The global lightweight
materials market size is anticipated to reach
USD 237.1 billion by 2026, according to a new research published by Polaris
Market Research. The report “Lightweight Materials Market Size,
Share & Trends Analysis Report by Product (Metal Alloys, Composites,
Polymers); By Application (Aerospace, Automotive, Construction, Energy,
Aviation); By Region: Market Size and Segment Forecast, 2019 – 2026” provides
contemporary market insights and taps future growth trends.
In 2018, the automotive segment
dominated the global lightweight materials industry in terms of revenue. In
2018, Asia-Pacific accounted for the majority share in the global Lightweight
Materials market. The expanding global automotive industry, along with
increasing modernization of vehicles majorly drives the market growth.
Increasing use in windmills owing to their improved performance, increased
reliability, and higher durability boosts the demand for lightweight materials.
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The adoption of lightweight
materials has increased significantly owing to increasing demand from aviation
industry, and greater use of lightweight materials in manufacturing of aircraft
modules. Other factors driving the growth of this market include growing
penetration of electric vehicles, technological advancements, and significant
investments in R&D. New emerging markets, and stringent government
regulations regarding vehicle efficiency and safety would provide growth
opportunities for the market in the coming years.
Magnesium is a major lightweight
material used in this market. Magnesium offers the lowest density of all
structural metals with the ability to reduce component weight up to 70 percent.
Magnesium is used as castings for powertrains or sub-assembly closures. Carbon
fiber composites have the potential to reduce vehicle weight by up to 70
percent. They offer high stiffness, strength, and weight savings.
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In 2018, Asia-Pacific accounted for
the highest share in the global market. Established automotive industry,
technological advancements, and high investment in R&D are factors expected
to drive the market growth in the region. The introduction of stringent
government regulations for vehicular and road safety accelerates the adoption
of lightweight materials in the region. The economic growth in countries such
as China and India, lead to rising living standards and increasing disposable
income, supporting the growth of the automotive industry. The increasing demand
from construction and aerospace sectors further accelerate the growth of the
lightweight materials industry. Expansion of global players into these
countries to tap market potential boosts the market growth.
The well-known companies profiled
in the l report include Evonik Industries, Toray Industries Inc., Aleris
International, PPG Industries, Inc., Thyssenkrupp AG, ArcelorMittal SA, Hexcel
Corporation, Titanium Metals Corporation, Formosa Plastics Group, and Bayer AG
among others. These companies are consistently launching new products to
enhance their offerings in the market. With the advancement of technologies,
companies are innovating and introducing new customized products in the
lightweight materials industry to cater the growing needs of the customers.
Leading companies are also acquiring other companies, and enhancing their
product offerings to improve their market reach. Acquisitions enable key
players to increase their market potential in terms of geographic expansion and
expansion of customer base.
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Polaris Market Research
Polaris
Market Research is a global market research and consulting company. The company
specializes in providing exceptional market intelligence and in-depth business
research services for our clientele spread across different enterprises. We at
Polaris are obliged to serve our diverse customer base present across the
industries of healthcare, technology, semi-conductors and chemicals among
various other industries present around the world.
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