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. Steady market revenue growth is attributed to increasing focus on enhancing automotive performance and fuel efficiency. Lightweight materials, including polycarbonate, polyamide, Carbon Fiber Reinforced Plastic (CFRP), and aluminum aid in reducing weight of vehicles, marine vessels, and aircraft among others, and thus improve fuel-efficiency by decreasing fuel consumption and Greenhouse Gas (GHG) emissions, thereby reducing environmental impact.
The Lightweight Material Market report covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region, and robust presence of key players in the region.
Studies show that around 10.0% reduction in overall vehicle weight would lead to an increase in fuel efficiency of over 5.0%. Also, lightweight materials enable more flexibility and novelty in design of aerodynamic shapes, which are normally difficult to realize with materials such as steel, iron, and others.
The major companies studied in the 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
The investigation also explains the challenges faced by companies existing in the industry and how the reader can avoid them to capitalize on the opportunities present in the same space.
They also focus on the presence of prominent Lightweight Materials industry players in regional markets and the strategies adopted by them to yield sustainable growth in the forecast years. The primary aim of this study is to offer a bird’s eye view of the market dynamics, assessment of historical data, trends observed, current market value and volume, Porter’s five forces analysis, examination of the upstream and downstream industries, latest technological developments, cost analysis, and the regulatory framework effective in the sector by relying on robust research methodologies.
Segments Covered in this report are:
- Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Acrylonitrile Butadiene Styrene
- High Strength Steel
- Carbon Fiber Reinforced Plastic
- Glass Fiber Reinforced Plastic
- Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Key Point Summary of the Lightweight Materials Market Report : –
In June 2021, Nexeo Plastics, which is a firm engaged in distribution of thermoplastic resins, made an announcement about entering an agreement with Covestro AG for distribution of Polycarbonate/ABS filament used in 3D printing.
- Among the product type segments, the plastics segment accounted for largest revenue share in 2020. Rising awareness pertaining to deterioration of the ecosystem by GHG emissions and rising demand for Electric Vehicles (EVs) are factors fueling steady demand for plastics. Use of plastics in automotive and aircraft manufacturing aids in improving fuel efficiency and gives added design freedom and flexibility. Also, plastics find extensive use in the packaging industry as it enables reduced total weight of various packaged products.
- Among the application segments, aerospace segment revenue is expected to increase at a significant rate over the forecast period. Rising concerns regarding pollution caused by aircraft emission is resulting in continuous efforts by major players in the aviation industry to increase fuel efficiency by reducing aircraft weight through use of more lightweight materials in component manufacturing. Apart from aiding in reducing carbon footprint of the aviation industry, lightweight aircraft help to improve flight performance, offer higher structural strength and stiffness, and enable better acceleration.
- Market in Asia Pacific accounted for largest revenue share in 2020 and is expected to register fastest revenue CAGR over the forecast period. This can be attributed to high demand for lightweight materials from developing countries such as China and India. Increasing sales of vehicles, especially EVs, are key factors contributing significantly to revenue growth of the market in the region. In addition, presence of leading market players such as SABIC and Toray Industries is expected to boost demand for lightweight materials in Asia Pacific.
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.