New York, United States , May 29, 2023 (GLOBE NEWSWIRE) -- The Global Lightweight Materials Market Size is to grow from USD 190.2 Billion in 2022 to USD 423.5 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 8.3% during the forecast period.
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To reduce the weight of automobiles, aircraft, and wind turbines while maintaining the strength and efficiency of the construction, lightweight materials are commonly composed of metal alloys and composites. High strength-to-weight ratio, enhanced corrosion resistance, and increased design flexibility are all provided by lightweight materials. These materials, which include metal alloys, polymers, and composites, provide car and aviation parts with better mechanical strength and durability. Aluminum, high-strength steel, magnesium alloys, and sophisticated carbon-fiber-reinforced polymers are the best materials for application in the automotive and aerospace industries. The proportion of metals or composites used in a lightweight material's construction determines its efficacy. They are available in a range of styles and grades and are used to produce lightweight vehicles, airplanes, packaging, and medical equipment. Because of the increased concern about gasoline emissions, several manufacturers are switching to lighter automobiles, which is expected to enhance worldwide commerce.
The demand for lightweight materials is rising across several industrial sectors, which is driving the market. The usage of lightweight materials has significant beneficial effects on the automotive, aircraft, and energy industries. In addition, the car industry has expanded significantly due to reasons including increased disposable income, technological improvement, an upsurge in new product innovations, and an increase in the overall number of aftermarkets and OEMs. The implementation of severe pollution and fuel requirements for autos by governments throughout the world is another factor supporting the business. Also, to drive an engine's pulling capacity, low-power engines utilized in electric cars need lightweight components. In addition, the primary limitation of the market for lightweight materials is the high cost of materials such as reinforced composites, titanium, and magnesium. Several end-use industries, such as automotive, aircraft manufacturing, wind turbines, and maritime, restrict the use of lightweight materials. In addition, factors like the rapid fluctuations in raw material prices and the high price of carbon fiber may hinder market growth.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on the "Global Lightweight Materials Market Size, Share, and COVID-19 Impact Analysis, By Product (Metal Alloys, Composites & Polymers), By Application (Automotive, Aviation, Energy, & Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022– 2032." Get Detailed Report Description Here:
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The composites & polymers segment is influencing the market with the largest market share over the forecast period.
Based on the product, the global lightweight materials market is segmented into various segments such as metal alloys, composites & polymers. The other divisions of metal alloys include high-strength steel, aluminum, titanium, and magnesium. The polymers section is further divided into polycarbonate and polypropylene, while the composites section is divided into carbon-fiber-reinforced plastic (CFRP) and glass-fiber-reinforced plastic (GFRP). Among these, composites & polymers are the section with the fastest-growing market over the projection period. It is anticipated that the demand for polymers and composites would rise at a sustainable rate due to their ability to reduce vehicle weight by more than 45% and improve fuel efficiency by about 30%.
The automotive segment is dominating the largest market growth during the forecast period.
On the basis of indication type, the global lightweight materials market is segmented into different segments such as Automotive, Aviation, Energy, & Others. The automotive segment is influencing the overall market growth with around 86% share in terms of revenue during the forecast period. Composites & polymers have the fastest-growing market share among these categories over the projection period. The demand for polymers and composites is expected to rise at a sustainable rate since they will be able to reduce vehicle weight by more than 45% and improve fuel efficiency by about 30%.
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Middle East & Africa is leading the market with the largest market growth over the forecast period.
The Middle East & Africa market is expected to expand at the quickest rate over the forecast period, due to the installation of manufacturing facilities by various conglomerates, like Cytec Solvay Group, and the region's increasing industrialization, Natural resources are also readily available, and demand is expected to rise due to the expanding application sector.
Asia Pacific currently accounts for the majority of global demand, due to the region's growing economies in the automotive and aviation sectors, as well as the rising demand for passenger automobiles. As consumer awareness of renewable energy sources develops, it is projected that product demand for energy applications would rise. It is projected that the region's high defense spending will boost demand for magnesium and titanium.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in Global Lightweight Materials Market include ThyssenKrupp AG, Henkel Corporation, Owens Corning Corporation, LyondellBasell Industries N.V., Hexcel Corporation, SGL Group, Zoltek Companies Inc, Mitsubishi Rayon Co. Ltd., UC Rusal, Nippon Graphite Fiber Corporation, Aluminium Corporation of China, Rio Tinto Alcan Inc., China Hongqiao Group Ltd., Kaiser Aluminium. US Magnesium LLC, A&S Magnesium Inc., & Others.
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Recent Development
In January 2022, scientists are establishing balsa trees in the tropical Yunnan region to assist China in keeping its position as the world leader in wind energy. Balsa, a woodworking material used to construct model airplanes, is utilized to create a sizable wind turbine with substantial blades. Nearly all of the $60 billion locally sourced components utilized in China's wind sector are imported, although light wood is a foreign import. Suppliers are desperately looking for more balsa as the country that manufactures the most wind turbines in the world tries to install wind power at a fast speed to meet lofty climate targets. China is now attempting to develop its own to make up for the shortage and decrease imports.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Lightweight Materials Market based on the below-mentioned segments:
Global Lightweight Materials Market, By Product
- Metal Alloys
- strength steel
- aluminum
- titanium and magnesium
- Composites & Polymers
- Composites
- Carbon-fiber reinforced plastic (CFRP)
- Glass-fiber reinforced plastic (GFRP)
- Polymers
- polycarbonate
- polypropylene
Global Lightweight Materials Market, By Application
- Automotive
- Aviation
- Energy
- Others
Lightweight Materials Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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