Automotive Lightweight Market - Industry Analysis, Market - Forecast(2024 - 2030)
Automotive Lightweight Market Overview
Automotive Lightweight Market is forecast to reach $95.8 billion by 2030, after growing at a CAGR of 6.3% during 2024-2030. The automotive lightweight market is experiencing significant growth due to increasing demand for fuel-efficient and environmentally friendly vehicles. As governments worldwide impose stricter emissions regulations automakers are turning to lightweight materials to reduce vehicle weight and improve fuel economy. Additionally, using lightweight materials in electric vehicles can offset the weight of power systems such as batteries and electric motors, improving the efficiency and increasing their all-electric range. Research and development into lightweight materials is essential for lowering their cost, increasing their ability to be recycled, enabling their integration into vehicles, and maximizing their fuel economy benefits.
A major trend in Automotive Lightweight market is the increased adoption of advanced materials. Carbon Fiber Reinforced Polymer (CFRP), known for its exceptional strength-to-weight ratio, is gaining traction in high-performance vehicles and EVs. It offers higher weight reduction capability, strength, high absorption of impact and stiffness. Another trend is shift towards electric vehicles. According to the Global EV outlook 2024 report by the International Energy Agency (IEA), almost 14 million new electric cars were registered globally in 2023, bringing their total number on the roads to 40 million. This is more than 6 times higher than in 2018, just 5 years earlier. By implementing lightweight materials, EVs can achieve a significant boost in performance because it will require less energy to move, resulting in improved range and energy efficiency which leads to travel farther on a single charge, reducing energy consumption and lowering operating costs. Additionally, lighter vehicles accelerate faster and handle better, providing a more dynamic and enjoyable driving experience.
Automotive Lightweight Market – Report Coverage
The report: “Automotive Lightweight Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Automotive Lightweight Market.
Attribute | Segment |
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By Type |
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By Vehicle Type |
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By Components |
|
By Application |
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By Geography |
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COVID-19 / Ukraine Crisis - Impact Analysis:
- Due to COVID the automotive sector was heavily impacted owing to shortages of labour, rising safety concerns and government-imposed lockdowns which led to closing down of manufacturing plants. According to the International Organization of Motor Vehicle Manufacturers (OICA) a total of 55.8 million cars were produced in 2020 compared to 67.14 million in 2019. This has in turn resulted in lower demand and consumption of lightweight materials.
- The Russia Ukraine conflict disrupted supply chains particularly for critical materials like steel and aluminum. This led to increased costs and production delays. Sanctions imposed on Russia further complicated the sourcing of raw materials and components. Additionally, the war reduced consumer demand for new vehicles impacting the overall market growth. These factors collectively contributed to a challenging environment for the automotive lightweight market.
Key Takeaways:
Composites are the Largest Segment
Composites are the largest segment in Automotive Lightweight Market. Composites are transforming industries from automotive due to their unparalleled strength-to-weight ratio. In the automotive sector, composites are a pillar of lightweight designs, enhancing fuel efficiency and performance. They offer significant weight reduction, exceptional strength and durability, corrosion resistance, design flexibility and reduced noise and vibration. A notable example is Mercedes-AMG GT4 race cars using Bcomp's natural fiber front bumpers. This sustainable alternative to carbon fiber shows Mercedes' commitment to reducing environmental impact while maintaining high performance. Thus, the benefits of composites make them ideal for automotive applications enhancing fuel efficiency, durability and comfort.
Passenger Vehicles Lead the Market
Passenger vehicles lead the automotive lightweight materials market. The growing demand for fuel-efficient, eco-friendly, and safer vehicles has accelerated the use of lightweight materials in this segment. According to data from the Federation of Automobile Dealers Association released in August 2023, passenger vehicle sales in India went up by 4% year on year and reached 284,064 units in July 2024. Additionally, by reducing passenger vehicle weight, manufacturers can improve fuel efficiency, lower fuel consumption, reduce operating costs and decrease carbon emissions. Moreover, lightweight vehicles offer enhanced performance including better acceleration, handling, and braking. Lower fuel consumption leads to reduced emissions of pollutants contributing to cleaner air and a healthier environment.
Dominance of APAC
The Asia-Pacific region emerged as the dominant market for global demand, driven by its expanding automobile and aviation industries. Countries like China, India and Japan witnessed rapid automotive growth in their automotive industries leading to a surge in demand for vehicles. According to Global EV outlook 2024, In 2023, just under 60% of new electric car registrations were in China. Stricter fuel economy standards implemented by regional governments to tackle air pollution and climate change have spurred the adoption of lightweight materials in vehicles such as initiative taken by Indian Government by offering subsidies and tax breaks to manufacturers and consumers of electric vehicles due to which significant rise in the popularity of electric vehicles, which often require lightweight components to enhance range and performance.
