Global Lightweight
Materials Market is foretold to provide a
robust support for industry players to lay a solid foundation for their
business growth. It includes a comprehensive evaluation of the industry growth
status and risk. In addition, it provides detail market variables, trends, key
opportunities, new entrants & competitors.
Lightweight Materials Market
study offers detail overview of industry with all the requisite data to support
tactical business decisions and come up with strategic growth plans. This study
also proposes a comprehensive insight into the development policies and plans
in addition to manufacturing processes and cost structures.
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Global 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.
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.
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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