Lightweight Materials Market for Electric Vehicles Set to Surge to USD 50.78 billion 2031 with a Remarkable 25.4% CAGR | by Transparency Market Research Inc.
Wilmington, Delaware, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global lightweight materials market for electric vehicles was estimated at a value of US$ 3.36 billion in 2020. It is anticipated to register a 25.4% CAGR from 2021 to 2031 and by 2031 the market is likely to attain US$ 50.78 billion by 2031.
Businesses in the market for lightweight materials for electric vehicles are working harder to promote the worldwide manufacturing of these materials. The Asia Pacific region's increased awareness of lightweight, fuel-efficient electrical vehicles is also driving market expansion.
There is a constant need for lightweight materials for electric car battery packs, interior trims, and external trimmings. Throughout the course of the forecast period, this feature is probably going to help the global market grow.
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Global Lightweight Materials Market for Electric Vehicles: Key Players
Automotive manufacturers have started to recover from the losses incurred because of the disrupted environment and the drop in sales of electric vehicles. Manufacturers in the market for lightweight materials for electric vehicles are concentrating on producing lightweight materials for electric vehicles following the prosperous recovery of their operations.
The rising popularity of electric cars in emerging nations because of their lightweight, high-performance, and fuel-efficient qualities. End users are favoring battery-powered electric vehicles more and more.
To implement lightweight vehicle components, major companies in the lightweight materials market for electric vehicles are making investments and growing their manufacturing capacities. The following companies are well-known participants in the global lightweight materials market for electric vehicles:
- Toray Industries Inc.
- Thyssenkrupp AG
- SGL Carbon SE
- Covestro AG
- Celanese Corporation
- Novelis Inc.
- BASF SE
- LyondellBasell Industries Holdings B.V.
- Teijin Limited
- Evonik Industries AG
- LANXESS Deutschland GmbH
Key Findings of Market Report
- Electric vehicles are becoming more and more popular worldwide because of their economical, fuel-efficient, and operational efficiency.
- Electric vehicles are very appealing to consumers because of their great strength and lightweight construction.
- To keep the weight of the vehicles low, lightweight materials including high strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, and technical plastics are used to make the majority of the parts of electric vehicles.
- When it comes to fuel efficiency, lightweight vehicles outperform conventional automobiles.
- Lightweight materials are necessary for low power engines in electric vehicles since they increase the engine's pulling force.
Market Trends for Lightweight Materials
- Customers often take this into account when making a new purchase because lighter electric vehicles have a longer range between recharges. Battery-powered and traditional lightweight vehicles make it easier to comply with government requirements that are getting stricter about fuel efficiency and reducing the use of natural resources.
- Metal components are typically more expensive to make than injection-molded plastic parts. This helps manufacturers of electric vehicles better manage expenses.
- One major driver that is anticipated to propel the global lightweight materials market for electric vehicles during the projected period is the increase in the use of lightweight materials for electric vehicles in battery packs, external trims, and interior trims.
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Global Market for Lightweight Materials: Regional Outlook
Various reasons are propelling the growth of the lightweight materials market for electric vehicles throughout the region. These are:
- Asia Pacific dominates the market for lightweight materials for electric vehicles, owing to the region's rapidly expanding economies. The lightweight materials market for electric vehicles in Asia Pacific is being driven by the rise in demand for lightweight materials for electric vehicles in a variety of applications, including exterior trims, interior trims, and battery packs. In the Asia-Pacific region, including China and India, the industry is expanding quickly.
- One of the top manufacturers of electric cars is China. The market for lightweight materials for electric vehicles in Asia Pacific is fueled by reasons such the simple access to raw materials, the presence of manufacturers at profitable prices, and the region's rapid economic expansion. Electric vehicle manufacturers in the Asia Pacific lightweight materials industry are finding lucrative growth prospects.
Few of key developments by the players in this market are:
|Company name||Key Developments|
|SGL Carbon SE||
Global Lightweight Materials Market for Electric Vehicles Segmentation
- Exterior Siding
- Interior Finishing
- Public Facilities
- Commercial and Industrial
- R&D Centers
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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