USD 173.49 billion
Report ID: SQMIG15B2052 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 67 | Figures: 77
Lightweight Materials Market size was valued at USD 173.49 billion in 2021 and is poised to grow from USD 189.28 billion in 2022 to USD 348.24 billion by 2030, at a CAGR of 9.1% during the forecast period (2023-2030).
The global market for lightweight materials by application type has had rapid expansion in recent years, and it is anticipated that this growth will continue in the years to come due to emission reduction requirements. The automotive sector, accounted for more than 89% of the market's total volume, is where these materials see the most demand. This industry consumes a lot of lightweight materials, which boosts the demand for those materials. The demand from the aviation sector, which accounts for more than 5% of all market demand, comes in second. The incorporation of more advanced safety features, integrated electrical systems, and emission control systems without increasing the overall weight of the vehicle and improving performance is made possible by the use of light-weight structural materials. Powertrain systems use high temperature metal titanium to save weight by up to 54.9%. It has a good strength to weight ratio and can withstand very high temperatures. Advanced high strength steel has the ability to reduce component weight by up to 25% when utilised in strength-limited designs like pillars and door rings. The growing automotive industry and increasing levels of vehicle modernization are the main factors driving the market for lightweight materials. Government regulations on efficiency, traffic safety, and car safety have aided the industry's growth. In projects involving windmills, the usage of lightweight materials is growing, and lightweight parts are being employed more frequently.
US Lightweight Materials Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 173.49 billion
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Global Lightweight Materials Market is segmented on the basis of product, application and region. By product, the market is segmented into aluminum, high strength steel, titanium, magnesium, polymers & composites, others. By application, market is segmented into automotive, aviation, energy, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Lightweight Materials Market Analysis by Product
The Hall-Heroult process was created to create high-quality aluminum from alumina; aluminum has been used in a variety of applications. Due to its age-hardening propensity and strength, aluminum is being used more frequently in automotive and aviation applications. It is projected that the application of these distinctive qualities across a number of sectors will promote market growth.
Mobile and automotive electronics are the main uses for magnesium. Due to its ability to be recycled, magnesium is expected to increase during the envisioned period. Titanium is used extensively in a variety of applications since it is widely accessible and simple to use. Despite the cost, it is only used in specialized applications where greater strength and longevity are desired.
Lightweight Materials Market Analysis by Application
The automotive segment led the market as a whole in 2022 with a sales share of about 73%. The key market drivers are expanding applications in the automotive and aviation industries. The expanding innovation in the aviation sector is predicted to boost market demand throughout the course of the projected period. Additionally, the growing use of lightweight materials in the energy application segment is anticipated to spur market expansion. Driving dynamics, agility, and fuel efficiency are just a few of the things that are directly impacted by the use of lightweight materials. Due to their use in the aviation sector, the demand for lightweight materials is expected to rise over the projected period. In addition, lightweight materials are needed for the building of windmills, one of the main renewable energy sources.
The growing segment in the market includes defense and transportation. Due to its exceptional capacity to reflect electromagnetic energy, titanium and magnesium are primarily utilized in these applications. The market is expected to see a growth in demand as a result of more research being done on and novel materials being developed for usage in military applications.
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Asia Pacific is expanding swiftly and could become a successful market in the future. The building industry has experienced tremendous growth as a result of the area's changing consumer preferences and increasing rate of urbanization, as well as increased disposable income. This feature has had a significant positive impact on the local market for lightweight materials. The surge in government funding for wind and hydropower projects, in particular, has had a positive effect on the APAC market. The rising demand for fuel-efficient cars also helps to boost the region's market position. Statistics show that China produced close to 23.7 million vehicles, including cars, lorries, vans, and buses. Since then, this number has gradually increased, a phenomenon that unquestionably favors the market for lightweight materials in the upcoming years.
It is frequently used in North America because high strength steel shares many features with normal steel. Polymers and composites, on the other hand, are anticipated to grow quickly over the course of the forecasted period due to their broad acceptance in the automotive and energy industries. The demand for aluminum in this region is increasing as its uses in the automotive and aviation industries expand. As the top producers and exporters of aircraft in North America, the US and Canada have taken the lead. The substantial benefits of these goods to the local market come from the aviation and aerospace industries' high consumption rates.
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Lightweight Materials Market Drivers
Energy Efficiency to Bolster Market Growth
Lightweight Materials Market Restraints
Performance Limitations to hinder market growth
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Due to rising applications in the automotive and aviation sectors, there are projected to be more manufacturers of polymers and composites throughout the projection period. The rapidly growing market for wind energy equipment has drawn a lot of participants, and many of them have begun to diversify their product offerings by including various items required in the production of blades.
Lightweight Materials Market Top Player’s Company Profiles
Lightweight Materials Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global lightweight materials market is expected to experience significant growth in the coming years, driven by various factors such as increasing demand from end-use industries, strict environmental regulations, and rising adoption of lightweight materials in automotive and aerospace industries to reduce fuel consumption and carbon emissions. Automakers are looking to reduce the weight of vehicles to improve fuel efficiency and meet strict emissions regulations. This has resulted in a shift towards lightweight materials such as aluminium, magnesium, and composites. The lightweight materials market is expected to continue to grow in the coming years due to increasing demand from end-use industries, the need for improved fuel efficiency, and the rising adoption of lightweight materials in various applications. However, the market is also facing challenges such as high production costs and limited availability of raw materials that need to be addressed to support continued growth.
|Market size value in 2021
|USD 173.49 billion
|Market size value in 2030
|USD 348.24 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Lightweight Materials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lightweight Materials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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