AXIA Innovation GmbH Forecasts Growth in Eco-Friendly Materials for Automotive Industry

The automotive industry is poised for a significant shift towards eco-friendly practices, and our partners at AXIA Innovation GmbH have shared some compelling insights into this transformation.

According to AXIA Innovation GmbH’s analysis, the global market for lightweight materials is set to undergo substantial growth. With a value of €124.04 billion in 2022, this market is projected to reach €208.87 billion by 2032, boasting an impressive compound annual growth rate (CAGR) of 5.4%. This surge in demand is largely attributed to the rising popularity of electric vehicles (EVs), which require high-strength steel, magnesium alloys, aluminum alloys, and polymers for their construction.

Here’s why these findings are significant:

1. Fuel Efficiency: Lightweight materials play a crucial role in enhancing vehicle fuel efficiency. By reducing vehicle weight, they can boost fuel economy and extend battery range by up to 35%.

2. Eco-Friendliness: With environmental concerns at the forefront, stricter regulations are driving automakers to adopt greener, lighter materials. This shift aligns with the industry’s commitment to sustainability and reducing carbon emissions.

3. Market Dominance: The automotive sector maintains a dominant position in this market, accounting for 76% of the share. Additionally, the Asia Pacific region emerges as a key player, holding a substantial 37% regional revenue share.

As the automotive industry continues to prioritise sustainability and innovation, collaborations with forward-thinking partners like AXIA Innovation GmbH will be instrumental in driving this eco-friendly transformation forward. Stay tuned for further developments as we navigate towards a greener future in mobility.