According to a comprehensive research report by Market Research Future (MRFR), “Lightweight Materials Market Growth Information by Type, End-Use, and Region - Forecast till 2027” the market is predicted to reach USD 276.50 Billion by 2027 at CAGR of 8.2%.
Future Key Growth Boosters:
Governments across various countries are focused on curbing the escalating pollution levels as a result of vehicular emissions. Additionally, surging fuel prices, introduction of strict emission standards, and financial implications caused due to non-adherence to these regulations have been bolstering the demand for lightweight materials in the automotive industry. Aluminum, polymers composites and high-strength steel are extensively preferred to cater to the industry's emission targets. Automakers are trying to develop multi-material designs using lightweight materials to enhance the fuel efficiency of the vehicle. Use of composites and polymers in vehicle manufacturing is touted to grow significantly in the coming years, given the lightweight property of these materials.
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metal material have a positive impact on factors including agility, fuel consumption and driving dynamics. As a result, Lightweight Materials are witnessing a surge in demand in the aviation industry. Likewise, the wind energy sector is emerging as a key end-user in the Lightweight Materials Industry for the production of windmills, while the application scope also seems to be expanding rapidly in industries like defense and transportation.
Major Players Locking Horns:
The Lightweight Materials Industry is mildly competitive, with the presence of a few key firms striving to gain the upper hand. The global market is marked by a soaring number of acquisitions and mergers while a lot of companies are spending considerably on product innovation. The number of composite and polymers manufacturers is anticipated to mount in the years ahead due to the expanding application scope in aviation and automotive industries. The rapidly growing wind energy equipment sector is attracting many vendors, who are adding a variety of products in their portfolios for manufacturing of blades.
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Some of the Top Firms active in the Global Market for Lightweight Materials are:
- SGL Group
- Arcelor Mittal S.A.
- Bayer A.G.
- China Hongqiao Group Limited
- Cytec Solvay Group
- Alcoa Corporation
- Mitsubishi Rayon Co. Ltd
- Hexcel Corporation
- LyondellBasell Industries N.V.
- Dead Sea Magnesium Ltd
- Exxon Mobil Corporation
- Formosa Plastic Corporation
- PPG Industries Inc.
- Owens Corning Corporation
- Teijin Limited
- Toray Industries Inc.
- Novelis Inc.
Market Segmentation:
Type and End-Use are the major market segments listed in the MRFR study.
Metal alloy, composites and polymers are the top segments highlighted in the report, depending on type of Lightweight Materials. Composites are most widely utilized as the replacement for aluminum, wood, and steel on account of their higher strength to weight ratio. Rising fuel prices have triggered the need for fuel-efficient vehicles. key players are conducting extensive RD activities to develop low-cost composite grades with similar mechanical properties as that of the high-cost variants. This
End-users in the global industry include automotive, construction, aerospace, electronic and electrical industry, energy, and marine. Lightweight Materials are mostly deployed in the automotive sector to boost the vehicle’s fuel efficiency and speed by bringing down the total weight. These materials are the ideal alternative to heavy materials that were earlier used for building outer frames of the vehicles due to benefits such as better handling, improved strength, lower material consumption, and reduced corrosion rate. Carbon fiber is the most sought-after lightweight material used while manufacturing of automobiles worldwide, as it significantly cuts down the overall weight while not compromising on the strength of the vehicle.
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Regional Status:
Latin America, Europe, America, Asia Pacific or APAC as well as MEA or Middle East and Africa are the main markets for Lightweight Materials Worldwide.
North America, with Canada and the US emerging as the leading exporters and producers of aircraft, has taken the lead in the global market for Lightweight Materials. Significant consumption rate of these materials in the aviation and aerospace sectors have benefitted the regional market to a large extent. Booming sales of vehicles in the region, with growing focus on using lightweight components and materials for enhanced fuel efficiency will also bolster the market size. The fact that the region is home to a number of established automakers and renewable energy equipment developers is also expected to be an important growth booster.
Asia Pacific is soaring at a rapid pace and can be a profitable market in the years to come, owing to the surging demand for lightweight glass fiber reinforced concrete, which is also fire resistant, and showcases impressive properties. Rising urbanization rate in line with increasing disposable income and evolving lifestyles of the consumers in the region have led to a strong expansion of the construction sector. This factor has been particularly favorable for the Lightweight Materials Market in the region. The APAC market also gets a substantial boost from the surge in government funding for renewable power projects, like hydro and wind energy. Additionally, the heightened preference for fuel efficient automobiles strengthens the market position in the region. In 2014, reports confirm that China manufactured close to 23.7 million vehicles that included buses, cars, vans and trucks. This number has been progressing smoothly ever since, a factor that is bound to work in favor of the lightweight materials market in the ensuing years.
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