Automotive lightweight materials market was worth usd 74.65 million in 2021 and is expected to be worth usd 139 million by 2030, increasing at a cagr of 7.16% between 2022 and 2030. The increase in eco-friendliness is one of the important factors in developing the automotive lightweight materials market. The governmental authority's establishment of tight criteria to minimize carbon dioxide emissions motivates an increased variety of lightweight materials for use in automobiles, fueling the development of the automotive lightweight materials market.
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nonetheless, the growth of this automotive lightweight material market is expected to be constrained by the rising pricing of lightweight materials in automobiles like carbon filaments. Using new lightweight materials can enhance a vehicle's fuel economy while simultaneously maintaining its performance and safety criteria. Lowering the vehicle's mass by 10% makes it possible to get a 6 to 8% gain in fuel efficiency. Using lightweight materials reduces the quantity of gasoline required to power a vehicle since the acceleration of a vehicle with less mass takes less power. Engine components that use current materials can endure high pressure and temperature levels, which adds to increased efficiency and lower emissions.
The expansion of the covid-19 pandemic has had a detrimental influence on the worldwide automobile lightweight materials industry, owing to commuting limits. It is likely to decrease market participants' financial performance in 2020. It has affected the whole economy, and contributors such as market players are devising cost-cutting strategies. Supply chain execution, labor reliance, regulatory & policy changes, liquidity & solvency management and working