"Market Intelligence for High-Geared Performance"

Lightweight Automotive Body Panel Market Size, Share & Industry Analysis, By Vehicle Type (Hatchback/Sedan, SUVs, LCVs, and HCVs), By Component (Hood, Doors, Roof, Fenders, Trunk Lid, Bumper, and Quarter Panels), By Material Type (Metal and Polymers & Composites), By Propulsion (ICE and Electric), and Regional Forecast, 2024 – 2032

Last Updated: November 25, 2024 | Format: PDF | Report ID: FBI110649

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global lightweight automotive body panel market size was valued at USD 186.89 billion in 2023. The market is projected to grow from USD 196.24 billion in 2024 to USD 310.39 billion by 2032, exhibiting a CAGR of 5.9% during the forecast period.


Lightweight automotive body panels include vehicle components designed to reduce overall weight without compromising strength or safety. Made from materials, such as aluminum, carbon fiber, or advanced composites. These panels improve fuel efficiency, enhance performance, and reduce emissions. Their decreased mass contributes to better handling and acceleration, aligning with modern automotive industries goals for sustainability and efficiency.


The lightweight automotive body panel market depicts the increased use of advanced composites and multi-material designs to enhance fuel efficiency and electric vehicle range. Stringent emissions regulations and the demand for electric vehicles are driving market growth as automakers seek lighter panels to improve energy efficiency and meet regulatory standards.


The COVID-19 pandemic disrupted the market by causing supply chain interruptions, production halts, and reduced vehicle demand. Automakers faced delays in sourcing advanced materials, leading to project slowdowns. However, the post-pandemic recovery witnessed a renewed focus on sustainability and fuel efficiency, accelerating the demand for lightweight panels as the automotive industry adapted to evolving consumer preferences and regulatory pressures for greener and more efficient vehicles.


Lightweight Automotive Body Panel Market Trends


Electrification of Vehicles Drives Product Demand


Electric Vehicles (EVs) rely on batteries, which add considerable weight, making weight reduction crucial for optimizing range and efficiency. To counterbalance the battery's mass, automakers are increasingly using lightweight materials such as aluminum, carbon fiber, and advanced composites in body panels. These materials help lower the vehicle's overall weight, allowing for better energy efficiency, longer range, and improved performance. Additionally, lighter vehicles require less power to accelerate, enhancing battery life and reducing the need for frequent charging.


As the EV market expands, the demand for lightweight body panels market is expected to grow, aligning with the industry's goals for sustainability and efficiency. In 2023, around 13.7 million electric cars were sold, while in 2022, over 10.3 million electric cars were sold, representing a growth of 33% over the year.


Request a Free sample to learn more about this report.


Lightweight Automotive Body Panel Market Growth Factors


Benefit of Performance Enhancement Advances Market Growth


Lighter body panels improve a vehicle's acceleration, handling, and overall driving dynamics by reducing the vehicle's mass. This results in faster acceleration and improved maneuverability, which is crucial for high-performance and sports cars. Additionally, reduced weight enhances braking efficiency and stability, contributing to safer driving experiences. Lightweight panels also help in achieving better fuel efficiency or extended electric vehicle range, aligning with consumer demands for performance and efficiency. Automakers are increasingly incorporating advanced materials, such as carbon fiber and aluminum, into lightweight automotive body panels to meet these performance requirements. As consumers and manufacturers prioritize high-performance attributes, the demand for lightweight body panels continues to grow.


In August 2023, Ford launched the MUSTANG GTD. The Mustang GTD leverages extensive carbon fiber body panels to reduce weight, lower the center of gravity, and enhance responsiveness. Carbon fiber is used for the fenders, hood, trunk lid replacement cover, door sills, front splitter, rear diffuser, and roof, with optional availability of carbon fiber front and rear fascias.


RESTRAINING FACTORS


Durability Concerns of Lightweight Panels May Hamper Market Development


Durability concerns significantly restrain the lightweight automotive body panel market growth. Lightweight materials, such as carbon fiber and advanced composites, can sometimes exhibit lower resistance to impact, abrasion, and environmental factors compared to traditional materials such as steel. These durability issues raise concerns about the long-term performance and safety of vehicles. Automakers must ensure that these panels meet stringent safety and reliability standards, which can complicate the design and testing processes.


