Lightweight Materials Market Research Depth Study, Analysis, Growth, Trends, Developments and Forecast 2029
Global Lightweight Materials Market : size was valued at USD 198.2 Bn. in 2021 and the total Lightweight Materials revenue is expected to grow at a CAGR of 6.2% from 2022 to 2029, reaching nearly USD 320.7 Bn.
The lightweight materials market is a rapidly growing industry due to the increasing demand for lightweight materials in various industries such as automotive, aerospace, construction, and packaging. Lightweight materials are materials that have a lower density and weight than traditional materials, while still maintaining or improving their strength and durability. These materials include composites, plastics, and alloys, among others. The use of lightweight materials in the automotive industry, in particular, is expected to drive market growth as they help to improve fuel efficiency and reduce emissions. Furthermore, the increasing demand for electric vehicles, which require lightweight materials to improve their range, is also expected to drive market growth. The market is expected to continue growing as more industries adopt lightweight materials in their products and as new materials and technologies are developed.
Lightweight Materials Market Segment Analysis :
Based on Application, the automotive segment held the largest market share of about 35% and dominated the Lightweight Materials market in 2021. The segment is further expected to grow at a CAGR of about 6.1% throughout the forecast period. The growth of lightweight material in the automotive industry is attributed to industrialization, rising living standards, new product development, and growing penetration of electric vehicles, especially in emerging countries. Additionally, growing concern about gas emissions has resulted in the increased use of lightweight components such as high-strength steel, aluminum, and composites, which add efficiency to vehicles, reduce CO2 emissions, and increase automotive efficiency when compared to heavier cars. As a result, fuel consumption is reduced by 6-8% and acceleration requires less power than in larger vehicles.
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o High Strength Steel
o Carbon-fiber reinforced plastic (CFRP)
o Glass-fiber reinforced plastic (GFRP)
o Natural Fibre-Reinforced Polymer (NFRP)
Key Players: the key players are
• Saudi Basic Industries Corporation
• PPG Industries, Inc.
• Toray Industries, Inc.
• Cytec Industries Inc.,
• ExxonMobil Corporation
• E.I DuPont de Nemours and Company
• Bayer AG
• Novelis Inc.
• ThyssenKrupp AG
• Henkel Corporation
• Mitsubishi Rayon Co. Ltd.
• Zoltek Companies Inc
• Rio Tinto Alcan Inc.
• Kaiser Aluminium
• US Magnesium LLC
• A&S Magnesium Inc.
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The report has assessed the global Lightweight Materials market in the following regions:
- America, North (the United States, Canada)
- European Union (Germany, France, United Kingdom, Russia)
- Asia-Pacific region (China, Japan, Korea, India, Southeast Asia, and Australia)
- Latin America (Brazil, Argentina, Colombia)
- Africa and the Middle East (Saudi Arabia, UAE, Egypt, South Africa)
Key Questions answered in the Lightweight Materials Market Report are:
- What are the latest trends in the Market?
- What are the most popular types of Market among consumers?
- Who are the major players in the Market?
- What are the different segments of the Market?
- What is the market size for Market ?
- What are the main drivers of growth in the Market?
- What are the main challenges facing the Market?
- What is the future outlook for the Market?
- What is the impact of emerging technologies on the Market?
- How do consumer preferences and demographics affect the Market?
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