The growing demand for lightweight materials in different industrial verticals drives the Lightweight Materials Market. Lightweight materials play a significant role in the automotive, aerospace, and energy industries. These materials are metal alloys, polymer, and composites that offer higher mechanical strength and durability to automobile and aircraft components. Advanced carbon-fiber-reinforced polymers, magnesium alloys, aluminum, high-strength steels are ideal materials recommended for usage in the automotive and aerospace industries.
There are wide advantages of using lightweight materials, including outstanding wear and corrosion resistance to a wide range of environments conditions and temperatures, high strength retention at elevated temperatures, high strength to weight ratio, chemical stability, and hardness. The rise in the need for lightweight materials and fuel-efficient military aircraft for security and counterterrorism in the defense sector is chiefly accelerating the Lightweight Materials Market Growth.
The increased rate of focus for reducing the automobile weight and improving the performance and efficiency of the vehicles have replaced heavy metals and other materials with lightweight materials. The usage of lightweight materials is also reinforced by stringent regulations for protecting the environment by regulatory bodies such as the European Legislation, US Environmental Protection Agency, and Bharat Stage Emission Standards. The increased demand for lightweight components in different end-use industries is projected to boost the applications of lightweight materials.
According to the report, the Lightweight Materials Market Value is estimated to register a CAGR of 8.2 % and a value of USD 276.50 Billion by 2030 during the forecast period.
COVID-19 is an infectious disease caused by the coronavirus. Largely unknown before this outbreak across the world, COVID-19 has moved from a regional crisis to a global pandemic that devastated the economy of the nations.
COVID-19 has impacted almost all industries worldwide by disrupting supply chain processes and delaying various industrial operations. Most companies have stopped their manufacturing activities and reduced them to the bare minimum. The Lightweight Materials Market was also badly affected by the COVID-19 pandemic. Critical measures are undertaken by governments, such as lockdown and social distancing, which led to the closure of manufacturing plants in the preliminary stage of the pandemic. Only a few industrial operations allowed, the demand for various input products in the industrial sector has declined. The factors seem imperative to affect the market for CNC controllers as very few new Lightweight Materials are expected to be deployed by these industries during the ongoing crisis.
Chief Factors Existing In The Market
The demand for lightweight materials is the highest in the automotive sector; hence it is the major driver of the Lightweight Materials Market. The consumption rate of lightweight materials in this industry propels the market value. Stringent emission and fuel regulations for vehicles introduced by governments worldwide is another boosting factor of the market. These regulations accelerate automotive OEMs for increasing the usage of lightweight materials such as composites, lightweight metals, and plastics. These are the key drivers of the Lightweight Materials Market.
The challenging factors of the market are hindering its growth rate in the forecast period. The maintenance of lightweight material is a major challenge of the Lightweight Materials Market. Additionally, the high prices to avail the raw materials and for high maintenance are challenging the market.
Several growth opportunities contribute to uplifting the growth value of the Lightweight Materials Market. The invention of electric vehicles in the automotive industry opens opportunities for the market. Other factors such as the rise in environmental awareness, government support and initiatives, and greater investments by OEMs have led to the invention and usage of electric vehicles, acting as a growth opportunity for the market.
The major restraining factor of the Lightweight Materials Market is the high cost of materials like titanium, carbon fiber-reinforced composites, and magnesium which is hindering the demand for these materials.
Cumulative Evaluation Of The Market
The Lightweight Materials Market evaluation report shows the market's global growth in recent years. The chief existing variables, such as the key drivers and the opportunities, are driving the global market rapidly. The growth limiting factors of the Lightweight Materials Market, such as the challenges and restraining factors, are even noticed to hamper the growth speed. Still, the key players are focusing on it to overcome the issues. The COVID-19 pandemic has shown a bad impact on the market, but soon the market will recover the situation in the future years. The Lightweight Materials Market is estimated to achieve its estimated CAGR value in the review period.
The Lightweight Materials Market Size is divided into segments such as type and end-use. These segments are further sub-segmented different types.
The type section of the market is fragmented into major types such as composites and metal alloy. The demand for composites is higher than other types, especially carbon fiber, which is widely used as one of the best lightweight materials in various industries such as aerospace, automotive, and energy. The demand for carbon fiber has been higher since 2018, mostly in prominent regions like US and Japan.
Metal alloys such as titanium, high-strength steel, and aluminum are used as lightweight materials for 3D printing technology for creating complex parts and designs at affordable costs in the air ducts, aircraft engine compartments, and internal channels, among others.
The end-user segment Lightweight Materials Market is categorized into aerospace, automotive, energy, marine, electronic and electrical industry, construction, etc.
The manufacturers of aerospace segments are trying to reduce the aircraft’s weight to reduce fuel consumption. The revenue of the aerospace industry of major regions such as the UK and Japan were noticed good value compared to others. Metal alloys are used for the smooth function of automobile parts. Materials such as stainless steel, titanium, and aluminum help design automobile parts with complex geometries; it also reduces the weight and makes it energy efficient.
According to the geographical status, the Lightweight Materials Market covers major regions such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The key regions of the North American continent, such as the US and Canada, are considered the largest producers and exporters of aircraft. Due to the higher consumption of raw materials in the aerospace sector, the regional market of the region is chiefly driving.
Europe is noticing sheer growth due to the growth of aerospace and defense and automotive industries, acting as a chief driving factor of the regional market. The increased use of carbon fiber is another reason accelerating the European market.
The Asia-Pacific is widely growing due to the higher demand for glass fiber reinforced concrete fire resistance. Other excellent properties are expected to boost the regional market growth. The rise in urbanization with increased per capita disposable income and change in lifestyles are the factors driving the construction industry in developing countries.
The Middle East and African regions such as UAE and Saudi Arabia are showing good growth due to the advanced composite material are used in the oil and gas, and energy industries.
The Latin American regions such as Brazil and Mexico are propelling remarkably due to the production of automobiles in the region.
Competitive Intensity Within The Industry
The Lightweight Materials Industry players are responsible for the improvements and upgradation of the materials. The players’ development is propelling the market’s growth at the global level. Their presence in different regions accelerates the regional market, which is highly labeling up the global market. The Lightweight Materials Market players list is mentioned below.
Recent Market Developments
The overview of the Lightweight Materials Market Revenue report shows the significant growth of the market in recent years, and it will further continue to grow with a uniform level in the upcoming years. The strategies of the key players have helped the market overcome growth limiting factors and tough situations, such as the economic loss during the COVID-19 pandemic. The segmentation report stated the growth of various segments. The regional report briefly explained the drivers are driving the regional market. The Lightweight Materials Market Share will obtain sustainable growth in the further years.
Key Industrial Segments
|Market Size||2030: USD 276.50 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, End-Use and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.|
|Key Market Opportunities||Fluctuating raw material cost may limit the lightweight materials market growth.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Lightweight materials market is projected to grow at a 8.6% CAGR between 2020-2027.
lightweight materials market is predicted to touch USD 276.50 billion by 2027.
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.