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United States Lightweight Body Panel Sales to total US$ 54,359.1 million by 2033 amid Rising Demand for Fuel-efficient Automobiles

The automotive lightweight body panel industry in the United States is experiencing significant growth driven by the increasing emphasis on fuel efficiency and environmental sustainability, with a rising demand for advanced materials and manufacturing technologies to reduce vehicle weight and enhance overall performance.

NEWARK, Del, Dec. 21, 2023 (GLOBE NEWSWIRE) — The United States Lightweight Body Panel Industry is expected to witness a CAGR of 4.5% from 2023 to 2033. It is anticipated to reach a valuation of US$ 34,867.8 million in 2023. It is projected to total US$ 54,359.1 million by 2033. Revenue stood at US$ 32,314.3 million in 2022. South United States is expected to dominate the space with a valuation of US$ 25086 million by 2033. It is projected to hold about 46.3% share in the United States in 2023.

Increasing demand for fuel efficiency solutions will likely drive demand for lightweight body panels in the United States. Lightweight body panels, such as those made from aluminum, carbon fiber, or composite materials, are in high demand since they help reduce a vehicle’s overall weight. Improved fuel efficiency and lower energy costs will likely remain critical factors driving their popularity through 2033.

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Stringent fuel efficiency and emissions regulations in the United States push automakers to develop more fuel-efficient and environmentally friendly vehicles. Using lightweight materials in body panels is a practical way to achieve these goals. The growing demand for electric vehicles places an even greater emphasis on weight reduction, as lighter EVs can offer longer driving ranges on a single charge. Lightweight body panels play a crucial role in making EVs more competitive.

With increasing environmental awareness, consumers are seeking vehicles that are fuel-efficient and made from sustainable materials. Automakers are responding by using eco-friendly and recyclable materials for body panels. Lightweight materials can enhance a vehicle’s acceleration, handling, and braking performance. This can be an attractive selling point for consumers, further driving demand for lightweight body panels.

Initially, lightweight materials may be more expensive to produce. However, the long-term cost savings in fuel efficiency and reduced maintenance can make them economically viable. This cost-effectiveness is expected to encourage automakers to adopt lightweight body panels. Materials science and manufacturing advances are making it increasingly feasible to produce lightweight body panels. They are more reliable, robust, and safer than traditional materials, further encouraging their adoption.

Key Takeaways from the United States Automotive Lightweight Body Panel Industry Analysis

  • The United States landscape is projected to expand at a CAGR of 4.5% from 2023 to 2033.
  • The global lightweight automotive body panels market size is projected to be valued at US$ 122,054.9 million in 2023 and is expected to rise to US$ 191,369.2 million by 2033.
  • In the historical period, sales stood at US$ 32,314.3 million.
  • Revenue generated by the United States will likely reach at US$ 54,359.1 million by 2033.
  • By product type, the bumpers segment is estimated to hold around 21.4% shares of the total volume share.
  • Based on material type, the polypropylene segment is projected to account for prominent revenue share of 29.6% in 2023

“Trend towards sustainability and the desire for recyclable and eco-friendly polymer materials propel the adoption of polymer-based automotive lightweight body panels. Key manufacturers are implementing advanced manufacturing processes such as automated stamping, hydroforming, and 3D printing, a trend expected to continue through 2033. – says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)

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Competitive Landscape of the United States Automotive Lightweight Body Panel Business

Key companies are collaborating with automotive OEMs and other companies to co-develop lightweight body panels that meet specific performance and design requirements. They are offering customization options to OEMs, allowing them to tailor lightweight body panels to their specific vehicle models. They are also investing in research and development to continuously improve the performance, durability, and cost-effectiveness of lightweight body panels.

Few Leading Companies in the United States Automotive Lightweight Body Panel Landscape

  • Covestro is a world-class maker of superior polymer materials and components. The firm contributes to improving sustainability and quality of life through several different ways through its cutting-edge goods, techniques, and systems. In important sectors including transportation, construction, and housing and in the electronics and electrical sectors, Covestro serves clients all over the world.
  • Solvay, a pioneer in materials, chemicals, and solutions, uses technological developments in automobiles, batteries, smart gadgets, medical equipment, water purification, and air purification to address pressing industrial, social, and environmental issues.

Key Companies Profiled

  • Solvay S.A.
  • Magna International, Inc.
  • Gestamp
  • Teijin Limited
  • Owens Corning
  • Lanxess AG
  • Covestro AG
  • Toray Industries, Inc.
  • Hexcel Corporation
  • Plastic Omnium Auto Exteriors, LLC
  • PlastiComp
  • ABC Group, Inc.
  • FLEX-N-GATE CORPORATION

Scope of Report

Attribute Details
Estimated Size (2023) US$ 34,867.8 million
Projected Valuation (2033) US$ 54,359.1 million
Value-based CAGR (2023 to 2033) 4.5%  
Forecast Period 2023 to 2033
Historical Data Available for 2018 to 2022
Industry Analysis US$ million for Value and Units for Volume
Report Coverage Industry Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Sales Dynamics and Challenges, and Strategic Growth Initiatives

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United States Automotive Lightweight Body Panel Industry Outlook by Category

By Product Type:

  • Bonnet
  • Trunk Lid
  • Doors
  • Fenders
  • Roof Panel
  • Quarter Panel
  • Bumpers
  • Rocker Panel
  • Tail Gate
  • Cowl Panel
  • Dashboard / Instrument Panel

By Material Type:

  • Polypropylene
  • Polybutylene
  • Terephthalate
  • Acrylonitrile Butadiene Styrene (ABS)
  • Polycarbonate
  • Polyamide
  • Other Thermoplastics
  • Carbon Fiber Reinforced Polymers (CFRP)
  • Glass Fiber Reinforced Polymers (GFRP)
  • Other Plastic Composites

By Vehicle Type:

  • Passenger Cars
  • Electric Cars
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
  • Recreational Vehicles

By Sales Channel:

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

By Countries:

  • Northeast United States
  • Midwest United States
  • West United States
  • South United States

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Explore FMI’s Extensive Ongoing Coverage in the Automotive Domain

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Originally published at https://www.einpresswire.com/article/676589761/united-states-lightweight-body-panel-sales-to-total-us-54-359-1-million-by-2033-amid-rising-demand-for-fuel-efficient-automobiles-future-market

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