The report of Global Lightweight Materials Market is segmented By Type (Metals, Composites, Polymers), Application (Automotive, Aviation, Marine, Wind Energy, Others (Transportation, Packaging, and Other Engineered Goods)), Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) is expected to reach US$ 225.3 Bn by 2027, at a CAGR of 89% during a forecast period.
The major factors driving the growth of lightweight material market is the going sector such as automotive, defense, aviation, construction and energy. Furthermore, rising demand for green manufacturing and developing Nano-cellulose and micro composites, and related manufacturing processes for aerospace and automotive applications. Moreover, large expenditure by government for innovating electric battery lightweight car to reduce emission of CO2, with increasing efficiency, durability and strength. In 2017, the 14.65 Mn light vehicles were manufactured in the North America using polymer composites and plastics valued at USD 5.7 Bn.
However, rapid fluctuation in the prices of raw material and their restricted availability are the major constraints factor hampering the production process several parts, in the development of the global lightweight material and impact the economic state of a country.
Automobile in terms of Application is expected to grow during the forecast period.
In terms of Application, Automobile manufacturing companies are estimated to have the largest market due to innovation and developing of lighter vehicles to enhance fuel-efficiency reduce carbon emission. For example, the Corporate Average Fuel Economy (CAFÉ) act in the US has set the average fuel efficiency of 36 miles per gallon (mpg) to 37.6 mpg by 2019 and 57.6 mpg by 2027. Such laws are compelling with automakers to increase the application of lightweight components such as carbon fiber composites to lessen the overall weight of their vehicles which attracts & encouraging many carbon fiber construction companies to expand their R&D attempts to produce carbon fiber composites such as prepregs for a wide range of automotive utilization. These factors are propelling the growth of the global Automobile market in the industries.
Asia-Pacific is projected to witness the fastest growth during the forecast period.
Geographically, North America is estimated to dominant market with a market share of 42% and is anticipated to reach US$ XX.X% Mn by 2027, with a CAGR of XX %, during the forecast period 2019 to 2027. The region is witness to have large demand thanks to growing consumer preference for fuel-efficient and high-quality automobiles. Furthermore, the application of lightweight materials in manufacturing automobiles is rapidly expanding in the region. Moreover, the thriving aerospace industry in the region is also raising the demand for lightweight materials in the region.
In addition, existing infrastructure and presences of well-known manufacturers are stretching out the market in the region and are major factors driving the market.
Further, the Asia Pacific the second-largest economy in global markets, China exhibits the potential to grow at 15.7% with approximately US$ XX Mn in terms of addressing opportunity for the picking of aspiring businesses and propelling the growth. Further, the Middle East and Africa are the growing moderately due to growing competitors.
Key players operating in the Lightweight Materials Market are ArcelorMittal S.A., Alcoa Inc., Saudi Basic Industries Corporation, PPG Industries, Inc., Toray Industries, Inc., Cytec Industries Inc.,, ExxonMobil Corporation, E.I DuPont de Nemours and Company, Bayer AG, Novelis Inc., ThyssenKrupp AG, Henkel Corporation, Mitsubishi Rayon Co. Ltd., Zoltek Companies Inc, Rio Tinto Alcan Inc., Kaiser Aluminium, US Magnesium LLC, A&S Magnesium Inc. and China Hongqiao Group Ltd.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Lightweight Materials Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Lightweight Materials Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explains Global Lightweight Materials Market positioning of competitors.
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