Europe Automotive Lightweight Materials Market size crossed USD 66.71 Billion in 2019 and is estimated to witness 9.1% CAGR from 2020 to 2026.
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Europe electric vehicle industry is anticipated to grow in the long term. Germany is the largest electric vehicles market in Europe followed by Norway, France, UK and Sweden. Norway presently is the leading country in Europe for electric car penetration with close to 30% of all vehicles sold being electric in the first quarter of 2017, followed by Sweden and Iceland. Stringent environmental regulations and various incentives provided by the government will drive the market size.
Strict government regulations to control pollution levels and minimize dependence on fossil fuel is driving hybrid and electric vehicle adoption. Norway and Netherland have passed a resolution to ban sales of fossil fuel powered vehicles by 2025. Other countries such as Germany will also stop the sales of traditional vehicles by the end of 2030. Various governments are formulating regulations to support hybrid and electric vehicles would continue to have a positive impact on the market growth.
Europe Automotive Lightweight Materials Market, By Material
The high strength steel segment will observe around 9% growth rate during the forecast timeframe, due to increasing use of high strength steel in chassis, front end structure and body parts.
Europe Market, By Application
The body in white segment is expected to hold around 25% volume share till 2026. Automotive manufacturers are currently developing strategies to use advance materials in body in white structures. Incorporation of CATIA V5 technique will aid in the development of aluminium structures compatible with automotive engineering.
Europe Market, By Manufacturing Process
The Europe automotive lightweight materials market from closed molding segment will grow at 10% CAGR through 2026, attributed to its benefits over other process such as reduced waste and emission, lower material and disposal cost and reduced cycle times.
Europe Market, By Vehicle Type
Growing demand for reducing CO2 emission along with other pollutant and complying with strict environmental regulation will further drive the hybrid and electric vehicle market revenue.
Europe Market, By Country
France automotive lightweight materials market accounted for 15% revenue share in 2019, owing to the growing demand for more fuel-efficient vehicles. The government is also working towards providing incentives and subsidies for developing electric vehicles. Moreover, growing awareness among customers regarding environment and the damage conventional vehicles have on it is driving electric vehicles market in European region.
Competitive Industry Landscape
Some of the leading companies involved in the Europe automotive lightweight materials market include British steel Ltd., ArcelorMittal, Creusot-Lorie, ThyssenKrupp AG., BASF, Covestro AG. and LyondellBasell. Various companies are investing into research & development to produce low cost and more efficient products. They are also looking at expanding strategic partnership and working on diversifying supply chains.