During the forecast period, the advanced automotive materials market is anticipated to expand at a CAGR of 6.8%. The market had a value of $74.9 billion in 2022, and by 2032, it is anticipated to reach a value of $144.6 billion.
The fundamental function of advanced automotive materials is to reduce the weight of a vehicle. These materials finds use in a number of automobile applications, including interior, exterior, structure, and powertrain, among others. Advanced automotive materials reduces the overall weight of the vehicle, increasing the efficiency and thereby reducing the overall fuel consumption.
The advanced automotive materials possess better dimension stability than conventional materials, improved mechanical performance, and elevated service temperature.
Automotive OEMs are compelled to employ advanced automotive materials to ensure that the vehicles meet the increasingly stringent emission norms. A variety of factors involved in the evolution of advanced automotive materials are the necessity for improved fuel economy, growing vehicle performance requirements, higher power requirements, and the requirement for a superior driving experience.
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Global Advanced Automotive Materials Market: Segmentation
Global advanced automotive materials market is segmented into types of material, region, and application. The global advanced automotive materials market includes a variety of materials such as metals, engineered plastics, thermoplastic elastomers (TPEs), and composites.
Metals are segmented into high-strength steel (HSS), stainless steel, aluminum, powder metals and others, whereas engineered plastics are segmented into nylon, ABS, polycarbonate, polyphenylene oxide, etc. Thermoplastic Elastomers include thermoplastic vulcanizates, thermoplastic polyolefin, thermoplastic polyurethanes, styrene block copolymer, copolyester elastomer, and others.
The composites are segmented into carbon fiber reinforced plastic (CFRP) and glass fiber reinforced plastic (GFRP). Region wise, the global advanced automotive market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, Japan, and MEA and in terms of advanced automotive material applications the market is divided into interior, structural, exterior, structural, powertrain, and others.
Global Advanced Automotive Materials Market: Region-wise Outlook
In North America, the U.S. accounted for the largest share of the advanced automotive materials market in 2014. In the coming years, however, the developing regions like Asia Pacific are predicted to become lucrative regional markets for key players operating in the global advanced automotive materials market.
Sizeable population, economic development, stringent regulations regarding emission, increasing knowledge regarding eco-friendly systems, and benefits of better fuel efficiency are the major factors driving the growth of the advanced automotive materials market in this region.
Global Advanced Automotive Materials Market: Drivers
The growth of the advanced automotive market is expected to be driven mainly by constant pressure to reduce the vehicle weight, thus improving fuel efficiency leading to lower CO2 emissions. Other important driving factors for the growth of the global advanced automotive market includes focus on safety, durability, noise and vibration, by replacing the traditional materials.
New process technologies, improvements in resins and metal alloys helps increasing the attractiveness of advanced automotive materials manufacturing, encouraging growth. Advanced automotive plastics use, in particular, has been encouraged by lower tooling costs relative to other materials.
The global advanced automotive materials market growth is also driven by the fact that advanced automotive materials provide higher strength as compared to the ordinary materials, facilitating higher energy absorption during crash.
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Global Advanced Automotive Materials Market: Restraints
Some of the factors hindering the growth of the global advanced automotive materials market are limited raw material, increasing pressure for materials recycling, particularly for engineered plastics, and low awareness towards benefits of advance automotive materials, etc.
Global Advanced Automotive Materials Market: Key Players
Some of the major players identified in the global advanced automotive market are AK Steel, National Steel, General Electric, DuPont, Bayer AG, A. Schulman, Alcoa, Norsk Hydro, Johnson Matthey, ThyssenKrupp AG, Toray Industries Inc., ArcelorMittal S.A., and Novelis Inc., etc.
Regional analysis for Advanced Automotive Materials Market includes
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Japan
- Middle East and Africa
