Spiraling popularity of electric vehicles to instigate expansion of Europe automotive lightweight materials market size

The Europe automotive lightweight materials market was estimated at $66.71 billion during 2019. Assisted by the escalating pressure to minimize greenhouse gas emissions, the market is anticipated to surge at a high CAGR of 9.1% between 2020 and 2026. Numerous governments across the region have been setting decarbonization targets as per the recommendations of the European Commission.

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Several stringent regulations and rules passed by the governments of the nations in the region have been aiming to reduce pollution as well as dependence on non-renewable energy. This has been creating an inclination toward the adoption of hybrid and electric vehicles. The Netherlands and Norway are two countries that have passed resolutions to restrict the use of vehicles that primarily utilize fossil fuel, with an aim to eliminate fossil fuel powered automobiles by 2025.

Germany is also keeping abreast of the trend and has been planning to cease the sale of such vehicles by 2030. On the other hand, several regulations are being executed to encourage deployment of electric and hybrid vehicles, promoting the Europe automotive lightweight materials market forecast.

Even though the global outbreak of COVID-19 has had a negative impact on the market, the spiraling popularity of electric and hybrid vehicles has been supporting market growth. Germany has been a trailblazer in embracing electric vehicles, with Norway, UK, Sweden, and France following suit. During the first quarter of 2017, Norway accounted for a staggering 30% of the total electric vehicle sale, with Iceland and Sweden close behind. The sustainability promised by the utilization of electric vehicles has been an accelerator for the automotive lightweight materials market in Europe.

Composites, plastics, and metals & alloys are the key segments of the Europe automotive lightweight materials market based on type of material used. The composites segment is set to rise exponentially at a 7.5% CAGR between 2020 and 2026.

The progress of the composites segment is triggered by the increasing preference for carbon and glass fibers that are being integrated with molten plastics for attaining desired degree of strength. The shear strength, heat and fatigue resistance, rigidity, and flex of this material are fostering the advancement of the segment, thereby pushing the Europe automotive lightweight materials industry.

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Battery electric vehicles segment is anticipated to represent a considerable portion of the total Europe automotive lightweight materials market share through the upcoming times since the segment is projected to surge at a whopping 32% CAGR. The remarkable progression of the segment can be attributed to the surging number of incentives for promoting electric vehicle adoption. Not only is the region rapidly turning into a global hotspot for electric automobiles, it is also likely to retain its leading position through the upcoming times as well.

Creusot-Lorie, British steel, Covestro AG, ArcelorMittal, BASF, Thyssenkrup AG, and Lyondellbasell are some major manufacturers leading the Europe automotive lightweight materials market.

 

Table of content:

Chapter 1   Methodology And Scope

1.1    Research Methodology

1.2    List of data sources

1.2.1    Primary

1.2.2    Secondary

Chapter 2   Market Snapshot

2.1    Europe automotive lightweight materials market snapshot

Chapter 3   Europe Automotive Lightweight Materials Trends

3.1    Industry coverage

3.2    Industry size and forecast, 2016 – 2026

3.3    Value chain analysis

3.3.1    Company product snapshot

3.4    Innovation landscape

3.5    Regulatory norms & directives

3.6    Drivers & restraints

3.6.1    Market drivers

3.6.2    Market restraints

3.7    COVID-19 impact on industry

3.7.1    Optimistic

3.7.2    Pessimistic

3.7.3    Realistic

3.8    Industry analysis – Porter’s

3.9    Product growth mapping

3.10    Competitive benchmarking, 2019

3.10.1    Strategy dashboard

3.11    PESTLE analysis

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