Lightweight Materials Market is expected to reach USD 225.3 billion by 2024. Lightweight materials are the materials used to reduce vehicle weight to reduce emissions, enhance performance, and to lower oil and fuel consumption. Lightweight materials play important role in enhancing the fuel economy of latest cars while maintaining their performance and safety. The weight reduction plays important role in reducing CO2 for any source of energy like fuel cells, oil, biofuels, or electric. Recycling, mass reduction, and manufacturing process are dominant in the transport segment in accomplishing pollutant gases and CO2 emission reduction. The Lightweight Materials Market is estimated to grow at a significant CAGR of 8.9% over the future period as the scope and its applications are rising enormously across the globe.
Rising
energy efficiency, composite material provide more protection upon impact, and
advances performance are documented as major factors of Lightweight Materials
Market that are estimated to enhance the growth in the years to come. Also,
these materials can be easily installed, low in cost, and maintains its
standard are the factors that may boost overall market in coming years. Lightweight
Materials Industry is segmented based on type, application, and region.
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Plastics,
composites, metals, and other types could be explored in Lightweight Materials
in the forecast period. Plastics sector includes polypropylene and
polycarbonate. Composites comprise glass fiber reinforced plastic and carbon
fiber reinforced plastic. On the other hand, metals consists of titanium,
aluminum, magnesium, and high strength steel.
The
market may be categorized based on applications like wind energy, automotive,
marine, aviation, and others that could be explored in foremost period. The
automotive sector is estimated to lead the overall market with largest market
share in the upcoming years. This may be because of growing awareness regarding
fuel emissions. Also, aviation company is the second largest company with
significant market share. However, wind energy sector is estimated to grow at
fastest pace in the upcoming years.
Globally,
North America and Asia Pacific accounted for the majority market share and is
estimated to continue their dominance in the coming years. The reason behind
the growth of overall market in these regions could be high production of
vehicles and aircrafts and strict policy. However, Asia Pacific is estimated to
grow at highest CAGR in the coming years.
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The
developing countries like India and China are the major consumer of Lightweight
Materials in the region. This may be because of this may be because of growing
awareness regarding renewable energy, rising demand for passenger vehicles, and
high defense budget. Instead, Europe is also estimated to have a positive
influence on the future growth. Europe is estimated to account significant
market share in the future period.
The
key players of Lightweight Materials Market are Toray Industries Inc.,
ArcelorMittal S.A., PPG Industries Inc., Alcoa Inc., and Saudi Basic Industries
Corporation. These players are concentrating on inorganic growth to sustain
themselves amongst fierce competition. As such, mergers, acquisitions, and
joint ventures are the need of the hour.
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