Global Lightweight Materials Market By Product (High Strength Steel, Aluminium, and Other Products), By Application (Energy, Aviation, Automotive, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Lightweight Materials Market Overview:

The global market for lightweight materials was valued at USD 175,058 million in 2021. This growth rate will average 6.7% over the forecast period.

A lot of automobile manufacturers are moving to lighter products due to increasing awareness about fuel emissions. This will drive the global market. Over the forecast period, the market is expected to grow due to increased vehicle demand in North America.

Due to the strong presence in the region of major automotive manufacturers from countries like Canada and the U.S., this market is expected to grow. This market is also expected to be influenced by the presence of renewable energy equipment producers.

Global Lightweight Materials Market Analysis

Product Analysis

The market was dominated by polymers & composites, which is expected to continue during the forecast period. Because of its potential to reduce vehicle weight by approximately 55% and improve fuel economy by around 40%, there is likely to be a lot more demand for the product.

Aluminum was widely used after the Hall-Heroult method of producing high-quality aluminum from aluminum alumina. Aluminum alloys‘ age-hardening and strength have fueled aluminum’s demand in aviation and automotive markets.

Market growth will be driven by these unique properties and their widespread use in many industries. High-strength steel is used in light applications as an alternative to traditional steel. It is highly preferred in the automotive sector as it can reduce vehicle weight by about 30%. Market growth is expected to be driven by the increasing demand for high-strength steel.

Magnesium can be found in a variety of electronic devices, including mobile phones and automobiles. Magnesium’s recyclability is the reason for its rapid growth in the forecast period. Due to its accessibility and availability, titanium is widely used in many different applications. Titanium is only used for niche applications, where it is desired for its strength and durability, however, because of its high cost.

Application Analysis

Lightweight materials are used in a variety of applications, including aviation, automotive, and energy. With a high market share in terms of revenue, the automotive segment was the dominant application segment. Aluminum, high-strength, and steel are some of the major products that are used in the automotive sector.
The growth of applications in the aviation and the automotive sector is the main driver of the market.

Market demand will rise due to the growing innovation in the aviation industry over the forecast period. Market growth will also increase due to the increased use of lightweight materials in the energy application segment. The lightweight materials use directly affects many factors, such as driving dynamics and agility, as well as fuel consumption. In the next few years, demand for lightweight materials is expected to rise due to increased aviation industry use. Lightweight materials are also used to manufacture windmills by wind energy, one of the largest renewable sources of energy.

Transportation and defense are two other applications that could be included in the market. These applications use a lot of titanium and magnesium because they have special properties that reflect electromagnetic radiation. Due to the increasing R&D for new materials for defense purposes, the market demand will increase.

Key Market Segments

By Product

• High Strength Steel
• Aluminum
• Polymers & Composites
• Titanium
• Other Products

By Application

• Energy
• Aviation
• Automotive
• Other Applications

Market Dynamics

To reduce vehicular emissions, governments are working hard. Over the forecast period, the automotive sector will see a rise in demand for lightweight materials due to rising fuel prices, the implementation of emission standards, and the financial implications of these standards.

For meeting the industry’s safety goals and emission targets, many industries use aluminum, high-strength steel, polymers &composites, and other materials. To improve vehicle fuel economy, automotive manufacturers have begun to work on multi-material designs. Because of their added lightweight, the use of composites and polymers in vehicle design will increase.

Lightweight materials are a major driver in the automotive market. The demand for lightweight materials is increasing due to the growing demand for low-fuel consumption vehicles and high-fuel economies. Accordingly, the market value will be determined by how lightweight materials are consumed in the automotive industry. This is due to the increased use of lightweight materials in aircraft modules. It is expected that this will fuel the market growth.

Market forces are also being driven by strict regulations and guidelines regarding vehicle emissions and fuel regulations. These regulations drive OEMs (Original Equipment Manufacturing) to improve the utilization of lightweight materials like light alloys and plastics. These materials can reduce vehicle carbon emissions and drive growth.

There is a rising demand for lightweight materials in light construction materials due to the increased investment by governments in renewable energy projects like wind and hydropower. India and China are developing countries.

There is an increase in the population, which means that there is a higher demand for vehicles, buses, vans, trucks, and cars. This leads to increased traffic on the roads. The growth rate is enhanced by an increase in vehicle ownership. Market growth will be enhanced by countries moving to greener and more efficient energy consumption.

The cost of lightweight materials, such as reinforced composites, and magnesium, is the major restraining factor. This has a negative impact on the use of lightweight materials in various industries such as automotive, aviation manufacturing, wind turbines, and marine. This will limit the supply of these materials and could hinder growth. High manufacturing costs, as well as the maintenance of lightweight material and price fluctuations in carbon fiber, pose major challenges to this market.

Multiple growth opportunities help to increase the market growth. There are many opportunities for growth in the market for electric cars. Other factors like an increase in environmental awareness, increased OEM investments and government initiatives have led the industry to support and use EVs, thereby supporting its growth.

Regional Analysis

Because of growing aviation and automotive, the Asia Pacific dominated global demand, accounting for 45% revenue share. High demand for passenger vehicles means that countries such as India, China and Brazil are the leaders in the region. Product demand for energy applications is expected to rise due to increased awareness about renewable energy. The region’s high defense budgets are expected to drive demand for titanium or magnesium.

Because of the increased number of manufacturers of lightweight materials, Latin America is seeing a rapid increase in demand. Due to the presence in Europe of aircraft and wind power equipment manufacturers, it is expected that the European market will grow.

High-strength steel is used a lot in North America due to its similar properties to traditional steel. Polymers and composites will continue to grow rapidly due to acceptance in the automotive sector and the energy sector. The automotive and aviation sectors are driving aluminum consumption in this region.

Key Regions and Countries covered in thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Because of the present leading companies such as SABIC Industries; Cytec Solvay Group, Alcoa Inc., and Toray Industries Inc. in the market for lightweight materials, it is relatively competitive. The market is fragmented, with a growing number of mergers or acquisitions. To increase market demand, companies invest to improve product quality.

Because of the increasing use in aviation and automotive, polymers and composites will continue to grow in number. As the wind energy industry is rapidly expanding, many companies have added new products to their product ranges.

Маrkеt Кеу Рlауеrѕ:

• Cytec Solvay Group
• SABIC Industries
• Alcoa Inc.
• Toray Industries Inc.
• BAYER AG
• NOVELIS INC.
• PPG INDUSTRIES Inc.
• DUPONT DE NEMOURS AND COMPANY
• Other Key Players

For the Lightweight Materials Market research study, the following years have been considered to estimate the market size: