New York City, 11 March 2020 : 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.
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.
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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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About 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.
Contact Us:
Polaris Market Research
Phone: 1–646–568–9980
Email: sales@polarismarketresearch.com
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