Lightweight Materials Market Size Report Report

Lightweight Materials Market Size Report Analysis By Product (Aluminum, Polymers & Composites), By Application (Automotive, Aviation, Energy), By Region, And Segment Forecasts, 2017 - 2024

  • Published Date: Apr, 2018
  • Base Year for Estimate: 2016
  • Report ID: GVR-1-68038-257-0
  • Format: Electronic (PDF)
  • Historical Data: 2014-2016
  • Number of Pages: 96

Industry Insights

The global lightweight materials market size was estimated at USD 113.78 billion in 2016 and is expected to register a CAGR of 8.9% over the forecast period. A large number of automotive manufacturers are switching to products that reduce the weight of the vehicles owing to the increased awareness pertaining to fuel emissions, which in turn is anticipated to drive the global market.

The increased demand for vehicles in North America is expected to augment the market growth over the forecast period. The growth in this region is driven on account of the strong presence of major auto manufacturers in countries such as the U.S. and Canada. Furthermore, the presence of renewable energy equipment manufacturers is expected to drive the market in this region.

North America lightweight materials market

Europe is one of the dominant regions in the lightweight materials market. The presence of major car manufacturers coupled with growing innovation on lightweight materials used in aviation is expected to boost the product demand in this region. The growing emphasis on renewable energy is expected to boost the application of lightweight materials in the energy sector.

MEA is anticipated to be one of the fastest growing regions in the lightweight materials market. The demand for the lightweight materials is driven by growing end-use industries in this region. The rise in a number of manufacturers in this region is expected to augment the demand for lightweight materials in this region over the forecast period.

Governments are constantly working to curb growing pollution levels resulting from vehicular emissions. In addition, soaring fuel prices, implementation of emission standards, and financial implications of note adhering to these standards is expected to boost the demand for lightweight materials in the automotive sector over the forecast period.

The aluminum, high-strength steel, and polymers &composites are widely used to meet the industry's safety and emission goals. Automotive manufacturers have started working on multi-material designs involving lightweight materials to boost the fuel efficiency of vehicles. Use of polymers and composites in vehicle design is expected to increase on account of added lightweight advantage.

Product Insights

The market is segmented into products including aluminum, high strength steel, titanium, magnesium, and polymers & composites. Polymers &composites dominated the overall market and the trend is likely to continue over the forecast period. The demand for the product is expected to grow owing to its potential to reduce vehicular weight by 50% and improve fuel efficiency by around 35%.

After the introduction of the Hall-Heroult process of obtaining quality aluminum from alumina, aluminum has been used in various applications. The age hardening property of aluminum alloys coupled with the strength provided by aluminum has propelled its demand in automotive and aviation applications. Such distinct properties and its usage in various industries are likely to drive market growth.

High strength steel is majorly used as a direct substitute to traditional steel in lightweight applications. It is largely preferred in the automotive sector and has the ability to reduce vehicular weight by around 25%. The recycle value of high strength steel is increasing its demand, which is anticipated to drive the market growth over the forecast period.

Magnesium is majorly used in automotive and mobile electronics applications. The recyclability feature of magnesium is responsible for its growth over the forecast period. Titanium is widely used in a variety of applications due to its easy accessibility and abundant availability. However, due to its high cost, it is used in niche applications where superior strength and durability are desired.

Application Insights

Automotive, aviation, and energy are the major application areas in the lightweight materials market. In 2015, the automotive segment dominated the overall lightweight materials market with around with 86% share in terms of revenue. Major products used in the automotive industry includes aluminum, polymers and composites, and high strength steel.

The lightweight materials market is majorly driven by growing application in automotive and aviation sector. The rising innovation in the aviation sector is expected to augment the market demand over the forecast period. In addition, the market growth is expected to augment due to increased application of lightweight materials in the energy application segment.

Lightweight materials market

Use of lightweight materials directly impacts various factors such as driving dynamics, agility, and fuel consumption. The application of lightweight materials in the aviation sector is expected to boost demand for lightweight materials over the forecast period. Furthermore, wind energy, one of the major renewable sources of energy uses lightweight materials for the manufacture of windmills.

The other application segment for the market includes transportation and defense. These applications majorly use titanium and magnesium, as they possess special properties of reflecting electromagnetic radiation. The demand for the market is expected to increase on account of rising R&D on new materials for defense applications.

Regional Insights

MEA is expected to be the fastest growing region with a CAGR of over 13% from 2016 to 2024. The growth in this region is driven by rapid industrialization and setting up of manufacturing units by various conglomerates such as Cytec Solvay Group. Ease of availability of natural resources coupled with growing application industry is expected to augment the market demand

The Asia Pacific dominated the global demand due to growing aviation and automotive. Countries such as India and China are leading the regional market owing to high demand for passenger vehicles. Rising awareness about renewable energy is expected to boost product demand in energy applications. High defense budgets in this region are expected to boost demand for titanium and magnesium.

The demand for the product is growing rapidly in Latin America on account of the increase in the number of lightweight materials manufacturers. Furthermore, the market growth in Europe is expected to augment owing to the presence of aircraft and wind energy equipment manufacturers in the region.

High strength steel is largely used in North America, on account of its similar properties as traditional steel. However, polymers and composites are expected to grow rapidly over the forecast period owing to widespread acceptance in the automotive and energy sectors. Aluminum consumption in this region is driven by growing application in the automotive and aviation sectors.

Lightweight Materials Market Share Insights

The lightweight materials market is moderately competitive, on account of the presence of leading companies such as Cytec Solvay Group; SABIC Industries; Alcoa Inc.; and Toray Industries Inc. The market is fragmented in nature and marked by a rising number of mergers and acquisitions. In order to increase market demand, companies are investing to improve the quality of products.

The number of polymers and composite manufacturers is expected to increase over the forecast period on account of growing application in automotive and aviation sectors. The rapidly expanding wind energy equipment industry has attracted many players as they have started adding different products used in manufacturing blades to their product portfolio.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2013 - 2015

Forecast period

2017 - 2024

Market representation

Revenue in USD million and CAGR from 2016 to 2024

Regional scope

North America, Europe, Asia Pacific, Latin America, MEA

Country scope

U.S., Germany, China, Brazil

Report coverage

Revenue forecast, competitive landscape, growth factors and trends

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