The lightweight automotive body panels market size is projected to be valued at USD 122,054.9 million in 2023 and is expected to rise to USD 191,369.2 million by 2033. The sales of lightweight automotive body panels market are predicted to increase at a significant CAGR of 4.6% during the forecast period.
Emerging trends reveal that the door panels segment in the component type category is likely to account for more than 33.9% of the global lightweight automotive body panels market. Additionally, the rising production of commercial vehicles due to increasing demand from the logistics sector along with growing demand for economic and fuel-efficient vehicles is providing a foremost impetus to the growth of the lightweight automotive body panels market. Further, this trend is likely to continue during the forecast period.
Regionally, North America, spearheaded by the United States might continue to retain its dominant position in the global lightweight automotive body panels market in terms of value as well as volume through the historical period. In North America, the United States dominated the lightweight automotive body panels market and reached USD 30.1 billion in 2022.
Increasing production and sales of lightweight electric vehicles, implementation of stringent carbon emission regulations, and growing support from the government for encouraging the adoption of fuel-efficient vehicles are driving growth in the United States market. Currently, the lightweight automotive body panels market forms 25% of its parent market, i.e., the automotive body parts market.
| Attributes | Details |
|---|---|
| Lightweight Automotive Body Panels Market Estimated Size (2023) | USD 122,054.9 million |
| Lightweight Automotive Body Panels Market CAGR (2023 to 2033) | 4.6% |
| Lightweight Automotive Body Panels Market Forecasted Size (2033) | USD 191,369.2 million |
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The global lightweight automotive body panels market expanded at a CAGR of 4.2% during the historical period between 2018 and 2022. However, with growing demand for light and energy-efficient vehicles across the world, the overall sales of lightweight automotive body panels are slated to rise at a steady CAGR of 4.6% between 2023 and 2033.
Growing pollution levels due to the transportation sector have prompted governments and other regulatory bodies to introduce various emission regulations over the years. This is acting as a catalyst for triggering the growth of lightweight automotive body panels. This trend is likely to continue during the forecast period also.
Bumpers, roofs, door panels, and trunk lids are common automotive body panels made of traditional materials like steel or iron. These body panels add a lot to the overall body weight of the car. However, OEM manufacturers have begun to pay attention to reducing the overall weight of automobiles as a result of increasing regulations to reduce emissions as well as increasing demand for fuel economy.
OEM manufacturers are concentrating on using body panels that are light compared to conventional body panels to reduce the body weight of automobiles. Further, automotive body panels are regarded as lightweight if they are made of low-density materials like high-strength steel, aluminum, polymers, and composites. Such thin body panels help to reduce the overall weight of automobiles as well as improve their fuel efficiency.
The growing need for improving the fuel efficiency of vehicles and reducing emission levels might continue to push the demand for lightweight automotive body panels during the forecast period. Similarly, enhancement in the production of commercial vehicles across the globe especially in the countries of North America & Asia is expected to propel the demand for lightweight body panels across the automotive sector.
The global lightweight automotive body panels market is anticipated to expand by 1.6x in 2032 as compared to 2022 based on the aforementioned factors.
Rising Environment Concerns and Increasing Production of Lightweight Vehicles to Spur Market Growth
In recent years, there has been a sharp rise in the production and sales of vehicles globally due to rising disposable income and improving economic conditions. However, this has increased greenhouse gas emissions. To address this issue, Governments across the globe are enacting strict regulations to meet fuel emission standards and reduce greenhouse gas emissions.
Manufacturers are anticipated to increase their focus on automotive light weighting to comply with such strict regulations. Over the forecast period, it is expected that rising automotive production and an increased emphasis on reducing vehicle weight might drive market demand further.
Growing EV Sector Generating Demand for Lightweight Automotive Body Panels
The growing EV sector is creating a high demand for lightweight vehicle body panels as these lightweight panels help manufacturers in designing and manufacturing vehicles with accurate power-to-bodyweight ratios.
Electric vehicles are becoming a new trend in the automotive industry as these vehicles significantly reduce carbon emission levels and save fuel costs. As a result, people are gradually shifting toward electric vehicles. This is likely to provide a strong thrust to the growth of the lightweight automotive body panels market during the forecast period.
Principal Consultant
Metals are Likely to Remain the Most Popular Material Types for Manufacturing Lightweight Automotive Body Panels.
By material type, the metals segment is likely to continue to dominate the global lightweight automotive body panels market, accounting for more than 31.4% share on a value basis in 2022. This can be attributed to the rising usage of metals such as aluminum alloy and high-strength steel for making lightweight automotive body panels.
Enhanced research and development activities and rising capital investments for developing durable, high-strength, and lightweight alloy materials are key reasons behind such excessive demand for metal components for commercial vehicle body panels.
Sales of Door Panels Outpace Other Component Types
As per FMI, the door panels segment holds more than 1/3rd of the global lightweight automotive body panels market and it is likely to expand at a high pace during the forecast period. Initially, door panels were used to have traditional materials which increased the vehicle’s weight. To reduce the extra weight of the vehicle, manufacturers across the globe have started making door panels from lightweight materials.
Demand for lightweight door panels might continue to surge in the market during the assessment period due to the growing need for reducing the overall weight of vehicles to improve efficiency and comply with stringent regulations.
