Lightweight Materials Market to Reach US$ 50.78 Bn by the End of 2031, TMR Study
WILMINGTON, DE / ACCESSWIRE / February 7, 2023 / The global lightweight materials market is likely to advance at a CAGR of 25.4% between 2021 and 2031. Lightweight materials are usually made of metal composites and alloys and are specifically designed to reduce the weight of aircraft, windmills, and automobiles without impacting the efficiency and strength of the structure. These are made of various product types and grades and are used for manufacturing packaging solutions, medical equipment, lightweight aircraft, and automobiles. Increase in disposable income of people and surge in new product development are likely to boost lightweight materials market growth during the forecast period.
Advent of technological upgrades in products and rise in the number of original equipment manufacturers (OEMs) are anticipated to propel market expansion. Additionally, the rapidly growing automotive sector is anticipated to accelerate market growth during the forecast period. Increase in usage of hybrid materials, aluminum alloys, and other composites of lightweight materials in aircraft building as well as vehicle manufacturing is anticipated to create lucrative business opportunities in the market during the forecast period.
According to TMR report, the global lightweight materials market value stood at US$ 3.36 Bn in 2020 and is projected to reach US$ 50.78 Bn by the end of 2031.
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Key Findings of Study
Rise in Popularity of Electric Vehicles: Rise in demand for electric vehicles across the world is a primary factor augmenting the growth of the lightweight materials market. Additionally, increase in popularity of electric vehicles owing to high efficiency and operability is anticipated to augment the market. Usage of low power engines in lightweight vehicles offers higher fuel efficiency compared to conventional vehicles. This is projected to propel the lightweight materials market in the next few years.
Rise in Number of OEMs: Rise in disposable income and increase in number of OEMs are bolstering the lightweight materials market. Vehicle parts such as interior and exterior rims and battery packs are used in lightweight vehicles, such as EVs. Low cost of raw materials and rise in sales of electric vehicles are projected to augment the lightweight materials market in the long run.
Rise in popularity of electric vehicles owing to operational efficiency and eco-friendly nature is likely to accelerate market growth
Increase in disposable income of people and rise in inclination toward technologically advanced and environmentally-friendly vehicles are anticipated to propel the global market
Surge in demand for corrosion-resistant and efficient structures of latest automobiles and aircraft in the automotive industry is likely to bolster market expansion in the near future
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Regional Growth Dynamics
Asia Pacific held the largest global market share in 2021. This is ascribed to rapidly growing economies and increase in automobile production in the region.
Surge in number of OEMs in emerging economies in India, Japan, and China are likely to drive the market in the region
High production rate of electric vehicles and high revenue in China are ascribed to the region's market dominance during the forecast period
Prominent players in the global lightweight materials market include Lanxess Deutschland GmbH, Evonik Industries AG, Teijin Limited, Constellium, LyondellBasell Industries Holdings B.V., BASF SE, Novelis Inc., Celanese Corporation, Covestro AG, SGL Carbon SE, Solvay, Thyssenkrupp AG, and Toray Industries Inc.
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Lightweight Materials Market Segmentation
Metals and Alloys
Carbon-fiber Reinforced Plastic (CFRP)
Glass-fiber Reinforced Plastic (GFRP)
Polymethyl Methacrylate (PMMA)
Others (including Die Cast Magnesium & Intermetallic Compounds)
Electric Motor and Powertrain
Connector and Cable
Others (including Brake & Radiator)
Middle East & Africa
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