Additionally, higher costs for ensuring durability and potential repairs or replacements can deter manufacturers from adopting lightweight panels. Addressing these durability challenges is essential for building consumer trust and achieving broader market acceptance of lightweight automotive body panels.


Lightweight Automotive Body Panel Market Segmentation Analysis


By Vehicle Type Analysis


SUV Segment Dominates Due to Rising High-performance Vehicles Demand 


Based on vehicle type, the market is divided into hatchback/sedan, SUVs, Light Commercial Vehicle (LCV), and Heavy Commercial Vehicle (HCVs).


The SUVs segment dominated the market in 2023 and is anticipated to grow at the fastest CAGR during the forecast period. The segment is driven by increasing consumer demand for fuel-efficient and high-performance vehicles. Lightweight automotive body panels enhance SUVs' fuel economy and handling while maintaining strength and safety. As SUVs become more popular for their versatility and off-road capability, automakers are adopting lightweight materials to improve efficiency and meet environmental regulations, which drives the market growth. According to the International Energy Agency (IEA), in 2023, SUVs made up 48% of the global car sales, setting a new record and reinforcing the dominant automotive trend of the early 21st century. This trend is driven by several factors, including SUVs' status symbol appeal, improved comfort features, and the strategic marketing efforts of major automakers.


The hatchback/sedan segment held the second-largest market share in 2023. In the competitive market, automakers look for lightweight materials such as aluminum, carbon fiber, and high strength steel to achieve weight reduction while keeping production costs manageable. This is set to drive the segment growth over the forecast period.


To know how our report can help streamline your business, Speak to Analyst


By Component Analysis


Popularity of Panoramic Roofs and Sunroofs Drives the Roof Segment Growth


By component, the market is categorized into hood, doors, roof, fenders, trunk lid, bumper, and quarter panels.


The roof segment is anticipated to grow at the fastest CAGR during the forecast period of 2024-2032. The growing popularity of panoramic roofs and sunroofs in modern vehicles increases the need for lighter roof panels. Lighter materials allow for the incorporation of larger glass panels without negatively impacting the vehicle’s weight or structural stability. This boosts the segment growth. In December 2023, AGC, a global leader in glass, chemicals, and high-tech materials, introduced a thermal comfort laminated glass roof featuring a Low-E coating and IR coating. This advanced roof solution was selected for the 2023 Toyota C-HR.


The doors segment held the largest market share in 2023. Modern door panels are increasingly equipped with advanced features such as embedded sensors, touch-sensitive panels, and electric mechanisms. Lightweight materials help offset the additional weight of these components, ensuring that the doors remain functional and efficient. This drives the demand for these materials for doors.


By Material Type Analysis


Benefit of Enhanced Vehicle Range Advances the Polymers & Composites Segment Growth


Based on material type, the market is divided into metal and polymers & composites.


The polymer & composites segment is estimated to hold the major share and is poised to grow at the fastest CAGR during the forecast period. As electric vehicles become more widespread, the need for lighter materials grows. Polymers and composites help offset the additional weight of heavy battery systems, enhancing vehicle range and performance. Their use in body panels supports overall reduction in vehicle weight, which is critical for maximizing EV efficiency, fueling the segment growth. In February 2024, AkzoNobel unveiled a new 2K solvent-borne primer in conductive and dark gray, designed for the OEM production of plastic parts. This development addresses the growing adhesion challenges faced by automakers.


The metal segment contributes a prominent market share in 2023. Metals such as aluminum are highly recyclable, aligning with the automotive industry’s increasing focus on sustainability and environmental responsibility. Using recycled aluminum, for instance, reduces energy consumption and greenhouse gas emissions during production, making it an eco-friendly choice for lightweight body panels. Thus, the recyclability factor of light weight metals drives the product adoption over the forecast period.


By Propulsion Analysis


Elevated EV Sales and High Demand for SUVs to Depict Fast Growth for Electric Propulsion


By propulsion type, the market is segmented into ICE and electric.


The electric segment is estimated to grow at the fastest CAGR during the forecast period. One of the prime challenges for electric vehicles is maximizing driving range. Since batteries are heavy, reducing the overall vehicle weight is critical to improving range without increasing battery size or cost. Lightweight body panels made from materials such as aluminum, carbon fiber, and composites play a significant role in reducing vehicle mass, enhancing energy efficiency, and extending the driving range of EVs.


