According to a recent report published by Allied Market Research, titled, “Automotive Lightweight Materials Market by Vehicle Type, Material Type, and Component: Global Opportunity Analysis and Industry Forecast, 2021–2030”
The global automotive lightweight material market was valued at $71.65 billion in 2020, and is projected to reach $126.76 billion by 2030, registering a CAGR of 7.1% Europe was the highest revenue contributor, accounting for $26.15 billion in 2020, and is estimated to reach $50.45 billion by 2030, with a CAGR of 8.0%.
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The key players profiled in the report are Alcoa Corporation, ArcelorMittal, BASF SE, Covestro AG, Hindalco Industries Limited, Lyondellbasell Industries N.V., Owens Corning, Stratasys Ltd., Thyssenkrupp AG, and Toray Industries Inc
Europe dominates the automotive lightweight materials market in which the U.S. is expected to be a leader country in the global automotive lightweight materials market during the forecast period. Moreover, Europe is expected to retain its dominance in the market, owing to changes in automotive industry outlook and adoption of the advanced materials by automakers in the region for vehicle development. Germany, the UK, and India are expected to witness as emerging countries in the global automotive lightweight materials market, owing to tranformation in automotive design consideration of the auomkares to cope up with the stingent vehicle emission norms, as weight of the vehicle is directly impact the emssion level of the vehicle. The global automotive lightweight materials market is a fairly fragmented market with several number of players holding majority of share. The majority of the market participants are strategically involved in product launch, expansion, and product development activities.
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Key Findings Of The Study
- By vehicle type, the electric powered segment is expected to register significant growth during the forecast period.
- On the basis of material type, the metals segment is projected to lead the global market in terms of market share by the end of the forecast period.
- Depending on component, the exterior systems and components segment is projected to lead the global market, in terms of market share, by the end of the forecast period.
- Europe dominated the global automotive lightweight materials market in 2020 in terms of market share.
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