Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Lightweight Materials Market by Type (Metal Alloys, Composites, Polymers), by Application (Automotive, Aerospace, Wind, Marine, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." The report indicates that the global lightweight materials industry is expected to generate $261.6 billion by 2030. The same industry has witnessed a value of $168.1 billion in 2020 and is anticipated to display a notable CAGR of 4.5% during the forecast period of 2021 to 2030.
Prime determinants of growth:
The global lightweight materials market is experiencing growth due to an increase in number of original equipment manufacturers and aftermarkets resulting in the growth of the automobile sector, surge in latest product developments, technological advancements, and growth in disposable income. However, the high cost of carbon fiber and volatile prices of raw materials hinder the usage of lightweight materials across several industries like marine, wind turbines, aircraft manufacturing, and automotive which restricts the market growth. Nevertheless, rise in awareness of sustainable activities raised the popularity of EVs among both developed and developing countries, hence offering ample growth opportunities to the market in the upcoming years.
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The metal alloys segment to lead the trail by 2030
By type, the metal alloys segment held the largest market share of more than three-fifths of the global lightweight materials market in 2020 and is expected to retain its dominance throughout the forecast timeframe. The segment is driven by robust demand for heavy duty carton sealing, gift wrapping & decoration, general-purpose repair, and adhesive manufacturing tapes & labels. On the other hand, the composite segment is expected to witness the fastest growth with 5.4% CAGR from 2021 to 2030, owing to heightened demand for composites from transportation, automotive, building & construction, and other end-use industries.
The automotive segment captured the largest share in 2020
In terms of application, the automotive segment generated the largest market share of around four-fifths of the overall market revenue in 2020 and is anticipated to retain its dominance throughout the forecast timeframe. The growth is attributed to the growth in young population across the globe and surge in middle class income. Moreover, the aerospace segment is projected to display the fastest growth with 4.7% CAGR during the forecast period. Lightweight materials are broadly utilized to improve the avionics and mileage of fighter jets, hence both developing and developed countries are continuously engaged in advancing their fighter jets with latest armor facilities.
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Asia-Pacific held the highest share in 2020
The regional analysis in the report states that the market across Asia-Pacific was largest in 2020, accounting for more than three-fifths of the total market revenue and is anticipated to display the fastest growth with 5.2% CAGR from 2021 to 2030. The growth of the market across Asia-Pacific is driven by growing demand for lightweight materials in the wind turbine, aircraft, marine, and automotive industries.
Leading Market Players:
- Alcoa Corporation
- Saudi Basic Industries Corporation
- PPG Industries, Inc.
- Novelis Inc.
- Solvay
- ExxonMobil Corporation
- Toray Industries, Inc.
- DuPont
- ArcelorMittal, Bayer AG
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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