Europe Automotive Lightweight Materials Market Statistics 2020-2026 | Industry Size & Trends Report

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Europe Automotive Lightweight Materials Market
Statistics 2020-2026 Industry Size Trends
Report Graphical Research
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Europe Automotive Lightweight Materials Market
Size is witness steady growth by 2026. Road
transport sector in Europe is under increasing
pressure to reduce its greenhouse gas emission
which has reached closed to 0.8 gigaton CO2eq,
18 of the total greenhouse gas emission in 2017.
Various nations in Europe are working on meeting
decarbonization targets set by European
Commission. Automobile industry in Europe is
currently following two different approaches
improving fuel efficiency of automotive and
finding alternative energy sources. Both these
parameters benefit immensely from reduction of
vehicle weight, this will increase distance
travelled by the vehicle per unit of
energy.   Europe is a huge car manufacturing hub
which is also becoming a hub for automotive
lightweighting. European market for lightweight
automotive is primarily driven by developments
and initiatives with the European Union which is
driven by technological development as well as
regulatory framework. The move towards achieving
competitive low-carbon economy by 2050 is
anticipated to pull other nations in this
direction. Automotive manufacturers and suppliers
are continuously investing in developing new and
advanced materials, thereby driving Europe
automotive lightweight materials market
growth.    Composite will witness over 7.5 CAGR
in Europe automotive lightweight materials market
owing to its strength, fatigue resistance, flex,
shear strength, rigidity and heat resistance. In
the automotive industry plastic car parts have
achieved this strength by incorporating glass
fibers or carbon fiber with molten plastics.
Various composite fiber mainly carbon and glass
will aid automotive industry with developing more
flexible and durable lightweight materials.
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Battery electric vehicles is projected to grow at
around 32 CAGR in Europe automotive lightweight
materials market till 2026. The region is rapidly
becoming a global hotspot for electric vehicles
market owing to numerous incentives introduced by
various national governments driving the industry
for the projected time period.   Europe
automotive lightweight materials market is
predominantly driven by Germany, France and U.K.
Germany will witness over 9.5 CAGR in terms of
revenue by 2026. Germany has employed several
carrot and stick policies specially designed to
increase electric vehicles demand. For instance,
value added tax on electric vehicles fall from
19 to 16 during July to December 2020. Any
privately owned electric vehicles registered till
the end of 2020 will have a 10-year tax
exemption. Moreover, electric vehicles with a
sale price below USD 49,000 will qualify for a
USD 10,000 subsidy till the end of December
2021.   Major participant in the Europe
automotive lightweight industry include British
steel, ArcelorMittal, Creusot-Lorie,
Lyondellbasell, BASF, Covestro AG, Thyssenkrupp
AG., etc.
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