New York, USA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Lightweight Materials Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Lightweight Materials Market Information by Type, End Use, And Region - Forecast till 2030”, the market is estimated to grow at a 8.2% CAGR to reach USD 276.50 Billion by 2030.
Market Synopsis
To reduce the weight of automobiles, aircraft, and wind turbines while maintaining the strength and efficiency of the construction, lightweight materials are typically metal alloys and composites. High strength-to-weight ratio, superior corrosion resistance, and better design freedom are all characteristics of lightweight materials. The combination of alloys or composites for use during manufacture determines how effective, lightweight materials are. They come in various forms and grades and are used to make lightweight vehicles, airplanes, packaging, and medical equipment. Because of the rising awareness of fuel emissions, expected to drive the worldwide market, many automakers are converting to goods that lighten the cars' load.
Lightweight materials are frequently metal alloys and composites, which reduce the mass of cars, airplanes, and wind turbines while maintaining the strength and efficiency of the design. High strength-to-weight ratios, increased corrosion resistance, and improved design freedom is all provided by lightweight materials. The efficiency of lightweight materials depends on the mix of metals or composites used in their production.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 276.50 Billion |
| CAGR | 8.2% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, End Use, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The demand for lightweight materials is the highest in the automotive sector. |
| Stringent emission and fuel regulations for vehicles introduced by governments worldwide is another boosting factor. |
Market Competitive Landscape:
The chief players in the lightweight materials market are:
- Novelis Inc.
- PPG Industries Inc.
- Owens Corning Corporation
- SGL Group
- Teijin Limited
- Toray Industries Inc.
- Formosa Plastic Corporation
- Hexcel Corporation
- LyondellBasell Industries N.V.
- Alcoa Corporation
- Arcelor Mittal S.A.
- Bayer A.G.
- China Hongqiao Group Limited
- Cytec Solvay Group
- Dead Sea Magnesium Ltd
- Exxon Mobil Corporation
- Mitsubishi Rayon Co. Ltd
- Among others.
Market U.S.P. Covered:
Market Drivers:
Governments are continuously attempting to reduce the rising pollution levels brought on by vehicle emissions. Over the forecast period, it is also anticipated that rising fuel prices, the introduction of pollution rules, and the financial repercussions of not adhering to these criteria would increase demand for lightweight materials in the automotive industry. One of the key market drivers is the automotive industry's highest demand for lighter materials. The desire for lighter materials is rising as consumers demand more cars with superior fuel efficiency and low fuel consumption. The market value of lightweight materials is thus determined by the pace of their usage in the automotive sector.
Their rising use in aircraft modules is fueling the need for lightweight materials, and this trend is anticipated to continue during the projected period. The automobile industry has experienced tremendous expansion due to rising disposable income, technical advancements, new product developments, and the number of original equipment manufacturers (OEMs) and aftermarkets. Lightweight materials like composites, metal alloys, and polymers are frequently used in producing various vehicle parts.
Market Restraints:
The price of materials like reinforced composites, carbon fiber, titanium, and magnesium is the biggest barrier to the market for lightweight materials. This limits the applications of lightweight materials in many end-use industries, including aircraft, wind turbines, and maritime equipment. The high material and manufacturing costs of lightweight materials hamper the market's expansion. The market for lightweight materials has significant maintenance challenges.
Browse In-depth Market Research Report (111 Pages) on Lightweight Materials
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COVID 19 Analysis
They are utilized to create lightweight cars, aircraft, packaging, and medical equipment and exist in various shapes and grades. The COVID-19 epidemic significantly impacted lightweight materials because of the market's dependency on the maritime, automotive, aerospace, and windmill industries. Because the market for lightweight materials depends on the maritime, automobile, aerospace, and windmill industries, COVID-19 hurt it. The worldwide supply chain for lightweight materials was hampered by the widening supply-demand mismatch brought on by the prolonged health crisis. Additionally, due to the potential of infection among the employees, some automotive companies have either stopped operations or curtailed them. In this industry, lightweight materials are employed to lower vehicle fuel consumption. The requirement for lightweight materials during the COVID-19 phase has briefly been restricted.
Market Segmentation
By end-use, the market includes automotive, marine, energy, aerospace, electronics and electrical industry, and construction. By type, the market includes composites, metal alloys, and polymers.
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Regional Insights
Over the projection period, it is anticipated that North America's rising vehicle demand will further boost market expansion. Due to the significant presence of leading auto manufacturers in nations like the United States and Canada, this region has experienced rapid expansion. Additionally, the business in this region is anticipated to be driven by the presence of manufacturers of equipment for renewable energy sources. One of the dominating regions in Europe. The presence of significant automakers and expanding innovation in using lightweight materials in aircraft are anticipated to increase product sales in this region. The use of lightweight materials in the energy industry is anticipated to increase due to the increased focus on renewable energy. One of the regions with the quickest growth is expected to be MEA.
The expanding end-use businesses in this region are driving the demand for lightweight materials. Over the projection period, it is anticipated that expanding manufacturers in this area would increase demand for lightweight materials. Due to expanding aviation and automotive industries, the Asia-Pacific region dominated worldwide demand. Due to the significant demand for passenger automobiles, nations like China and India dominate the regional industry. Rising consumer interest in renewable energy is predicted to increase product demand for energy-related applications. The demand for titanium and magnesium is anticipated to increase due to this region's high defense spending. Because there are more manufacturers of lightweight materials, there is an increase in the product's demand in Latin America. Additionally, the presence of aviation and wind energy equipment companies in Europe is anticipated to boost the market growth.
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