According to MRFR analysis, the Lightweight Materials Market is projected to register a CAGR of 9.12% to reach USD 149.79 Billion by the end of 2025.
Lightweight materials play a vital role in the automotive, aerospace, and energy industries. The advantages of using lightweight materials include excellent wear and corrosion resistance in a wide range of environments and temperatures, high strength-to-weight ratio, high strength retention at elevated temperatures, high chemical stability, and hardness. Composites materials are strong and weigh one-third as metals and can operate at 2,400° Fahrenheit, i.e., 500° higher than the most advanced alloys. The growing demand for lightweight and fuel-efficient military aircraft for homeland security and counterterrorism is the major factor expected to fuel the global market growth.
The increasing focus on the reduction of automobile weight to improve the performance and efficiency of the vehicles has resulted in the replacement of heavy metals and other materials with suitable lightweight materials. The demand for lightweight materials is also supported by stringent regulations for environmental protection by regulatory bodies such as the US Environmental Protection Agency, European Legislation, and Bharat Stage Emission Standards.
The growing demand for lightweight components in end-use industries is projected to boost the demand for lightweight materials.
Lightweight materials such as metal alloys, polymer, and composites offer higher strength and durability to a wide range of automobile and aircraft components. It comprises metal alloys, composites, and polymers. Advanced carbon-fiber-reinforced polymers, aluminum, high-strength steels, and magnesium alloys have emerged as ideal materials for use in the automotive and aerospace industries.
The price of lightweight materials is expected to fluctuate in the coming years owing to variation in oil prices, market dynamics, and geopolitical issues. For instance, the price of carbon fiber composites was around USD 20/kg in 2017, which is expected to decline and reach USD 10/kg by 2020. The price of titanium in Asia-Pacific was around USD 2.600–3,000 per ton in 2018 is expected to rise in the coming years. The price of titanium was increasing ever since 2017 due to global demand and reduced production in China. However, the price of titanium prices is expected to increase with the rise in the price of feedstock in Europe.
Lightweight materials offer higher flexibility in design and strength to various structures.
- Rising research and development activities in the aerospace industry for lightweight materials
- Favorable government regulation on fuel efficiency and vehicle emission supporting lightweight material growth
- Fluctuating cost of raw materials
- Composites: Carbon fiber is significantly used as a lightweight material in the automotive, aerospace, and energy industries. In 2018, the global demand for carbon fiber reinforced plastics (CRP) was around 128,000 tonnes. In 2018, the demand for carbon fiber was around 78.5 kilotons with the highest demand in the US and Japan.
- Metal Alloy: Titanium, high strength steel, and aluminum metal alloys are used as lightweight materials for 3D printing technology to create complex parts and designs at lower costs such as aircraft engine compartment, air ducts, and internal channels, among others. The global titanium market was valued at around USD 1,200.0 million in 2017.
- Aerospace: The manufacturers are emphasizing on reducing the weight of aircraft to reduce fuel consumption. The revenue of the UK aerospace industry was USD 32.68 billion, and Japan recorded USD 15.35 billion in 2016. Germany spent around USD 4.22 billion in research and development of the aerospace industry by the end of 2016.
- Automotive: Metal alloys are ideal for functional automobile parts. These metal alloys, e.g., titanium, stainless steel, and aluminum help to design automobile parts with complex geometries, difficult to produce with traditional methods also offering benefits such as reducing weight, optimizing the energy efficiency, and reducing CO2 emission of vehicles. The car production in the US was 11,314,705 units and Brazil 2,879,809 units.
- Electronic and Electrical Industry
- North America: The US and Canada are the largest producers and exporters of aircraft. High consumption of lightweight materials in the aerospace industry is expected to drive regional growth. In 2018, the revenue from the export of aircraft was USD 151 billion.
- Europe: The growth of the aerospace & defense and automotive industries is expected to be the major driving factor. In addition, the increasing usage of carbon fiber in the wind energy industry is expected to drive regional market growth. The European Wind Energy Association reported that Europe installed 11.7 GW of new wind energy units in 2018.
- Asia-Pacific: The increasing demand for glass fiber reinforced concrete that is lightweight, fire resistant, and exhibits excellent properties is expected to boost the regional market growth. The increasing urbanization with rising per capita disposable income and changing lifestyles are the key factors driving the growth of the construction industry in developing countries.
- Middle East & Africa: In UAE and Saudi Arabia, advanced composite material is used in the oil & gas and energy industry as an alternative to metal and non-reinforcement plastics.
- Latin America: Countries such as Brazil and Mexico are growing at a remarkable pace. The increasing production of automobiles in the region is expected to drive the demand for lightweight materials.
- Alcoa Corporation
- Arcelor Mittal S.A.
- Bayer A.G.
- China Hongqiao Group Limited
- Cytec Solvay Group
- Dead Sea Magnesium Ltd
- Exxon Mobil Corporation
- Formosa Plastic Corporation
- Hexcel Corporation
- LyondellBasell Industries N.V.
- Mitsubishi Rayon Co. Ltd
- Novelis Inc.
- PPG Industries Inc.
- Owens Corning Corporation
- SGL Group
- Teijin Limited
- Toray Industries Inc.
Frequently Asked Questions (FAQ) :
lightweight materials market is projected to grow at a 9.12% CAGR between 2019-2025.
lightweight materials market is predicted to touch USD 149.79 billion by 2025.
North America is projected to dominate the lightweight materials market.
Favorable government regulation and increasing R&D in the aerospace industry are the key factors driving the lightweight materials market growth.
Fluctuating raw material cost may limit the lightweight materials market growth.