Global Lightweight Materials Market Size By Product (Aluminum, High Strength Steel), By Application (Automotive, Aviation), By Geographic Scope And Forecast

Lightweight Materials Market Size And Forecast

Lightweight Materials Market size was valued at USD 178 Billion in 2021 and is projected to reach USD 197 Billion by 2030, growing at a CAGR of 5.85% from 2023 to 2030.

A large number of car manufacturers are switching to products that reduce vehicle weight due to increased awareness about fuel emissions, which is expected to boost the global market. The Global Lightweight Materials Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Lightweight Materials Market Definition

To reduce the weight of automobiles, aircraft, and wind turbines while maintaining structural durability and efficiency, lightweight materials are often metal alloys and composites. Lightweight materials provide a high strength-to-weight ratio, higher corrosion resistance, and good design freedom. The combination of metals or composites used in manufacturing determines how efficient the lightweight materials are.

They come in various forms and grades and are used to make light vehicles, aircraft, packaging, and medical equipment. COVID – With the market dependent on the marine, automotive, aerospace, and wind industries, the COVID-19 pandemic has had a severe impact on lightweight materials. According to a report released by the National Information Center (NCI) in April 2020, lockdowns and factory closures in March 2020 caused a 30% drop in sales in the automotive sector compared to the same month of the previous year.

Global Lightweight Materials Market Overview

A large number of car manufacturers are switching to products that reduce vehicle weight due to increased awareness about fuel emissions, which is expected to boost the global market. Increased demand for vehicles in North America is expected to fuel the market growth during the forecast period. Growth in this region is due to the strong presence of major car manufacturers in countries such as the US and Canada. In addition, the presence of renewable energy equipment manufacturers is expected to drive the market in this region.

Europe is one of the dominant regions. The presence of major automobile manufacturers along with increasing innovation in lightweight materials used in aerospace is expected to increase the demand for products in this region. The growing emphasis on renewable energy sources is expected to promote the use of lightweight materials in the energy sector. MEA is expected to be one of the fastest-growing regions. The increase in the number of manufacturers in this region is expected to increase the demand for lightweight materials in this region during the forecast period.

Governments are constantly working to curb the rising levels of pollution caused by vehicle emissions. In addition, rising fuel prices, implementation of emission norms, and the financial implications of complying with these norms are expected to increase the demand for lightweight materials in the automotive sector over the forecast period. Aluminum, high-strength steel, polymers, and composites are widely used to meet industrial safety and emissions goals. Automakers have begun working on multi-material designs incorporating lightweight materials to improve fuel economy. The use of polymers and composites in vehicle construction is expected to grow due to the added benefit of lightweight.

In the automotive sector, the demand for lightweight materials is the highest, which is one of the main drivers of the market. Due to the increasing demand for fuel-efficient and good fuel-efficient vehicles, the demand for lightweight materials is increasing. Thus, the rate of consumption of lightweight materials in the automotive industry determines the market value. Increased use of these materials in aircraft modules is also fueling the demand for lightweight materials and is expected to fuel growth over the forecast period.

The market is also governed by strict rules and guidelines for vehicle emissions and fuel regulations imposed by governments around the world. These regulations force OEMs (original equipment manufacturers) to improve the use of lightweight materials such as light alloys, plastics, and composites. These materials reduce carbon emissions from vehicles and thus promote growth. More opportunities for growth help increase the value of market growth. Electric vehicles in the automotive industry represent growth opportunities for the market. Other factors such as increased environmental awareness, government initiatives, and increased investment by OEMs have led to the promotion and use of EVs, thereby fueling the growth of the industry.

Global Lightweight Materials Market Segmentation Analysis

The Global Lightweight Materials Market is Segmented on the basis of Product, Application, And Geography.

Lightweight Materials Market, By Product

• Aluminum
• High Strength Steel
• Titanium
• Magnesium
• Polymers & Composites
• Others

Based on the Product, The market is bifurcated into Aluminum, High Strength Steel, Titanium, Magnesium, Polymers & Composites, Others.

Lightweight Materials Market, By Application

• Automotive
• Aviation
• Energy
• Other

Based on the Application, The market is bifurcated into Automotive, Aviation, Energy, and Other.

Lightweight Materials Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Lightweight Materials Market is classified into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.

Key Players

The “Global Lightweight Materials Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are E. I. Dupont De Nemours And Company, Exxonmobil Corporation, Sabic, Bayer Ag, Toray Industries, Inc., Novelis Inc., Arcelormittal Sa, Ppg Industries Inc., Alcoa Inc., Solvay.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In July 2020, Intelligent Packaging Limited Buyer Inc. announced controlled by Madison Dearborn Partners, LLC that it has signed an agreement to acquire IPL Plastics Inc.
• February 2021Boston Materials, a manufacturer of advanced lightweight materials, began distributing its Z-axis carbon fiber to customers in Europe and North America. This fiber is produced in a 60 inch wide roll-to-roll process. With the growing need for lightweight Z-axis carbon fiber in industries such as electronics, transportation and industrial, the company expects the installation of its latest industrial-scale production line to expand its clientele. SUPERCOMP, a high-performance lightweight 3D carbon fiber material that improves energy dissipation, processability and vibration damping of lightweight composite structures, will be the first product to be delivered to the market.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global LightWeight Materials Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global LightWeight Materials Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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