The Presence of Stringent Carbon Emission Regulations Fueling Market Growth in the United States of America
The United States of America accounted for more than 24.3% share of the global lightweight automotive body panels market in 2022 and is likely to thrive at a significant pace during the forecast period. Further, the growth in the United States of America’s lightweight automotive body panels market is driven by vital factors such as:
The rise in pollution levels across the United States due to vehicle emissions is a key factor encouraging the adoption of lightweight automotive body panels. According to the Inventory of USA Greenhouse Gas Emissions and Sinks 1990 –2020, transportation accounted for a significant portion (27%) of total USA GHG emissions in 2020. To reduce this carbon emission and enhance fuel efficiency, manufacturers in the United States of America are demanding lightweight materials for body panels. This is going to continue to boost market growth during the forecast period.
The Booming Automotive Industry Pushing Sales of Lightweight Automotive Body Panels in China
The lightweight automotive body panels market in China expanded at a significant CAGR of 5.2% in 2022. Key factors driving growth in China’s lightweight automotive body panels market are:
China’s commercial vehicle production sector is expected to maintain its steady expansion throughout the projection period despite supply chain issues such as increased raw material costs, limited skilled labor, and rising raw material prices. This in turn is likely to foster the sales of lightweight automotive body panels.
China has become the global hub of vehicle manufacturing over the years, due to the presence of leading automotive giants and lax government regulations. The country is also the leading exporter of lightweight body panels. Due to the mass production of automotive vehicles and the surge in export business, the overall demand for lightweight body components and panels is expected to remain high in China during the forecast period.
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Due to the presence of various domestic and regional players, the global lightweight automotive body panels market has become highly competitive and fragmented in nature. Moreover, prominent lightweight automotive body panel manufacturers are launching new products, establishing new facilities, and collaborating and partnering with vehicle manufacturers for better market opportunities. For instance,
Gestamp and Plastic Omnium: Top Players Helping OEMs to Comply with Emission Restrictions
Lightweighting or reducing the total weight of an automobile is a key focus area for OEMs across the world. It is an important aspect not only from a fuel efficiency point of view but also from a global warming perspective. Therefore, leading OEMs are now actively choosing only those component suppliers who can help them in their goal of reducing the total weight of automobiles.
Lightweight automotive body panel manufacturers are aware of the growing expectations of OEMs and are working continuously toward providing high-quality products that do not add significantly to the total weight of the vehicle. One such player that is transforming the lightweight automotive body panels space is Gestamp. Since its establishment in 1997, Gestamp has been developing innovatively designed products to achieve increasingly safer and light vehicles, thereby, reducing energy consumption and environmental impact. For instance,
The company is also working on boosting its sustainability initiatives through joint ventures and partnerships. For instance,
Gestamp is also working with other leading players to lower its carbon emissions. For instance, the company announced a collaboration with ArcelorMittal to deepen their partnership in the area of sustainability, notably in the production of steel parts with low carbon emissions. In this process, Gestamp plays a critical role in ensuring that ArcelorMittal's low-carbon emissions steel meets the high requirements required by its automotive customers.
Mergers and acquisitions are an important part of the strategy of leading lightweight automotive body panel manufacturers. For instance,
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 4.6% from 2023 to 2033 |
| Base Year of Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Material Type, Component Type, Vehicle Type, Sales Channel |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | GORDON AUTO BODY PARTS CO. LTD; AUSTEM COMPANY LTD.; Gestamp; Plastic Omnium; Magna International Inc.; Stick Industry Co. Ltd.; Changshu Huiyi Mechanical & Electrical Co. Ltd.; KUANTE AUTO PARTS MANUFACTURE CO. LIMITED; Hwashin; FLEX-N-GATE CORPORATION; ABC Group, Inc. |
| Customization & Pricing | Available upon Request |
Asia Pacific is projected to emerge as a lucrative market for lightweight automotive body panels.
The growth potential of the lightweight automotive body panels market is 6% through 2033.
The high cost of adoption is likely to limit market growth.
North America is likely to generate 25% revenue in 2023.
Substantial investment in research and development and the development of new lightweight materials may provide growth prospects for the market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Material Type 5.1. Metals 5.1.1. High-strength Steel 5.1.2. Magnesium 5.1.3. Aluminum 5.2. Polymers & Composites 5.2.1. Carbon Fiber Reinforced Plastics 5.2.2. Glass Fiber Reinforced Plastics 5.2.3. Other Polymer & Composite Materials 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component Type 6.1. Bumpers 6.2. Hood 6.3. Door Panels 6.4. Trunk Lids 6.5. Roof 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type 7.1. Light Commercial Vehicle 7.2. Heavy Commercial Vehicle 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. GORDON AUTO BODY PARTS CO. LTD 18.2. AUSTEM COMPANY LTD. 18.3. Gestamp 18.4. Plastic Omnium 18.5. Magna International Inc. 18.6. Stick Industry Co. Ltd. 18.7. Changshu Huiyi Mechanical & Electrical Co. Ltd. 18.8. KUANTE AUTO PARTS MANUFACTURE CO. LIMITED 18.9. Hwashin 18.10. FLEX-N-GATE CORPORATION 18.11. ABC Group, Inc. 19. Assumptions & Acronyms Used 20. Research Methodology
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Lightweight Automotive Body Panels Market
