The electric vehicle lightweight materials market size is expected to see exponential growth in the next few years. It will grow to $23.95 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%. The growth in the forecast period can be attributed to increasing range expectations, expansion of charging infrastructure, rising demand for affordable evs, integration of autonomous driving, improved energy density in batteries, enhanced performance requirements, emergence of energy-efficient materials.. Major trends in the forecast period include technological innovations in materials, innovations in battery technologies, integration of nanostructured materials, lightweight design software, thermal management materials, collaborations for material innovation.
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Scope Of Electric Vehicle Lightweight Materials Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Vehicle Lightweight Materials Market Overview
Market Drivers –
The rise in the adoption of electric vehicles (EVs) is expected to boost the growth of the electric vehicle lightweight materials market going forward. An electric vehicle refers to one that can be propelled by an electric motor that gets power from a battery and can be recharged from an external source. The next generation of electric vehicles may be largely dependent on lightweight materials. Electric vehicles’ weight can be significantly decreased by using composite materials made of fiber-reinforced plastic polymers, which also improve their performance, longevity, and range. For instance, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2022, electric vehicle sales nearly doubled to 6.6 million in comparison to 2020, bringing the total number of electric vehicles on the road to 16.5 million globally. Electric vehicle sales share climbed by 4% in 2021. In the first half of 2022, 13% of newly purchased vehicles will be electric. Therefore, the rise in the adoption of electric vehicles (EVs) is driving the growth of the electric vehicle lightweight materials market.
Market Trends –
Product innovation has emerged as the key trend gaining popularity in the electric vehicle lightweight materials market. Major companies operating in the electric vehicle lightweight materials market are developing innovative products like sustainable, cost-effective lightweight materials to strengthen their position in the market. For instance, in March 2022, Evonik Industries, a Germany-based specialty chemicals company, and Vestaro GmbH, a Germany-based specialty chemicals company, jointly launched a new generation of electric vehicle battery packs called pure performance battery with new nano-dispersion technology. The unique features of the pure performance battery include the extraordinary qualities of VESTALITE curing chemicals and the unique Epoxy-SMC cover to develop the new glass fiber-SMC cover. The latest SMC materials not only reduce the weight of the battery housing by nearly 10% when compared to equal-performing covers made from more expensive materials, but they also provide the same performance levels as previous metal-based enclosures while giving designers the design freedom for semi-integral integration. Evonik’s wide material toolset and experience enable for the resolution of all EMI-shielding difficulties with GF composites.
The electric vehicle lightweight materials market covered in this report is segmented –
1) By Material Type: Metals and Alloys, Composites, Plastics, Elastomers, Other Material Types
2) By Vehicle Type: Passenger Cars (Hatchbacks and Sedans), Utility Vehicles (SUVs, MPVs, Compact SUVs), Light Commercial Vehicles, Medium and Heavy-duty Vehicles, Buses and Coaches
3) By Propulsion Type: BEVs, PHVs, HEVs
4) By Application: Battery Packs, Electric Traction Motors, Electronic Components, Power Electronic Controllers, Body-in-White, Chassis and Suspension, Transmissions, Doors, Interiors, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the electric vehicle lightweight materials market in 2023, and is expected to be the fastest-growing region in the electric vehicle lightweight materials market during the forecast period. The regions covered in the electric vehicle lightweight materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the electric vehicle lightweight materials market report are Badische Anilin- und Sodafabrik, Covestro AG, Toray Industries Inc., Saudi Basic Industries Corp., Solvay SA, Celanese Corporation, Novelis Inc, LyondellBasell Industries Holdings B.V., Constellium SE, SGL Carbon SE, ThyssenKrupp AG, Teijin Limited, Evonik Industries AG, Lanxess AG, Alcoa Corporation, ArcelorMittal, Hindalco Industries Limited, Owens Corning, Stratasys Ltd., Faurecia, Lear Corporation, Grupo Antolin, Magna International, Norsk Hydro ASA, UACJ Corporation, Kobe Steel Ltd., Aleris Corporation, AMG Advanced Metallurgical Group N.V., Materion Corporation, Mitsubishi Chemical Corporation, Sumitomo Bakelite Co. Ltd., De Nederlandse Staatsmijnen. Engineering Plastics, Henkel AG & Co. KGaA, Huntsman Corporation .
Table of Contents
1. Executive Summary
2. Electric Vehicle Lightweight Materials Market Report Structure
3. Electric Vehicle Lightweight Materials Market Trends And Strategies
4. Electric Vehicle Lightweight Materials Market – Macro Economic Scenario
5. Electric Vehicle Lightweight Materials Market Size And Growth
…..
27. Electric Vehicle Lightweight Materials Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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