Stringent Emission & Fuel Efficiency Standards Drives the Market
Environmental awareness has been a driving force behind the development and adoption of lightweight materials in the automotive industry. Governments around the world have implemented stricter fuel efficiency standards to reduce greenhouse gas emissions. The Council of the European Union reached a provisional political agreement called Fit for 55, in October 2022, for stricter CO2 emission performance standards for new cars and vans. EU agrees on stricter CO2 emissions standards for cars and vans. Under the terms of the agreement, new cars will be required to reduce CO2 emissions by 55% by 2030 compared to 2021 levels. For new vans, the reduction target is set at 50% by 2030. Both new cars and vans will need to achieve a 100% CO2 emission reduction by 2035. The automotive industry is under increasing pressure to reduce its overall carbon footprint. As a result, it has set strict emissions reduction targets to mitigate its environmental impact. Lightweight materials can contribute to this goal by reducing the weight of vehicles, which in turn reduces fuel consumption and emissions.
Cost Considerations to Hamper the Market
The transition to lightweight materials particularly the use of composites in the automotive industry presents significant economic challenges. Developing and implementing these materials often requires substantial upfront investments in research and development (R&D) to optimize their properties, manufacturing processes and integration into vehicle designs. Additionally, new manufacturing facilities or modifications to existing ones may be required to handle these materials effectively, further increasing costs. Moreover, lightweight materials, particularly carbon fiber composites, typically have a higher unit cost compared to traditional materials like steel and aluminum. This higher cost can impact the overall cost-effectiveness of vehicles, especially for certain segments or components where weight reduction might not be as critical.
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Automotive Lightweight Market Key Players
The top 10 players 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
Scope of the Report:
Report Metric | Details |
---|---|
Base Year Considered |
2023 |
Forecast Period |
2024–2030 |
CAGR |
6.3% |
Market Size in 2030 |
$95.8 billion |
Segments Covered |
By Material, By Vehicle Type, By Component, By Application and By Geography. |
Geographies Covered |
North America (U.S, Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Netherlands, Belgium and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of the World (Middle East and Africa). |
Key Market Players |
1. Alcoa Corporation 2. BASF SE 3. Toray Industries, Inc. 4. LyondellBasell 5. ArcelorMittal 6. Covestro AG 7. ThyssenKrupp AG 8. Hexcel 9. Mitsubishi Rayon Co. Ltd 10. The Dow Company |
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LIST OF TABLES
1.Global Market Segmentation by Type Market 2023-2030 ($M)
1.1 Metals Market, Market 2023-2030 ($M) - Global Industry Research
1.2 Composites Market, Market 2023-2030 ($M) - Global Industry Research
1.3 Plastics Market, Market 2023-2030 ($M) - Global Industry Research
2.Global Major Vendors Market 2023-2030 ($M)
2.1 Alcoa Market 2023-2030 ($M) - Global Industry Research
2.2 RUSAL Market 2023-2030 ($M) - Global Industry Research
2.3 3 M Market 2023-2030 ($M) - Global Industry Research
2.4 Basf Market 2023-2030 ($M) - Global Industry Research
2.5 Zhongwang Market 2023-2030 ($M) - Global Industry Research
2.6 Apalt Market 2023-2030 ($M) - Global Industry Research
2.7 Sapa Market 2023-2030 ($M) - Global Industry Research
2.8 KAM KIU Market 2023-2030 ($M) - Global Industry Research
2.9 Kobelco Market 2023-2030 ($M) - Global Industry Research
2.10 Tenglong Market 2023-2030 ($M) - Global Industry Research
2.11 Guangyin ASIAALUM Market 2023-2030 ($M) - Global Industry Research
2.12 Cixi Emeka Market 2023-2030 ($M) - Global Industry Research
2.13 SGL Group Market 2023-2030 ($M) - Global Industry Research
2.14 Jiangsu Hengshen Market 2023-2030 ($M) - Global Industry Research
3.Global Market Segmentation by Type Market 2023-2030 (Volume/Units)
3.1 Metals Market, Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Composites Market, Market 2023-2030 (Volume/Units) - Global Industry Research
