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Automotive Lightweight Materials Global Market Report 2022
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, Owens Corning, Tata Steel, and POSCO.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Lightweight Materials Global Market Report 2022" - https://www.reportlinker.com/p06280933/?utm_source=GNW
The global automotive lightweight materials market is expected to grow from $86.92 billion in 2021 to $99.97 billion in 2022 at a compound annual growth rate (CAGR) of 15.0%. The market is expected to grow to $141.41 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.
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 material types in the automotive lightweight materials market are metal, composites, plastics, and elastomer.Metal refers to a class of substances distinguished by high electrical and thermal conductivity, and also by malleability, ductility, and high reflectivity of light.
The vehicle types involved are passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The various applications involved are body in white, chassis and suspension, powertrain, closures, interiors, others.
Europe was the largest region in the automotive lightweight material market in 2021.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, the Middle East, and Africa.
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.
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 countries covered in the automotive lightweight material market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
Read the full report: https://www.reportlinker.com/p06280933/?utm_source=GNW
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