, provide designers more creative freedom, and lessen the strain on other vehicle components.
According to SPER Market Research, 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’ states that the Global Automotive Lightweight Material Market is estimated to reach USD 168.19 billion by 2033 with a CAGR of 7.9%.
Drivers: In the past, the automotive sector has produced a wide range of parts and components using a variety of production techniques. Panel and body part production has typically employed hot-forming and cold-forming manufacturing processes. Conventional materials like certain grades of steel, aluminium, and other like metals were the only ones that could be produced using these procedures. Moreover, complex panel forms and patterns could not be produced using particular manufacturing technologies. As the demand for automobiles with cutting-edge designs and features rises, advanced production technologies are displacing traditional manufacturing techniques. These technologies include micro injection molding, resin transfer, and additive manufacturing. The potential to create new, comparatively light-weight, and stronger materials was the main benefit of incorporating such advanced manufacturing techniques.
Challenges: Car lightweighing has been made possible in large part by mixed material design (MMD), which involves creating parts and components from two distinct materials. However, it is challenging to fully realize the benefits of MMD due to the challenges involved in welding or combining two different materials. This is mostly due to variations in the densities, physical characteristics, and welding temperatures of the materials. For the parts to be strong and have structural integrity, these two materials must be joined correctly. If any of the crucial components are not joined, there is a serious safety risk. For example, aluminum and steel differ greatly in the majority of their qualities.
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Impact of COVID-19 on Automotive Lightweight Material Market
The COVID-19 supply chain disruption has a significant effect on both the pricing and the manufacturing of automobiles. Due to COVID-19 While car production slowed, demand fluctuated and the need for lightweight materials for electric vehicles increased. Price volatility and investment delays were brought on by economic uncertainty. Recovery differed by area, with Asia-Pacific recovering more quickly and Europe and North America seeing more protracted interruptions and a slower rate of recovery.
Automotive Lightweight Material Market Key Players:
With strong demand from the automotive sector, Europe holds the largest market for automotive sector and the leader in this segment. Asia Pacific came in second place. Major players in this market are Alcoa Corporation, ArcelorMittal, BASF SE, Bayer AG, Covestro AG, Grupo Antolin, LyondellBasell, Magna International, Novelis, Owens Corning Corporation, PPG Industries, Saudi Arabia Basic Industries Corporation (SABIC), Toray Industries, 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 2033. 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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