Surge in need for improved safety and augmented performance of the vehicle boosts the growth of the global automotive lightweight materials market.
PORTLAND, Ore., Aug. 10, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Lightweight Materials Market by Vehicle Type (IC Engine Powered, Electric Powered, and Others), Material Type (Metals, Composites, Plastics, and Elastomer), and Component (Frame, Powertrain, Interior Systems & Components, and Exterior Systems & Components): Global Opportunity Analysis and Industry Forecast, 2021-2030" According to the report, the global automotive lightweight materials industry was estimated at $71.65 billion in 2020, and is anticipated to hit $126.76 billion by 2030, registering a CAGR of 7.1% from 2021 to 2030.
Drivers, restraints, and opportunities-
Growth in need for improved safety and enhanced performance of the vehicle and stringent regulations for fuel economy and automation emission drive the growth of the global automotive lightweight materials market. On the other hand, high cost of the materials and declined production and sale of automobile impede the growth to some extent. Nevertheless, entering into agreements and contracts with automotive OEM and growth in vehicle electrification are projected to pave the way for lucrative opportunities in the future.
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COVID-19 scenario-
- The outbreak of COVID-19 has significantly impacted the global automotive industry. The downturn in demand for new and old vehicles and disrupted supply chain outlook were the major impacts of partial lockdown.
- Furthermore, government restrictions resulted in weak financial performance of the automakers, which negatively impacted the automotive production, especially during the initial phase.
- Nevertheless, the restrictions are getting eased off as the vaccination drives are getting boosted all across the region. And the market is, therefore, expected to recoup soon.
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The IC engine powered segment to dominate by 2030-
By vehicle type, the IC engine powered segment contributed to around four-fifths of the global automotive light material market share in 2020 and is expected to lead the trail by the end of 2030. The fact that the available fleet across the globe is dominated by the IC powered vehicle drives the growth of the segment. However, the electric powered segment is expected cite the fastest CAGR of 10.4% from 2021 to 2030. This is attributed to the rise in penetration of electric vehicle and growing trend of usage of green mobility solution.
The exterior systems and components segment to maintain the dominant share-
Based on component, the exterior systems and components segment accounted for more than two-fifths of the total market revenue in 2020 and is projected to retain its dominance by 2030. Furthermore, the segment would also manifest the fastest CAGR of 7.9% throughout the forecast period. This is owing to the change in manufacturing outlook of the automotive development and growing adoption of the lightweight materials by the automotive manufacturers.
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Europe, followed by North America garnered the major share in 2020-
Based on region, Europe, followed by North America, held the major share in 2020, garnering more than One-third of the global market. The market across this region is also anticipated to register the fastest CAGR of 8.0% from 2021 to 2030. This is due to the rising adoption of automotive lightweight materials and growing need for fuel efficient automotive solutions. The other regions studied in the report include Asia-Pacific and LAMEA.
Key market Players-
- Hindalco Industries Limited
- Lyondellbasell Industries N.V.
- Owens Corning
- Stratasys Ltd.
- Thyssenkrupp AG
- Toray Industries Inc.
- Alcoa Corporation
- ArcelorMittal
- BASF SE
- Covestro AG
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