Advanced Automotive Materials Market Growth, Size, Share, Trends, and Forecast 2032

According to the report published by Zion Market Research, the global Advanced Automotive Materials Market size was valued at USD 79.24 Billion in 2023 and is predicted to reach USD 142.04 Billion by the end of 2032. The market is expected to grow with a CAGR of 6.70% during the forecast period. The report analyzes the global Advanced Automotive Materials Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Advanced Automotive Materials Market industry.

Global Advanced Automotive Materials Market: Overview

The basic functionality of using the advanced automotive materials market is to minimize the weight of the vehicle. By reducing the overall weight of the vehicle further, helps in increasing the fuel efficiency and thereby limiting the carbon emissions in the environment. The advanced automotive materials have improved mechanical performance, better dimensional stability than the traditional materials, and elevated service temperature.

Global Advanced Automotive Materials Market: Segmentation

The market for the advanced automotive materials is globally segregated into types of materials and application.

Depending on the types of materials, the global market is divided into engineered plastics, composites, metals, and thermoplastic elastomers (TPEs).

• The metals segment is sub-segmented into powder metals, high-strength steel (HSS), aluminum, stainless steel, and others.
• The engineered plastics segment is sub-divided into ABS, polyphenylene oxide, nylon, polycarbonate, and others.
• Thermoplastic elastomers segment is sub-categorized into thermoplastic polyolefin, styrene block copolymer, thermoplastic vulcanizates, thermoplastic polyurethanes, copolyester elastomer, and others.
• The composites segment is sub-segmented into glass fiber reinforced plastic (GFRP) and carbon fiber reinforced plastic (CFRP).

Based on the applications, the market is bifurcated into powertrain, structural, interior, exterior, and others.

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Global Advanced Automotive Materials Market: Growth Factors

The key factor that is driving the advanced automotive materials market is the increasing demand from the consumers to reduce the weight of the vehicles which in turn improves the fuel efficiency thus leading to reduced emissions of carbon dioxide. The growing focus towards durability, safety, vibration, and noise by changing the conventional materials are other significant driving factors for the growth of the global market. The improvements that are made in resins and metal alloys, and the new process technologies helps in increasing the popularity of advanced automotive materials manufacturing, thus fuelling the market growth.

The strength provided by the advanced automotive materials is better as compared to the other materials which help in facilitating the absorption of higher energy during the crash. The factors that hamper the growth of advanced automotive materials market are increasing limited raw material, particularly for engineered plastics, pressure for materials recycling, and lack of the awareness regarding the benefits of advanced automotive materials.

Advanced Automotive Materials Market : Report Scope

Global Advanced Automotive Materials Market: Regional Analysis

The geographical segmentation of the global advanced automotive materials market is diversified into Asia Pacific, North America, Western Europe, Eastern Europe, the Middle East and Africa, and Latin America. The region that is dominating the advanced automotive materials market is the North America. The U.S. accounted for the largest market share in the North America region for the advanced automotive materials. Asia-Pacific region is estimated to become a good lucrative regional market for the market players having good opportunities in the coming years. Sizeable population, strict regulations about the emission, economic development, growing knowledge about the systems that are eco-friendly, and the advantages of good fuel efficiency are the foremost factors that are driving the growth of the market for advanced automotive materials in this region.

Global Advanced Automotive Materials Market: Competitive Players

The key market players that are involved in the advanced automotive materials market include:

• National Steel
• DuPont
• A. Schulman
• Norsk Hydro
• ThyssenKrupp AG
• ArcelorMittal S.A.
• AK Steel
• General Electric
• Bayer AG
• Alcoa
• Johnson Matthey
• Toray Industries Inc.
• Novelis Inc., among others.

The Global Advanced Automotive Materials Market is segmented as follows:

By Types of materials 

• engineered plastics 
• composites 
• metals 
• thermoplastic elastomers (TPEs)

By Applications 

• powertrain 
• structural 
• interior 
• exterior 
• and others

Global Advanced Automotive Materials Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Reports Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.