The global Lightweight Materials Market is expected to reach USD 225.3 billion by 2024. Lightweight materials are the materials used to reduce vehicle weight to reduce emissions, enhance performance, and lower oil and fuel consumption. Lightweight materials play important role in enhancing the fuel economy of the latest cars while maintaining their performance and safety. Weight reduction plays important role in reducing CO2 for any source of energy like fuel cells, oil, biofuels, or electricity. Recycling, mass reduction, and manufacturing process are dominant in the transport segment in accomplishing pollutant gases and CO2 emission reduction. The Lightweight Materials Market is estimated to grow at a significant CAGR of 8.9% over the future period as the scope and its applications are rising enormously across the globe.
Rising energy efficiency, composite material provide more protection upon impact and advanced performance are documented as major factors of the Lightweight Materials Market that are estimated to enhance the growth in the years to come. Also, these materials can be easily installed, are low in cost, and maintain their standard are the factors that may boost the overall market in coming years. The Lightweight Materials Industry is segmented based on type, application, and region.
Plastics, composites, metals, and other types could be explored in Lightweight Materials in the forecast period. The plastic sector includes polypropylene and polycarbonate. Composites comprise glass fiber reinforced plastic and carbon fiber reinforced plastic. On the other hand, metals consist of titanium, aluminum, magnesium, and high-strength steel.
The market may be categorized based on applications like wind energy, automotive, marine, aviation, and others that could be explored in the foremost period. The automotive sector is estimated to lead the overall market with the largest market share in the upcoming years. This may be because of growing awareness regarding fuel emissions. Also, the aviation company is the second-largest company with a significant market share. However, the wind energy sector is estimated to grow at the fastest pace in the upcoming years.
Globally, North America and the Asia Pacific accounted for the majority market share and are estimated to continue their dominance in the coming years. The reason behind the growth of the overall market in these regions could be the high production of vehicles and aircraft and strict policy. However, Asia Pacific is estimated to grow at the highest CAGR in the coming years.
Developing countries like India and China are the major consumer of Lightweight Materials in the region. This may be because of growing awareness regarding renewable energy, rising demand for passenger vehicles, and a high defense budget. Instead, Europe is also estimated to have a positive influence on future growth. Europe is estimated to account for significant market share in the future period.
The key players of the Lightweight Materials Market are Toray Industries Inc., ArcelorMittal S.A., PPG Industries Inc., Alcoa Inc., and Saudi Basic Industries Corporation. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.
Lightweight Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2024)
• High Strength Steel
• Polymers & Composites
Lightweight Materials Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2024)
Lightweight Materials Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2024)
• North America
• the Asia Pacific
• Latin America
• Middle East & Africa
Research Support Specialist, USA
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