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The growing regulations on vehicle emissions and an increasing number of renewable energy projects are driving the demand for the market.
NEW YORK CITY, NEW YORK, UNITED STATES, August 1, 2022 /EINPresswire.com/ -- The global Lightweight Materials market is forecast to reach USD 276.81 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, owing to the increasing emission reduction regulations from many industries. Increasing government investments in renewable energy projects, such as hydro-energy and wind energy, are also driving the demand for the market.
An increase in the manufacture of aircraft modules, along with the rise in the penetration of lightweight components, is leading to a surge in demand for the market. Aluminum, Polymers and composites and high strength steel are used to meet the industry’s emission and safety standards extensively. Automobile makers have started to work on innovations in multi-material design, which involves working on lightweight materials in an attempt to increase the fuel-efficiency of vehicles. Usage of polymers and composites in designing vehicles will increase due to their property of being lightweight. This is expected to lead to an increased demand for the market.
Fluctuating prices of raw materials are expected to hamper the demand for the market. Also, carbon fiber is a relatively expensive raw material, which can lead to a decline in its growth in the automotive segment. Constraints regarding safety and technology, which limit the use of certain materials in certain industries are also expected to lead to a diminished demand for some materials.
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Top Players: Evonik Industries, Bayer AG, Precision Castparts Corp., Toray Industries Inc., PPG Industries Inc., Alcoa Inc., Formosa Plastics Group, Aleris International, Cytec Solvay Group, and SABIC, among others.
Further key findings from the report suggest
Aviation occupied 8.3% of the market in 2019. The aviation industry uses lightweight materials, as they provide the advantage of better fuel-efficiency. The aviation industry is witnessing innovations every day, and the growing air traffic is expected to drive the demand for the aviation industry, and in turn, the lightweight materials market. High Strength Steel is forecasted to grow at a CAGR of 9.4% in the forecast period. The primary reason for this is the substitution of traditional steel with High Strength steel because of its lightweight properties. It is known to reduce the weight of vehicles by around 25.0%, because of which it is highly used in the automotive sector. Also, the recycle value of the product is increasing steadily, which is expected to drive the growth for the market. Online Stores occupied 23.7% of the market share in 2019. The primary reason for this is that online stores are still in the developing stage to sell products, such as lightweight materials. Also, consumers like to touch and feel the product before buying, because of which online stores currently occupy a smaller market share, North America occupied the second-largest market share of 19.7% in 2019. This is due to the increasing demand for automobiles in the region. Also, a large number of vehicle manufacturers are present in countries like the US and Canada, which drive the growth of the market in the region. Polymers and composites are growing in the region, due to their extensive use in the energy and automotive sectors. In Latin America, the market is growing continuously because of the increasing number of manufacturers of lightweight materials. Also, in Europe, the market is forecasted to grow at a CAGR of 8.2%, the second-highest among all regions. The primary reason for this is the presence of wind energy equipment and aircraft manufacturers in the region.
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Product Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
High Strength Steel Aluminum Polymers and Composites Magnesium Titanium Others
Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
Offline Stores Online Stores (E Commerce)
For comprehensive understanding of market dynamics, the global Lightweight Materials market is analysed across key geographies namely: North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, and Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). Each of these regions is analysed on basis of market findings across major countries in these regions for a macro-level understanding of the market.
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Detailed overview of the parent market Changing dynamics of the market Regional evaluation of the market variables Evaluation of the market based on the present and past data collected Historical, present, and projected market, in terms of volume and value Recent market trends and developments Market segmentation Competition landscape Strategies by key players and products offered A neutral perspective on performance of the global Lightweight Materials market
Finally, the Lightweight Materials Market Report is the authoritative source for market research that can dramatically accelerate your business. The report shows economic conditions such as major locales, item values, profits, limits, generation, supply, requirements, market development rates, and numbers.
About Us: Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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