The Lightweight Materials Market is expected to grow at a significant rate due to increasing demand for fuel-efficient vehicles, stringent emission regulations, and rising urbanization in the Asia Pacific region.
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The global lightweight materials market size is expected to reach USD 303.82 Billion in 2028 and register a revenue CAGR of 8.3% during forecast period, according to latest analysis by Emergen Research.
Over the past few years, the market for lightweight materials has expanded quickly, and it is anticipated that this trend will continue in the years to come. Due to its multiple advantages, including enhanced fuel efficiency, less emissions, and increased strength-to-weight ratio, lightweight materials are increasingly being used in a variety of industries, including automotive, aerospace, construction, and packaging.
The rising demand for fuel-efficient automobiles is one of the major factors driving the market for lightweight materials. In order to reduce vehicle weight and increase fuel efficiency, the automobile industry is using lightweight materials like aluminium and carbon fibre composites. By 2030, there will be 130 million electric vehicles on the road, which will increase demand for lightweight materials, according to the International Energy Agency.
The market is also being driven by the aerospace industry’s growing use of lightweight materials. To reduce weight and increase fuel efficiency, lightweight materials like titanium alloys and composites are employed in the manufacture of aeroplanes. Because of the rising demand for air travel and the desire to minimise carbon emissions, it is anticipated that the usage of lightweight materials in aeroplanes would expand. The Federal Aviation Administration (FAA) predicts that by 2038, the number of commercial aircraft will have doubled, increasing the demand for lightweight materials in the aerospace sector.
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There are, however, some market limitations that might prevent its expansion. The high cost of lightweight materials in comparison to conventional materials is one of the main obstacles. The production costs of lightweight materials, like carbon fibre composites, prevent their widespread use in several industries. In addition, the market can be constrained by a lack of infrastructure for the production and recycling of lightweight materials.
Despite these obstacles, the market is also anticipated to grow in a number of ways during the next few years. New prospects for lightweight materials in the wind energy sector are anticipated to arise as a result of the rising demand for renewable energy. Wind turbine blades are made of lightweight materials like carbon fibre composites and fibreglass to reduce weight and increase efficiency. The International Energy Agency predicts that by 2025, wind energy will produce 18% of the world’s electricity, which would increase the demand for lightweight building materials.
In addition, the market is anticipated to be driven by the building industry’s rising demand for lightweight materials. Buildings are constructed using lightweight materials like foam concrete and lightweight steel to minimise weight and increase energy efficiency. The United States Green Building Council projects that the worldwide green building market will reach $260 billion by 2022, which will increase demand for lightweight building materials.
Lightweight Materials Market Segmentation:
The global lightweight materials market can be categorized based on product type, distribution channel, and application. Based on product type, the market is segmented into plastics, metals, composites, and elastomers. The plastics segment is further divided into polycarbonate, acrylonitrile butadiene styrene, polyamide, polyurethane, polypropylene, and others. The metals segment includes aluminum, high strength steel, titanium, and others. The composites segment is divided into carbon fiber reinforced plastic, glass fiber reinforced plastic, and others. Lastly, the elastomers segment includes various types of rubbers.
In terms of distribution channel, the market is segmented into direct and indirect. The direct distribution channel involves manufacturers selling their products directly to end-users, while the indirect channel involves the use of intermediaries such as wholesalers and retailers.
Based on application, the market is segmented into automotive, aerospace, energy, marine, and others. The automotive segment is expected to dominate the market due to the increasing demand for lightweight materials in the industry to improve fuel efficiency and reduce carbon emissions. The aerospace segment is also expected to grow significantly due to the increasing adoption of lightweight materials in aircraft to improve efficiency and reduce weight. The energy segment is expected to grow due to the increasing demand for renewable energy and the use of lightweight materials in wind turbine blades. Lastly, the marine segment is also expected to grow due to the increasing demand for lightweight materials in shipbuilding.
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Some Key Highlights from the Report
Among the product type segments, the plastics segment accounted for largest revenue share in 2020 due to its widespread use in various industries, such as automotive, construction, and consumer goods. Plastics are lightweight and can be easily molded into different shapes and sizes, making them highly versatile.
Among the application segments, aerospace segment revenue is expected to increase at a significant rate over the forecast period due to the increasing adoption of lightweight materials in the aerospace industry. The aerospace industry has been a major driver for the development of lightweight materials, as reducing the weight of aircraft can significantly improve fuel efficiency and reduce operating costs.
Market in Asia Pacific accounted for largest revenue share in 2020 and is expected to register fastest revenue CAGR over the forecast period due to several factors. The Asia Pacific region has witnessed significant economic growth in recent years, resulting in a rise in disposable income and urbanization.
Some of the major companies in the company profile section and others in the global market report are Formosa Plastics Corporation, SABIC, PPG Industries Inc., Precision Castparts Corporation, Solvay SA, Alcoa Corporation, Toray Industries Inc., Evonik Industries AG, Novelis Inc., and Covestro AG.
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