Major players in the automotive lightweight material market are BASF SE, Covestro AG, LyondellBasell Industries Holdings B. V. , Toray Industries Inc. , ArcelorMittal, ThyssenKrupp AG, Novelis Inc. , Alcoa Corporation, Stratasys Ltd.
New York, Sept. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Lightweight Materials Global Market Report 2021: COVID-19 Impact And Recovery" - https://www.reportlinker.com/p06144644/?utm_source=GNW
, Owens Corning, Tata Steel, and POSCO.
The global automotive lightweight material market is expected to grow from $82.53 billion in 2020 to $86.92 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $133.01 billion in 2025 at a CAGR of 11.2%.
The automotive lightweight material market consists of sales of automotive lightweight materials by entities (organizations, sole traders, and partnerships) that are engaged in the production of different lightweight materials for the manufacturing of automotive components such as carbon fiber, aluminum, and magnesium among others.Automotive lightweight materials are used in vehicles to decrease weight, increase speed, and improve fuel economy.
Due to advantages such as reduced material consumption, increased strength, low degradation risk, and improved handling, these lightweight materials are an excellent substitute for bulky conventional materials previously used to build vehicle frames.
The main types of materials in the automotive lightweight materials market are metal, composites, plastics, and elastomer.Metals such as high-strength steel, aluminum, magnesium, and titanium are used to make vehicles lighter and more efficient.
Composites are made up of a high-performance fiber (such as carbon or glass) and a matrix material (epoxy polymer) that, when mixed, has superior properties to the individual materials.Plastics are used for added strength, flex, rigidity, fatigue resistance, shear strength, and heat resistance.
Elastomers are polymers with high viscoelasticity which are used in the production of components that need to withstand extreme temperatures such as hoses, insulators, seals, bushes, engine mounts, and gaskets. The automotive lightweight materials are used for passenger vehicles, light commercial vehicles, and heavy commercial vehicles for manufacturing body in white, chassis and suspension, powertrain, closures, interiors, and other parts.
Europe was the largest region in the automotive lightweight material market in 2020.North America was the second-largest market in the automotive lightweight material market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
New product developments and compositions are gaining significant popularity in the automotive lightweight material market.Key players in the automotive lightweight materials market are focusing on developing new and innovative products to the market using lightweight materials such as carbon fiber, aluminum and replacing generic materials.
For instance, in 2020, ESE Carbon Co., a US-based composites manufacturer launched a new carbon fiber wheel that was made with customized fiber positioning and custom presses to reduce waste and increase scalability. Also, in 2021, Italy-based Bucci Composites, a fabricator of composite components and systems for automobile, military, maritime, and industrial uses, announced that it had finished construction of a 22-inch carbon fiber automotive wheel rim with advanced features.
In September 2019, Japanese chemical company, Teijin Limited acquired Benet Automotive for an undisclosed amount.Teijin will benefit from Benet’s automotive composite technology and its well-proven supplier record.
The deal served as a strong growth parameter to improve Teijin’s solution growth capabilities as a product supply partner of automotive OEM customers in Europe. Benet automotive is a Czech manufacturer of components for the automotive industry.
The surge production of electric vehicles is expected to propel the growth of the automotive lightweight material market over the coming years.Electric vehicles are automobiles that are powered entirely or partially by electricity.
Electric vehicles have minimal operating expenses since they have fewer moving parts to maintain, and they are also very eco-friendly because they consume little or no fossil fuels (petrol or diesel).Lightweight materials such as carbon-fiber-reinforced plastic are used in modern electric vehicles, allowing them to run purely on electricity and avoid being classified as hybrids.
For instance, according to the Economist Intelligence Unit (The EIU), electric vehicle sales are expected to increase from 2.5 million in 2020 to 3.4 million in 2021 According to a CNBC report published in May 2020, electric vehicle production is expected to rise to at least 1.3 million this year, with the possibility of reaching 1.5 million based on market conditions . Therefore, the increasing production of electric vehicles drives the growth of the automotive lightweight material market.
The countries covered in the automotive lightweight material market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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