3.3 Plastics Market, Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Major Vendors Market 2023-2030 (Volume/Units)
4.1 Alcoa Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 RUSAL Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 3 M Market 2023-2030 (Volume/Units) - Global Industry Research
4.4 Basf Market 2023-2030 (Volume/Units) - Global Industry Research
4.5 Zhongwang Market 2023-2030 (Volume/Units) - Global Industry Research
4.6 Apalt Market 2023-2030 (Volume/Units) - Global Industry Research
4.7 Sapa Market 2023-2030 (Volume/Units) - Global Industry Research
4.8 KAM KIU Market 2023-2030 (Volume/Units) - Global Industry Research
4.9 Kobelco Market 2023-2030 (Volume/Units) - Global Industry Research
4.10 Tenglong Market 2023-2030 (Volume/Units) - Global Industry Research
4.11 Guangyin ASIAALUM Market 2023-2030 (Volume/Units) - Global Industry Research
4.12 Cixi Emeka Market 2023-2030 (Volume/Units) - Global Industry Research
4.13 SGL Group Market 2023-2030 (Volume/Units) - Global Industry Research
4.14 Jiangsu Hengshen Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Market Segmentation by Type Market 2023-2030 ($M)
5.1 Metals Market, Market 2023-2030 ($M) - Regional Industry Research
5.2 Composites Market, Market 2023-2030 ($M) - Regional Industry Research
5.3 Plastics Market, Market 2023-2030 ($M) - Regional Industry Research
6.North America Major Vendors Market 2023-2030 ($M)
6.1 Alcoa Market 2023-2030 ($M) - Regional Industry Research
6.2 RUSAL Market 2023-2030 ($M) - Regional Industry Research
6.3 3 M Market 2023-2030 ($M) - Regional Industry Research
6.4 Basf Market 2023-2030 ($M) - Regional Industry Research
6.5 Zhongwang Market 2023-2030 ($M) - Regional Industry Research
6.6 Apalt Market 2023-2030 ($M) - Regional Industry Research
6.7 Sapa Market 2023-2030 ($M) - Regional Industry Research
6.8 KAM KIU Market 2023-2030 ($M) - Regional Industry Research
6.9 Kobelco Market 2023-2030 ($M) - Regional Industry Research
6.10 Tenglong Market 2023-2030 ($M) - Regional Industry Research
6.11 Guangyin ASIAALUM Market 2023-2030 ($M) - Regional Industry Research
6.12 Cixi Emeka Market 2023-2030 ($M) - Regional Industry Research
6.13 SGL Group Market 2023-2030 ($M) - Regional Industry Research
6.14 Jiangsu Hengshen Market 2023-2030 ($M) - Regional Industry Research
7.South America Market Segmentation by Type Market 2023-2030 ($M)
7.1 Metals Market, Market 2023-2030 ($M) - Regional Industry Research
7.2 Composites Market, Market 2023-2030 ($M) - Regional Industry Research
7.3 Plastics Market, Market 2023-2030 ($M) - Regional Industry Research
8.South America Major Vendors Market 2023-2030 ($M)
8.1 Alcoa Market 2023-2030 ($M) - Regional Industry Research
8.2 RUSAL Market 2023-2030 ($M) - Regional Industry Research
8.3 3 M Market 2023-2030 ($M) - Regional Industry Research
8.4 Basf Market 2023-2030 ($M) - Regional Industry Research
8.5 Zhongwang Market 2023-2030 ($M) - Regional Industry Research
8.6 Apalt Market 2023-2030 ($M) - Regional Industry Research
8.7 Sapa Market 2023-2030 ($M) - Regional Industry Research
8.8 KAM KIU Market 2023-2030 ($M) - Regional Industry Research
8.9 Kobelco Market 2023-2030 ($M) - Regional Industry Research
8.10 Tenglong Market 2023-2030 ($M) - Regional Industry Research
8.11 Guangyin ASIAALUM Market 2023-2030 ($M) - Regional Industry Research
8.12 Cixi Emeka Market 2023-2030 ($M) - Regional Industry Research
8.13 SGL Group Market 2023-2030 ($M) - Regional Industry Research
8.14 Jiangsu Hengshen Market 2023-2030 ($M) - Regional Industry Research
9.Europe Market Segmentation by Type Market 2023-2030 ($M)
9.1 Metals Market, Market 2023-2030 ($M) - Regional Industry Research
9.2 Composites Market, Market 2023-2030 ($M) - Regional Industry Research
9.3 Plastics Market, Market 2023-2030 ($M) - Regional Industry Research
10.Europe Major Vendors Market 2023-2030 ($M)
10.1 Alcoa Market 2023-2030 ($M) - Regional Industry Research
10.2 RUSAL Market 2023-2030 ($M) - Regional Industry Research
10.3 3 M Market 2023-2030 ($M) - Regional Industry Research
10.4 Basf Market 2023-2030 ($M) - Regional Industry Research
10.5 Zhongwang Market 2023-2030 ($M) - Regional Industry Research
10.6 Apalt Market 2023-2030 ($M) - Regional Industry Research
10.7 Sapa Market 2023-2030 ($M) - Regional Industry Research
