Felton, 5 December
2019 - 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 to lower oil and fuel consumption. Lightweight materials play
important role in enhancing the fuel economy of latest cars while maintaining their
performance and safety. The weight reduction plays important role in reducing
CO2 for any source of energy like fuel cells, oil, biofuels, or electric.
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.
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Rising energy efficiency, composite material provide more
protection upon impact, and advances performance are documented as major
factors of Lightweight Materials Market that are estimated to enhance the
growth in the years to come. Also, these materials can be easily installed, low
in cost, and maintains its standard are the factors that may boost overall
market in coming years. 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. Plastics sector
includes polypropylene and polycarbonate. Composites comprise glass fiber
reinforced plastic and carbon fiber reinforced plastic. On the other hand, metals
consists 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
foremost period. The automotive sector is estimated to lead the overall market
with largest market share in the upcoming years. This may be because of growing
awareness regarding fuel emissions. Also, aviation company is the second
largest company with significant market share. However, wind energy sector is
estimated to grow at fastest pace in the upcoming years.
Globally, North America and Asia Pacific accounted for the
majority market share and is estimated to continue their dominance in the
coming years. The reason behind the growth of overall market in these regions
could be high production of vehicles and aircrafts and strict policy. However,
Asia Pacific is estimated to grow at highest CAGR in the coming years.
The developing countries like India and China are the major
consumer of Lightweight Materials in the region. This may be because of this
may be because of growing awareness regarding renewable energy, rising demand
for passenger vehicles, and high defense budget. Instead, Europe is also
estimated to have a positive influence on the future growth. Europe is
estimated to account significant market share in the future period.
The key players of 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.
Market Segment:
Lightweight Materials
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2024)
• Aluminum
• High Strength
Steel
• Titanium
• Magnesium
• Polymers &
Composites
• Others
Lightweight Materials
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2024)
• Automotive
• Aviation
• Energy
• Other
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