Lightweight materials have revolutionized various industries with their numerous unique properties such as lighter weight with high strength, resistance to corrosion, heat, and temperature, high electrical and thermal conductivities, low density, high ductility and strength, increased fuel economy, reduction in CO2 emissions into the atmosphere, and longer service life, which in turn reduce the cost of maintenance. Some of the lightweight materials include aluminum, high strength steel, carbon fiber reinforced plastic (CFRP), glass fiber reinforced plastic (GFRP), plastics, magnesium, and titanium etc. The properties exhibited by these lightweight materials are not found in conventional materials such as steel, copper, nickel, and iron, and hence, these materials are in huge demand across different industries, namely, automotive, aerospace and defense and wind energy.
The global lightweight materials market is estimated to reach $242.78 billion by 2023, growing at a CAGR of 7.0% between 2017 and 2023. Due to the superior properties of lightweight materials over conventional materials, increasing application of lightweight materials in end-use industries and stringent regulation regarding emissions are helping in the overall growth of the market. Although, high production cost of lightweight materials and uncertainty in production tax credit are major factors hampering the growth of the market. Despite this, there is a huge investment by government and federal agencies in the lightweight materials market and the market is exhibiting a tremendous potential of growth in end-use applications. Also, growing demand of lightweight materials from emerging economies like India, China and Brazil is expected to create great opportunities for the market.
Among various materials in lightweight market, metal segment dominated the global lightweight materials market with a share of approximately 60% in 2016. The lightweight metals cater to the growing demands of a number of application verticals, which is a major reason for their dominance in the market. However, the shift in the trends of lightweight materials usage towards composites has resulted in a slow growth rate of this segment.
Among various end-use industries, automotive industry accounted for a major share of the global lightweight materials market in 2016. Properties such as high strength, stiffness, resistance to heat & corrosion, etc. make lightweight materials a widely used component in the automotive industry. Due to increase in the stringent regulations and standards by the government regarding reduction in carbon emissions and improvement in fuel efficiency by reducing the weight of the vehicle, the automotive industry is expected to continue its hegemony over the market with high demands of lightweight materials in the coming years. Established automotive players in the market such as BMW, Ford, Apple Inc., General Motors, etc. are using lightweight materials in manufacturing the parts of their vehicle to reduce its average weight, thereby increasing the fuel efficiency of the vehicle.
The presence of highly advanced research institutes, academia, multinational industrial corporations, automotive and aerospace and defense manufacturers, and increased wind turbine installations has given China an upper hand in the lightweight materials market, which accounted for more than 50% of the total revenue generated in 2016. This is one of the major reason that Asia-Pacific holds the largest market share in the global lightweight materials market. BIS Research has conducted an extensive market research on ‘Global Lightweight Materials Market -Analysis & Forecast (2017-2023)’. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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