The market value for Exterior Materials Market was USD 14.84 billion in 2022 and is expected to reach USD 25.07 billion in 2032, growing at a CAGR of 6% during the forecast period. The market expansion is driven by increasing demand for lightweight and durable materials, expanding production of electric and Hybrid Vehicles, and stringent fuel efficiency and emissions regulations.
The automotive industry is pursuing Lightweight Materials to boost fuel efficiency and reduce carbon emissions. A vehicle’s overall weight can be reduced by using lightweight materials on the outside, which enhances fuel efficiency. Aluminum, carbon fiber Composites, and magnesium are lightweight materials extensively employed in the automotive sector. The usage of these materials not only decreases the vehicle’s weight but also improves its performance and handling.
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The increasing production of electric and hybrid vehicles is pushing the demand for lightweight materials in the automotive industry. The battery packs in electric vehicles contribute significant weight to the vehicle, which impacts its overall efficiency. Consequently, using lightweight materials in the bodywork of electric vehicles helps to counteract the battery pack’s extra weight and improve the vehicle’s range.
Stringent rules regarding fuel efficiency and emissions are another driving reason for the growth of the vehicle exterior materials market. Governments worldwide are imposing tight requirements on the vehicle sector to decrease carbon emissions and increase fuel efficiency. As a result, manufacturers focus on lightweight materials to lower the car’s weight and meet regulatory standards.
Likewise, the car industry’s need for aesthetically appealing and durable exterior materials is rising. Automobile exterior materials must survive extreme weather conditions, UV radiation, and other environmental issues. Materials such as plastics, Steel, and Aluminum are frequently employed in the automotive industry due to their durability, strength, and corrosion resistance.
- BASF SE
- Covestro AG
- Dow Inc.
- LyondellBasell Industries Holdings BV.
- Mitsubishi Chemical Holdings Corporation
- Solvay SA
- Koninklijke DSM N.V.
- Teijin Limited
- Toray Industries, Inc.
The global market is further segmented into type and application:
|By Material Type Outlook||
|By Application Outlook||
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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