10.8 KAM KIU Market 2023-2030 ($M) - Regional Industry Research
10.9 Kobelco Market 2023-2030 ($M) - Regional Industry Research
10.10 Tenglong Market 2023-2030 ($M) - Regional Industry Research
10.11 Guangyin ASIAALUM Market 2023-2030 ($M) - Regional Industry Research
10.12 Cixi Emeka Market 2023-2030 ($M) - Regional Industry Research
10.13 SGL Group Market 2023-2030 ($M) - Regional Industry Research
10.14 Jiangsu Hengshen Market 2023-2030 ($M) - Regional Industry Research
11.APAC Market Segmentation by Type Market 2023-2030 ($M)
11.1 Metals Market, Market 2023-2030 ($M) - Regional Industry Research
11.2 Composites Market, Market 2023-2030 ($M) - Regional Industry Research
11.3 Plastics Market, Market 2023-2030 ($M) - Regional Industry Research
12.APAC Major Vendors Market 2023-2030 ($M)
12.1 Alcoa Market 2023-2030 ($M) - Regional Industry Research
12.2 RUSAL Market 2023-2030 ($M) - Regional Industry Research
12.3 3 M Market 2023-2030 ($M) - Regional Industry Research
12.4 Basf Market 2023-2030 ($M) - Regional Industry Research
12.5 Zhongwang Market 2023-2030 ($M) - Regional Industry Research
12.6 Apalt Market 2023-2030 ($M) - Regional Industry Research
12.7 Sapa Market 2023-2030 ($M) - Regional Industry Research
12.8 KAM KIU Market 2023-2030 ($M) - Regional Industry Research
12.9 Kobelco Market 2023-2030 ($M) - Regional Industry Research
12.10 Tenglong Market 2023-2030 ($M) - Regional Industry Research
12.11 Guangyin ASIAALUM Market 2023-2030 ($M) - Regional Industry Research
12.12 Cixi Emeka Market 2023-2030 ($M) - Regional Industry Research
12.13 SGL Group Market 2023-2030 ($M) - Regional Industry Research
12.14 Jiangsu Hengshen Market 2023-2030 ($M) - Regional Industry Research
13.MENA Market Segmentation by Type Market 2023-2030 ($M)
13.1 Metals Market, Market 2023-2030 ($M) - Regional Industry Research
13.2 Composites Market, Market 2023-2030 ($M) - Regional Industry Research
13.3 Plastics Market, Market 2023-2030 ($M) - Regional Industry Research
14.MENA Major Vendors Market 2023-2030 ($M)
14.1 Alcoa Market 2023-2030 ($M) - Regional Industry Research
14.2 RUSAL Market 2023-2030 ($M) - Regional Industry Research
14.3 3 M Market 2023-2030 ($M) - Regional Industry Research
14.4 Basf Market 2023-2030 ($M) - Regional Industry Research
14.5 Zhongwang Market 2023-2030 ($M) - Regional Industry Research
14.6 Apalt Market 2023-2030 ($M) - Regional Industry Research
14.7 Sapa Market 2023-2030 ($M) - Regional Industry Research
14.8 KAM KIU Market 2023-2030 ($M) - Regional Industry Research
14.9 Kobelco Market 2023-2030 ($M) - Regional Industry Research
14.10 Tenglong Market 2023-2030 ($M) - Regional Industry Research
14.11 Guangyin ASIAALUM Market 2023-2030 ($M) - Regional Industry Research
14.12 Cixi Emeka Market 2023-2030 ($M) - Regional Industry Research
14.13 SGL Group Market 2023-2030 ($M) - Regional Industry Research
14.14 Jiangsu Hengshen Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
2.Canada Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
3.Mexico Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
4.Brazil Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
5.Argentina Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
6.Peru Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
7.Colombia Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
8.Chile Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
9.Rest of South America Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
10.UK Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
11.Germany Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
12.France Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
13.Italy Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
14.Spain Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
16.China Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
17.India Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
18.Japan Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
19.South Korea Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
20.South Africa Global Automotive Lightweight Market Revenue, 2023-2030 ($M)
21.North America Global Automotive Lightweight By Application
22.South America Global Automotive Lightweight By Application
23.Europe Global Automotive Lightweight By Application
24.APAC Global Automotive Lightweight By Application
25.MENA Global Automotive Lightweight By Application