Analysis of the lightweight materials market by the world leader

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Lightweight materials market

Electric Vehicle Lightweight Materials Market: Introduction

Transparency Market Research provides key insights into the global Electric Vehicle Lightweight Materials market. In terms of revenue, the global electric vehicle lightweight materials market is expected to grow at a CAGR of 25.4% during the forecast period, driven by numerous factors, about which TMR offers in-depth insights and forecasts in its global lightweight materials market report. for electric vehicles.

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The global electric vehicle lightweight materials market is largely impacted by several factors including the increase in the use of electric vehicle lightweight materials in various applications such as exterior trim, interior trim, and batteries. The increase in global demand for exterior trim and interior trim has led to significant growth in the use of lightweight materials in electric vehicles. Rising battery production and demand is expected to be the major driver for the global EV lightweight materials market.

Electric Vehicle Lightweight Materials Market: Dynamics

Lightweight materials reduce fuel consumption in a vehicle because less weight requires less energy when accelerating. Engine components can withstand high pressures and temperatures through the use of advanced materials. This, in turn, helps to increase efficiency and reduce emissions. Advanced lightweight materials help increase a vehicle’s fuel economy, while ensuring safety and performance. A 10% reduction in vehicle mass can improve fuel economy by 6% to 8%.

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Lightweight materials are used in several electric vehicle applications such as exterior trim, interior trim, batteries, and electric motors and powertrains due to their unique properties. Lightweight materials are particularly important for improving the efficiency and range of electric hybrid, plug-in hybrid and electric vehicles, as they offset the weight of power systems such as batteries and electric motors.

The global exterior trim segment is expected to grow significantly over the forecast period. Thus, the increase in the production of exterior trim, interior trim and batteries is expected to drive the demand for lightweight materials for electric vehicles during the forecast period.

Manufacturers are focusing on exterior trim as the share held by this segment in the EV lightweight materials market is expected to increase over the forecast period.

Electric Vehicle Lightweight Materials Market: Prominent Regions

Asia-Pacific holds a major share of the global lightweight materials market for electric vehicles. The market in the region is expected to grow at a CAGR of over 28.1% during the forecast period. Rising demand for lightweight electric vehicle materials in various applications such as exterior trim, interior trim, and batteries is driving the Asia-Pacific lightweight electric vehicle material market. China is a key country in the Asia-Pacific electric vehicle lightweight materials market. It held a major share of the electric vehicle lightweight materials market in Asia-Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.

Europe is also an important region in the global market for lightweight materials for electric vehicles. Germany led the lightweight materials market for electric vehicles in Europe in 2020. Rising demand for lightweight materials in exterior trim, interior trim, and batteries of electric vehicles is driving the market in Germany.

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Electric Vehicle Lightweight Materials Market: Major Players

The global market for lightweight materials for electric vehicles is consolidating, with the presence of key players. Some of the major players operating in the global electric vehicle lightweight materials market include Toray Industries Inc., SABIC, thyssenkrupp AG, Solvay, SGL Carbon SE, Covestro AG, Celanese Corporation, Novelis Inc., BASF SE, LyondellBasell Industries Holdings BV, Constellium, Teijin Limited, Evonik Industries AG

Global Electric Vehicle Lightweight Materials Market: Segmentation

Electric Vehicle Lightweight Materials Market, By Material

Metals and alloys
High strength steel
Aluminum
Magnesium
Titanium
Beryllium
Others
Composite materials
Carbon Fiber Reinforced Plastic (CFRP)
Glass fiber reinforced plastic (GFRP)
Others
Engineering plastics
Polycarbonate (PC)
Polyamide (PA)
Polymethyl methacrylate (PMMA)
Polyacetal / Polyoxymethylene (POM)
ANIMALS
Others
Others [including Die Cast Magnesium & Intermetallic Compounds]

Electric Vehicle Lightweight Materials Market, By Application

Interior trim
Exterior trim
Electric motor and powertrain
Battery
Electronic components
Bumper
Lighting
Connector and Cable
Dashboard
Others [including Brake & Radiator]

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About Us Transparency Market Research

Transparency Market Research, a global market research firm registered in Wilmington, Delaware, USA, provides personalized research and advisory services. The company examines the factors that shape demand dynamics in various markets. Market insights and insights assess opportunities in various segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine market growth over the next decade.

Our proprietary blend of quantitative forecasting and trend analysis delivers forward-looking insights to thousands of decision makers, made possible by experienced teams of analysts, researchers and consultants. Proprietary data sources and the various tools and techniques we use always reflect the latest trends and information. With a broad research and analytical capability, Transparency Market Research uses rigorous primary and secondary research techniques in all of its trade reports.

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