Automotive Lightweight Materials Market Analysis

Material (Metal, Composite, Plastic, Elastomer)

The metal segment is projected to hold more than 44.2% automotive lightweight materials market share by 2037. The segment growth can be attributed to the use of lightweight metals in the body structures and chassis of electric vehicles. These metals include high-strength steel, titanium, magnesium, and aluminum. The increasing need for dependability in areas such as instrument panels, under-body floors, passenger compartment frames, chassis, and other places is expected to drive up demand for metallic materials. Automobile metallic structures improve vehicle integrity since they are stable and long-lasting.

Components (Frames, Wheels, Bumpers & Fenders, Engines & Exhausts, Transmission, Doors, Hood & Trunk Lids, Seats, Instrument Panels, Fuel Tanks)

The frames segment in automotive lightweight materials market is estimated to gain a significant share by 2037. The segment growth can be attributed to the strength and stability provided by frames in various settings. Generally made of steel, a vehicle's frame accounts for a sizeable portion of the vehicle's weight. The OEMS employs advanced lightweight materials such as high-strength steel, aluminum, and composites.

Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Trucks, Buses)

The passenger vehicles segment is poised to hold a notable share in automotive lightweight materials market during the forecast period. The segment growth can be attributed to the burgeoning middle-class population in developing nations and a surge in disposable income. According to Trading Economics, in China, disposable personal income rose from USD 6957.33 in 2022 to USD 7315.63 in 2023. The growing demand from end users is expanding the passenger car segment, which includes sedans, SUVs, hatchbacks, premium hatchbacks, and multi-utility vehicles. The market's trend toward high-performance and fuel-efficient cars has forced manufacturers to employ lightweight materials and spurred the segment's expansion.

Our in-depth analysis of the automotive lightweight materials market includes the following segments:

Material	Metal Composite Plastic Elastomer
Application	Body in White Chassis and Suspension Powertrains Closures Interiors
Components	Frames Wheels Bumpers & Fenders Engines & Exhausts Transmission Doors Hood & Trunk Lids Seats Instrument Panels Fuel Tanks
Vehicle Type	Passenger Vehicles Light Commercial Vehicles Trucks Buses

Frequently Asked Questions (FAQ)

Growing demand for vehicles and increasing initiatives to optimize fuel consumption are the major factors driving the market growth.

The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021-2029.

High production costs of lightweight material is a major factor estimated to hamper the market growth.

The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of increasing manufacturing and sale of passenger and electric cars.

The major players in the market are BASF SE, Covestro AG, LyondellBasell Industries Holdings B.V., TORAY INDUSTRIES, INC., thyssenkrupp AG, Novelis Group (Hindalco Industries Limited), Alcoa Corporation, Trinseo LLC, and others.

Automotive Lightweight Materials Market Analysis