The ICE segment dominated the market in 2023. Despite the shift toward electrification, many consumers still prefer ICE vehicles, especially SUVs and larger vehicles. These models require lightweight body panels to offset the weight of additional features, such as advanced safety systems, infotainment technologies, and luxury enhancements. Lightweight panels help balance the added weight, keeping the vehicle efficient and responsive.


REGIONAL INSIGHTS


Stringent Regulations on Automotive Fuels Market Development in North America


By region, the market is analyzed across North America, Europe, Asia Pacific, and the rest of the world.


Asia Pacific Lightweight Automotive Body Panel Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The North American market for lightweight automotive body panels is anticipated to grow at the fastest CAGR during the forecast period. Regulatory bodies in North America, such as the Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA), enforce stringent fuel economy and emission standards. Automakers must comply with these regulations, pushing them to adopt lightweight materials in body panels to improve vehicle fuel efficiency and reduce emissions. Lightweight panels help in achieving the Corporate Average Fuel Economy (CAFE) targets. In June 2024, NHTSA drafted the final Corporate Average Fuel Economy (CAFE) standards and Heavy-Duty Pickup Trucks and Vans (HDPUV) fuel efficiency standards. For MY 2031, the CAFE standard requires a fleet average of about 50.4 mpg for passenger cars and light trucks, while HDPUVs must achieve roughly 2.851 gallons per 100 miles by MY 2035. CAFE standards will rise 2% annually for passenger cars (MYs 2027-2031) and light trucks (MYs 2029-2031). HDPUV standards will increase by 10% annually (MYs 2030-2032) and 8% annually (MYs 2033-2035). These factors force automotive manufacturers to adopt lightweight body panels, fueling the regional market growth.


Asia Pacific dominates with the largest lightweight automotive body panel market share. In price-sensitive markets, such as those in India and Southeast Asia, cost-effective, lightweight materials help reduce overall vehicle weight without significantly increasing production costs. Materials such as high-strength steel and aluminum provide a balance between cost and performance, making them attractive for manufacturers aiming to offer competitive pricing.


Europe held a substantial market share in 2023 and is depicting significant growth in hybrid and electric vehicles due to regulatory pressures and consumer preferences for greener options. Since lightweight is crucial to improving the efficiency of electric powertrains, automakers are focusing on lightweight body panels to enhance the range and performance of hybrid and electric vehicles. According to the International Energy Agency (IEA), EV sales are projected to keep growing through 2024. In the first quarter alone, over 3 million electric cars were sold, marking a 25% increase compared to the same period last year.


The rest of the world comprises Latin America and the Middle East & Africa. In emerging markets across Latin America, Africa, and parts of the Middle East, economic development and rising disposable incomes are aggregating the demand for automobiles. As more people in these regions can afford vehicles, there is a growing need for improved fuel efficiency and performance, driving the adoption of lightweight body panels.


KEY INDUSTRY PLAYERS


Investment in R&D and Expanding Product Offering Fuels Market Competition


The market for lightweight automotive body panels is competitive, featuring key global automotive players such as ArcelorMittal, Magna International, and Toray Industries, among others. These companies are engaged in continuous innovation, focusing on advanced materials such as aluminum, carbon fiber, and high-strength steel, to meet regulatory standards and consumer demand for fuel efficiency and performance.


The market also includes regional players and suppliers specializing in niche technologies and materials. Technological advancements, regulatory pressures for emissions reduction, and growing demand for electric and high-performance vehicles drive competition. Lightweight automotive body panel companies invest in R&D and form strategic partnerships to enhance their offerings and maintain market share. Competitive dynamics are shaped by innovation, cost efficiency, and sustainability.


List of Top Lightweight Automotive Body Panel Companies:



KEY INDUSTRY DEVELOPMENTS:



  • August 2024: Altair, a leader in computational intelligence for simulation, high-performance computing (HPC), data analytics, and AI, announced the winners of its 2024 Altair Enlighten Awards. In collaboration with the Center for Automotive Research (CAR), these awards celebrate advancements in sustainability and lightweight that aim to reduce the automotive sector’s carbon footprint, lower water use and energy usage, and promote material reuse and recycling.

