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How would the growing trend of electric vehicles impact the automotive lightweight material market over the next 8 years?

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How would the growing trend of electric vehicles impact the automotive lightweight material market over the next 8 years?

February 26
15:56 2020
How would the growing trend of electric vehicles impact the automotive lightweight material market over the next 8 years?

Automotive Lightweight Material Market
Automotive Lightweight Material Market by Material (Metal, Composite, Plastic, Elastomer), Application & Component (Frame, Engine, Exhaust, Transmission, Closure, Interior), Vehicle Type (ICE, Electric & Hybrid), Region – Global Forecast to 2027

The Automotive Lightweight Material Market is projected to grow at a CAGR of 7.4% from 2019 to 2027, and the market size is projected to grow from USD 89.1 billion in 2019 to USD 157.7 billion by 2027. The increasing stringency of vehicle emission and fuel economy regulations is expected to drive the growth of automotive lightweight materials.

BEV is expected to be the largest segment in the automotive lightweight material market, by electric and hybrid vehicle, during the forecast period

BEV is projected to be the largest market for automotive lightweight material. A BEV or battery electric vehicle is powered by an electric battery that uses chemical energy stored in the battery. The battery used in a BEV is rechargeable and accounts for about 70% weight of the electric vehicle. OEMs are investing heavily in research and development to increase the efficiency of electric vehicles by reducing the overall vehicle weight. Increasing demand for BEV and increasing focus on vehicle lightweighting will drive the lightweight material demand in this vehicle segment.

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Metals are the largest segment of electric vehicle lightweight material market, by material type, during the forecast period

Metals are estimated to hold the largest share in the global market for electric vehicle lightweight material. By material, the market is segmented into metals, composites, plastics, and elastomers. According to MarketsandMarkets analysis, the market for metals is estimated to be the largest by 2027. There are three kinds of metal materials extensively used in vehicle lightweighting. These are High strength steel, aluminum, and Magnesium & Titanium. These materials are lighter and stronger than steel. Hence, these metals are expected to be used in electric vehicles in the near future.

In ICE vehicle type segment, HCV is projected to be the fastest growing segment during the forecast period

HCV is projected to be the fastest growing market for automotive lightweight materials, by ICE vehicle type. HCVs comprise vehicles such as buses, coaches, and heavy trucks with a vehicle mass of above 7 tons. OEMs such as BMW, Daimler, Dongfeng, Fiat, and Isuzu are rigorously focusing on weight reduction in HCVs due to stringent emission and fuel economy regulations. The use of lightweight material helps reduce the total vehicle weight, which in turn allows the vehicle to carry additional load. Hence, HCV is projected to be the fastest growing segment of the automotive lightweight material market.

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Key Market Players

The automotive lightweight material market is dominated by global players and comprises several regional players. The key players in the automotive lightweight material market are BASF SE (Germany), Covestro AG (Germany), LyondellBasell Industries Holdings B.V. (Netherlands), Toray Industries, Inc. (Japan), ArcelorMittal (Luxembourg), thyssenkrupp AG (Germany), Novelis, Inc. (US), and Alcoa Corporation (US).

Key Questions addressed by the report

  • Which application will lead the automotive lightweight material market in the future?
  • How will government regulations impact the automotive lightweight material market globally?
  • How would the growing trend of electric vehicles impact the automotive lightweight material market over the next 8 years?
  • What would be the share of different materials in the automotive lightweight material market?

 

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