The Automotive Lightweight market to reach $95.8 billion by 2030; The market for automotive lightweight is growing as consumers increasingly seek eco-friendly and fuel-efficient vehicles as well as reducing weight helps to enhance fuel efficiency.

The Automotive Lightweight Market size is estimated to reach $95.8 billion by 2030, growing at a CAGR of 6.3% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled “Automotive Lightweight Market - By Material (Metal, Composites, Plastics, Rubber, Others), By Vehicle Type (Passenger Cars, Passenger Cars, Heavy Commercial Vehicle (HCV), Light Commercial Vehicle (LCV)), By Component (Roof, Windscreen, Seats, Exterior Trim, Doors, Hoods & Trunk Lid, Tailgates, Bumper Systems, Grilles, Lights, Instrument Panel, Cylinder Liners, Wheels, Others), By Application (Body-in-White, Powertrain, Chassis, Interior, Others.) and By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Manufacturers are using lighter materials and technologies to reduce emissions, increase vehicle performance and maximize fuel efficiency. The market further grows by government policies and rising consumer interest in sustainable transportation.

APAC accounted for the largest share of 38% of the Automotive Lightweight Market in 2023. According to International Organization of Motor Vehicle Manufacturers, China alone produces over 30.16 million vehicles in 2023 with a growth rate of 12% compared to 2022, accounting for nearly 30% of global production. The last few years have witnessed a major shift in the automotive industry toward lighter materials, mostly due to the need to reduce emissions and increase fuel efficiency. According to the International Energy Agency, a 10% reduction in vehicle weight can lead to a 6-7% improvement in fuel economy. Therefore, these factors lead to rise in demand for the automotive lightweight market in the form comfortable and reliable automobile vehicles. 

The growing popularity of EVs has spurred innovation in the development and adoption of lightweight materials in the automotive industry. According to Thailand Business news, Thailand’s surge in electric vehicle sales and production marks a significant shift towards zero-emission transportation. The country has surpassed the 5% market share threshold, indicating a promising future for EV adoption. The market for lightweight materials, which is essential for increasing the efficiency and performance of EVs, has grown significantly because of this increase in demand. With better acceleration and handling, a vehicle with less weight can drive more powerfully. Due to their longer range and higher efficiency and their lower energy consumption, they require fewer charging stops and have lower operating costs. Sustainable transportation can be accomplished with the use of lightweight materials and electric cars.

The development of new and advanced lightweight materials with superior strength-to-weight ratios such as high-strength steels and advanced composites is driving the market. Modern cars need advanced materials to increase their fuel efficiency while maintaining performance and safety. According to the U.S. Department of Energy Vehicle Technologies Office, a 10% reduction in vehicle weight can result in a 6%-8% fuel economy improvement since it takes less energy to accelerate a lighter object than a heavier one. In one-quarter of the US fleet, the use of advanced materials that enable lightweight components and high-efficiency engines might save more than 5 billion gallons of petroleum annually by 2030. Although lightweight materials can be used in any type of vehicle, hybrid, plug-in hybrid, and electric vehicles particularly benefit from their use. By utilizing lightweight materials, these cars can increase their all-electric range and efficiency by counteracting the weight of their power systems, which include electric motors and batteries.

Key companies profiled in the Automotive Lightweight Market are Alcoa Corporation, BASF SE, Toray Industries, Inc., LyondellBasell, ArcelorMittal, Covestro AG, ThyssenKrupp AG, Hexcel, Mitsubishi Rayon Co. Ltd, The Dow Company and others.

Advanced Materials Market - Advanced Materials Market is forecast to reach $2.1 trillion by 2025, after growing at a CAGR of 4.5% during 2020-2025. The evolving aviation sector, growing demand for battery electric vehicles, and increasing public interest toward product replacements drive the overall market demand for advanced materials.

LED Materials Market - The LED Materials Market size is forecast to reach US$21.5 billion by 2027, after growing at a CAGR of 9.5% during 2022-2027. Due to rapid industrialization across the world, the demand for LED Lighting is surging globally, which in turn drives the market.

Lightweight Materials Market - Lightweight Materials Market size is forecast to reach $285.6 billion by 2025, after growing at a CAGR of 8.5% during 2020-2025. Lightweight material is increasing its demand due to the emission reduction regulations in the automotive industry.