Lightweight Materials Market
The latest report on Lightweight Materials Market offers comprehensive analysis by Type (Composites, Metals, Plastics), Application (Automotive, Aviation, Marine, Wind Energy). The Lightweight Materials Market report defines and segments the global lightweight materials market with analysis and forecasting in terms of volume and value with extensive analysis of changing market dynamics, top segments, regional landscape, value chain, and competitive scenario with expert review & forecast.
Lightweight Materials Market Key Players
The top companies in the lightweight materials market include –
- ArcelorMittal S.A. (Luxembourg),
- Alcoa Inc. (U.S.),
- Saudi Basic Industries Corporation (Saudi Arabia),
- PPG Industries, Inc. (U.S.)
- Toray Industries, Inc. (Japan)
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Lightweight Materials Market Segmentation
The global lightweight materials market is analyzed in terms of volume (KT) and value ($million) by these aforementioned classifications.
- Carbon Fiber Reinforced Plastic
- Glass Fiber Reinforced Plastic
- High Strength Steel
- Wind Energy
- North America
- Rest of the World
North American and Asia-Pacific regions dominated the lightweight materials market in 2013. They are the largest consumers of lightweight materials, together accounting for about 71% share of the total market in terms of volume and about 70% in terms of value in 2013. The growing automotive and aviation industries have led to an enhanced demand from these regions for lightweight materials. The Chinese market is the largest market for lightweight materials, comprising more than 52% the total Asia-Pacific market by volume in 2013. The market in China for lightweight materials is estimated to grow at a high rate in the next five years.
The automotive industry has a high share in the lightweight materials market. The lightweight materials market in automotive industry is in the growth stage and is estimated to grow exponentially. The adoption of light metals and composite materials to reduce weight of vehicles is the current trend in the industry boosting the overall demand for lightweight materials for automotive utilization. The need to enhance fuel efficiency of vehicles has led to replacement of traditional materials with lightweight materials.
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The aviation industry has the second-largest share in the market. The aviation industry has been moving to lightweight materials as well. The stringent emission regulations have contributed to the growth of the market.
The automotive industry accounts for 89% of the total lightweight materials market in terms of volume. It is the largest market for these materials. The automotive industry is increasingly utilizing lightweight materials to replace traditional materials. The shift is mainly attributed to the revised vehicle emissions and stringent regulation deadlines.
The lightweight materials such as aluminum and high-strength steel have properties that help reduce vehicle weight without compromising the safety aspects of the vehicle. These metals have higher strength than steel and also provide enhanced fuel efficiency. In addition, these metals provide more benefits other than reduced weight. Major players such as Jaguar, BMW, Mercedes-Benz, Audi, and many more have adopted lightweight materials for the manufacture of cars.
The need for renewable energy has led to an increase in wind power plants. The wind energy industry in recent times has taken on use of composite materials. Similarly, the aviation industry has increased the use of composites for airplane structure.
The increasing utilization of lightweight materials by various sectors has led to the growth of the market. The lightweight materials market is estimated to reach $133.1 billion by 2019, at a CAGR of 8.5% from 2014 to 2019.
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