Lightweight Materials Market for Electric Vehicles: Introduction
Transparency Market Research delivers key insights on the global lightweight materials market for electric vehicles. In terms of revenue, the global lightweight materials market for electric vehicles is estimated to expand at a CAGR of 25.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global lightweight materials market for electric vehicles.
The global lightweight materials market for electric vehicles is broadly affected by several factors, including increase in usage of lightweight materials for electric vehicles in various applications such as exterior trims, interior trims, and battery packs.
The rise in the global demand for exterior trims and interior trims has led to significant growth in usage of lightweight materials in electric vehicles. The increase in production and demand for battery packs is expected to be the primary driver of the global lightweight materials market for electric vehicles.
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Lightweight Materials Market for Electric Vehicles: Major Players
The global lightweight materials market for electric vehicles is consolidated, with the presence of key players. Prominent players operating in the global lightweight materials market for electric vehicles include Toray Industries Inc., SABIC, thyssenkrupp AG, Solvay, SGL Carbon SE, Covestro AG, Celanese Corporation, Novelis Inc., BASF SE, LyondellBasell Industries Holdings B.V., Constellium, Teijin Limited, Evonik Industries AG, and LANXESS Deutschland GmbH.
Lightweight Materials Market for Electric Vehicles: Dynamics
Lightweight materials reduce the consumption of fuel in a vehicle, as less weight takes less energy at the time of acceleration. Engine components can withstand high pressure and temperature with the use of advanced materials. This, in turn, helps increase efficiency and lower emission. Advanced lightweight materials help increase fuel economy of a vehicle, while ensuring safety and performance. A 10% reduction in vehicle mass can improve fuel economy by 6% to 8%.
Lightweight materials are used in several applications of electric vehicles such as exterior trims, interior trims, battery packs, and electric motors & powertrains due to their unique properties. Lightweight materials are especially important for improving the efficiency and range of hybrid electric, plug-in hybrid electric, and electric vehicles, as they offset the weight of power systems such as batteries and electric motors.
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The global exterior trim segment is expected to expand considerably during the forecast period. Thus, rise in production of exterior trims, interior trims, and battery pack is projected to boost 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 lightweight materials market for electric vehicles is likely to increase during the forecast period.
Lightweight Materials Market for Electric Vehicles: Prominent Regions
Asia Pacific holds major share of the global lightweight materials market for electric vehicles. The market in the region is anticipated to expand at a CAGR of more than 28.1% during the forecast period. Increase in demand for lightweight materials for electric vehicles in various applications such exterior trims, interior trims, and battery pack is driving the lightweight materials market for electric vehicles in Asia Pacific.
China is a key country of the lightweight materials market for electric vehicles in Asia Pacific. It held significant share of the lightweight materials market for electric vehicles in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
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Europe is also a prominent region of the global lightweight materials market for electric vehicles. Germany led the lightweight materials market for electric vehicles in Europe in 2020. Increase in demand for lightweight materials in exterior trims, interior trims, and battery pack of electric vehicles is driving the market in Germany.
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