A new report from market analyst Fact.MR suggests that the global market for automotive lightweight material could reach US$400 billion by 2030 at a growth rate of 5%.

According to the report, while regions such as China and North America are providing promising growth to the market, since the first half of 2019 the automotive market has slowed down, reducing the prices of automotive lightweight material by 2%. In the second quarter of FY2020, decline in production ceased the production of automotive lightweight material by more than 70% across regions.

However, growing R&D activities and new product launches are set to benefit the automotive lightweight material market by the end of 2030, with passenger vehicles accounting for more than 58% of the global automotive lightweight material market by the end of the time period.

This story uses material from Fact.MR, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.