  • April 2024: LyondellBasell (LYB) partnered with Hunan Huda Aisheng Group (AISN), a major automotive supplier in China. This collaboration aims to develop the first lightweight plastic engine hoods for premium domestic NEV cars, advancing the automotive industry's shift toward integrated and lightweight designs. The companies celebrated the launch of this new product with a grand ceremony at the ChinaPlas 2024 International Plastics and Rubber Exhibition.

  • June 2023: Mullen Automotive, Inc., an emerging Electric Vehicle (EV) manufacturer, signed a collaboration with Phenix Truck Bodies & Van Equipment (“Phenix”) to develop a lightweight truck body for its Class 3 EV. Phenix designed a distinctive, lightweight body configuration tailored to meet the needs of Class 3 service body truck fleets, aiming to provide an electric alternative to internal combustion engine vehicles.

  • September 2022: Alumobility, a global association dedicated to advancing aluminum used in the automotive industry, hosted a webinar to introduce, summarize, and demonstrate its Body Side Outer (BSO) Panel design guidelines.

  • May 2022: Solvay, a global leader in specialty materials, announced the expansion of its SolvaLite portfolio with the introduction of SolvaLite 714 Prepregs for automotive body panels. This new generation of unidirectional carbon fiber and woven fabric prepregs, pre-impregnated with SolvaLite 714 epoxy resin, is designed to enhance manufacturing efficiency. These advanced prepregs feature fast-cure cycles, extended outlife, and are optimized for rapid compression-molding processes in high-volume automotive production. Additionally, Solvay shared plans to invest in Xencor LFT production facilities to further support the growth of its composite materials in the automotive sector.


REPORT COVERAGE


The report provides a detailed analysis of the market and focuses on key aspects, such as leading companies, product types, and top applications of the product. Besides, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation






















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 5.9% from 2024 to 2032



Unit



Value (USD Billion) and Volume (Thousand Units)



Segmentation



By Vehicle Type



  • Hatchback/Sedan

  • SUVs

  • LCVs

  • HCVs



By Component



  • Hood

  • Doors

  • Roof

  • Fenders

  • Trunk lid

  • Bumper

  • Quarter Panels



By Material Type



  • Metals

    • Aluminum

    • High-strength Steel



  • Polymers and Composites

    • Carbon fiber-reinforced polymers (CFRP)

    • Glass fiber-reinforced polymers (GFRP)

    • Thermoplastics

    • Thermosetting plastics





By Propulsion



  • ICE

  • Electric



By Region



  • North America (By Vehicle Type, Component, Material Type, and Propulsion)

    • U.S. (By Vehicle Type)

    • Canada (By Vehicle Type)

    • Mexico (By Vehicle Type)



  • Europe (By Vehicle Type, Component, Material Type, and Propulsion)

    • Germany (By Vehicle Type)

    • France (By Vehicle Type)

    • U.K. (By Vehicle Type)

    • Spain (By Vehicle Type)

    • Italy (By Vehicle Type)

    • Rest of Europe (By Vehicle Type)



  • Asia Pacific (By Vehicle Type, Component, Material Type, and Propulsion)

    • China (By Vehicle Type)

    • Japan (By Vehicle Type)

    • India (By Vehicle Type)

    • South Korea (By Vehicle Type)

    • Australia (By Vehicle Type)

    • Rest of Asia Pacific (By Vehicle Type)



  • Rest of the World (By Vehicle Type, Component, Material Type, and Propulsion)






Frequently Asked Questions

As per a study by Fortune Business Insights, the market size was valued at USD 186.89 billion in 2023.

The market is expected to record at a CAGR of 5.9% over the forecast period of 2024-2032.

By propulsion, the ICE segment held the largest market share in 2023.

In 2023, the Asia Pacific market size was valued at USD 113.20 billion.

Increased demand for electric vehicles due to efficiency and consumer demands for performance and efficiency wit use of lightweight material are driving the growth of the market

ArcelorMittal, Magna International, and Toray Industries, among others, are the top players in the market.

Asia Pacific dominated the market in 2023.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 200
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Automotive & Transportation Clients
Asahi
Bosch
GM
Deloitee
Toshiba
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X