In 2021, the automotive lightweight material market was worth around $67,498.7 million, and it is predicted to advance at a 7.4% CAGR from 2021 to 2030, hit $128,010.1 million in 2030.
Consumers are looking for high corrosion resistance, flexible design, and a high strength-to-weight ratio when it comes to automotive components and systems. The major reason automakers are focusing on redesigning the material are the rising requirement for high fuel efficiency, to follow environmental guidelines.
Europe Generates Highest Revenue
In 2021, Europe held the largest market share, of around 40%. This is credited to the availability of major material suppliers and automakers in the region, with Germany a major hub for innovations in vehicle designs and functionalities.
Moreover, Euro 6 standards have been implemented with the goal to reduce the amount of pollutants in the environment, such as carbon monoxide and nitrogen oxides. The standards consist of instructions for OEMs to decrease CO2 emissions and make vehicles more fuel efficient.
Metals Are Most-Demanded Materials
In 2021, the metal category held the largest revenue share, over 40%. Titanium, magnesium, aluminum, and high-strength steel are witnessing a rise in the demand because of the need for durability in components such as passenger compartments, chassis, and frames.
Metallic components that are used in automobiles need to be rigid, long-lasting, and stable. The demand for them is also surging because of the increasing focus on passenger safety, which is contributing in the acceptance of high-safety-rating vehicles in Europe.
If the mass of a vehicle is reduced by 10%, then approximately 8% fuel can be saved. Modern components help the engine endure high temperatures and pressures, which, in turn, enhances durability and reduces carbon emissions
Furthermore, the revolution in the automobile industry has produced many opportunities for tier II and III suppliers. For instance, because of the environmental concerns, demand for EV components is surging around the world.
Get More Details Automotive Lightweight Material Market Regional, And Country-Level Market Sizes
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