Electric Vehicle Lightweight Materials Global Market Report 2024

The electric vehicle lightweight materials market size has grown exponentially in recent years. It will grow from $6.87 billion in 2023 to $8.92 billion in 2024 at a compound annual growth rate (CAGR) of 29.9%. The growth observed during the historic period in the electric vehicle lightweight materials market can be attributed to various factors. These include the pursuit of fuel efficiency and range optimization in electric vehicles, adherence to stringent emission standards, increased consumer awareness regarding environmental impact, cost reduction in manufacturing processes, a growing focus on sustainability in the automotive industry, urbanization leading to a focus on traffic efficiency, and advancements in composite manufacturing technologies. These factors collectively contributed to the development and adoption of lightweight materials in the electric vehicle sector during that time.

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 anticipated growth during the forecast period can be ascribed to heightened expectations regarding range, the proliferation of charging infrastructure, escalating demand for cost-effective electric vehicles (EVs), the incorporation of autonomous driving features, advancements in battery energy density, increased performance standards, and the emergence of energy-efficient materials. Key trends in the forecasted period encompass technological breakthroughs in materials, innovations in battery technologies, the integration of nanostructured materials, utilization of lightweight design software, the development of thermal management materials, and collaborative efforts for material innovation.

The anticipated surge in electric vehicle (EV) adoption is poised to propel the growth of the electric vehicle lightweight materials market in the foreseeable future. Electric vehicles, powered by electric motors rechargeable from external sources, are forecasted to rely significantly on lightweight materials in their next-generation designs. The integration of composite materials, particularly fiber-reinforced plastic polymers, offers a promising avenue for reducing the weight of electric vehicles. These materials not only contribute to weight reduction but also enhance performance, durability, and driving range. Notably, according to the International Energy Agency (IEA), the global electric vehicle sales nearly doubled in 2022, reaching 6.6 million units compared to 2020, resulting in a total of 16.5 million electric vehicles on roads worldwide. The rising share of electric vehicle sales, which increased by 4% in 2021, indicates a growing trend, with an anticipated 13% of newly purchased vehicles in the first half of 2022 being electric. Hence, the upward trajectory in electric vehicle adoption is a primary driver accelerating the growth of the electric vehicle lightweight materials market.

The escalation in fuel prices is anticipated to propel the growth of the electric vehicle lightweight materials market. As traditional fuel costs surge, consumers become increasingly conscious of overall vehicle ownership expenses. Electric vehicles, leveraging lightweight materials to enhance energy efficiency, become more appealing due to their potential for lower operational costs. For instance, the Bureau of Transportation Statistics reported a 49% rise in regular motor gasoline prices and a 55% increase in diesel fuel prices from January to June 2022. This substantial escalation in conventional fuel prices accentuates the attractiveness of electric vehicles. Consequently, the soaring fuel prices act as a catalyst driving the electric vehicle lightweight materials market forward.

Product innovation emerges as a prominent trend driving advancements in the electric vehicle lightweight materials market. Leading companies operating in this domain are focused on developing innovative, sustainable, and cost-effective lightweight materials to solidify their market presence. A noteworthy instance occurred in March 2022 when Evonik Industries and Vestaro GmbH, both Germany-based specialty chemicals companies, jointly unveiled the pure performance battery, a new generation of electric vehicle battery packs integrated with nano-dispersion technology. This innovation incorporates VESTALITE curing chemicals and the unique Epoxy-SMC cover to produce a new glass fiber-SMC cover. These SMC materials not only reduce battery housing weight by nearly 10% compared to equal-performing covers made from more expensive materials but also deliver equivalent performance levels as previous metal-based enclosures. Additionally, these materials offer designers greater flexibility for semi-integral integration while effectively resolving EMI-shielding challenges with GF composites, showcasing a transformative leap in electric vehicle lightweight materials technology.

Key players within the electric vehicle lightweight materials market are directing their efforts towards product development, notably focusing on advanced thermal insulation additives to maintain their competitive edge in the industry. Advanced thermal insulation additives are materials or substances integrated into systems or structures to augment their resistance against heat transfer. For example, in May 2023, Cabot Corporation, a US-based specialist in specialty chemicals and performance materials, introduced its latest innovation, the ENTERATM aerogel particle portfolio. This launch signifies Cabot's strategic entry into the electric vehicle (EV) technology domain, presenting ENTERA aerogel particles as cutting-edge thermal insulation additives specifically tailored for crafting ultra-thin thermal barriers within EV lithium-ion batteries. These innovative aerogel products provide formulators with versatile options, seamlessly integrating into various thermal barrier forms such as blankets, pads, sheets, films, foams, and coatings. Cabot's strategic move aligns with the automotive industry's continuous quest to enhance thermal management systems for EV batteries, aiming to optimize energy efficiency and extend the driving range of electric vehicles.

In September 2022, Avient Corporation, a US-based provider specializing in specialty polymer formulations, acquired the protective materials business of Royal DSM N.V. for an undisclosed sum. This acquisition marked a strategic expansion for Avient, broadening its spectrum of material options to cater to applications demanding the utmost performance, including the Dyneema brand - now listed under Avient Protective Materials. By integrating protective materials, Avient substantially augmented its fastest-growing platform, solidifying its leadership in the advanced composites industry. Royal DSM N.V., headquartered in the Netherlands, specializes in lightweight material solutions, further enhancing Avient's portfolio with its expertise in this field. This acquisition reinforces Avient's commitment to delivering comprehensive and high-performance solutions, securing a stronger foothold in the electric vehicle lightweight materials market.

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.

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. The countries covered in the electric vehicle lightweight materials market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of electric vehicle lightweight materials include metals and alloys, composites, plastics elastomers, and others. Metals, which are elements with distinct chemical and physical characteristics, find applications in various vehicles, including passenger cars (hatchbacks and sedans), utility vehicles (SUVs, MPVs, compact SUVs), light commercial vehicles, and medium to heavy-duty vehicles such as buses and coaches. These materials are utilized in propulsion systems for Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs). Their applications span electric vehicle battery packs, electric traction motors, electronic components, power electronic controllers, body-in-white, chassis and suspension components, transmissions, doors, interiors, and various other components.

The electric vehicle lightweight materials market research report is one of a series of new reports that provides electric vehicle lightweight materials market statistics, including the electric vehicle lightweight materials industry global market size, regional shares, competitors with an electric vehicle lightweight materials market share, detailed electric vehicle lightweight materials market segments, market trends, and opportunities, and any further data you may need to thrive in the electric vehicle lightweight materials industry. This electric vehicle lightweight materials market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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