Lightweight Materials Market to Worth USD 348.24 Billion by 2030 | Skyquest Technology
Lightweight materials market is segmented on the basis of product, application. By product, the market is segmented into aluminum, high strength steel, titanium, magnesium, polymers & composites, others. By application, market is segmented into automotive, aviation, energy, others – Industry forecast 2023-2030
Westford USA, Jan. 11, 2024 (GLOBE NEWSWIRE) — According to SkyQuest, the global lightweight materials market has experienced a rapid expansion in recent years, and all indications suggest that this trend will persist in the years to come. This surge in demand is primarily driven by stringent emission reduction requirements imposed by governments worldwide.
Browse in-depth TOC on the “Lightweight Materials Market”
- Pages – 157
- Tables – 67
- Figures – 77
The lightweight materials market is experiencing substantial growth, primarily propelled by the burgeoning automotive industry and the escalating levels of vehicle modernization. A key driving force behind this expansion is the stringent government regulations governing vehicle efficiency, traffic safety, and overall car safety.
Report Scope & Segmentation:
|Market Size in 2022
|USD 189.28 Billion
|2030 Value Projection
|USD 348.24 Billion
Prominent Players in the Lightweight Materials Market
- Alcoa Corporation
- BASF SE
- Covestro AG
- Cytec Industries Inc.
- DuPont de Nemours Inc.
- Evonik Industries AG
- Hexcel Corporation
- Huntsman Corporation
- LyondellBasell Industries Holdings B.V.
- Mitsubishi Chemical Holdings Corporation
- Owens Corning
- PPG Industries Inc.
- SGL Carbon SE
- Solvay SA
- Teijin Limited
- Toray Industries Inc.
- 3A Composites GmbH
- ArcelorMittal SA
- Carpenter Technology Corporation
- Celanese Corporation
- Hexion Inc.
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Automotive Segment is Expected to Grow in the Market Due to the Ever-Expanding Applications of Lightweight Materials
Automotive segment emerged as the frontrunner in the global lightweight materials market, commanding an impressive sales share of approximately 73%. This dominance is attributed to several key market drivers, one of the most prominent being the ever-expanding applications of lightweight materials in the automotive and aviation industries.
The markets in North America can lead the lightweight materials market primarily due to its similarity to conventional steel in terms of properties and versatility. However, as we look ahead to the forecasted period, there is a notable shift in the market dynamics, with polymers and composites expected to experience rapid growth.
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Defense and Transportation Segment is Expected to Dominate the Market Due to their Exceptional Properties
The burgeoning segments within the lightweight materials market notably include defense and transportation. Materials such as titanium and magnesium are gaining prominence in these critical sectors due to their exceptional properties, especially their capacity to reflect electromagnetic energy.
Regional markets in the Asia Pacific region are undergoing rapid expansion and hold promising potential as a lightweight materials market in the future. One of the driving forces behind this growth is the booming building industry, which has experienced significant expansion due to evolving consumer preferences and the escalating rate of urbanization in the region.
A comprehensive analysis of the major players in the lightweight materials market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Lightweight Materials Market
- BMW recently committed to environmental sustainability by announcing its intention to incorporate sustainable carbon fiber reinforced plastics (CFRP) into its upcoming electric vehicles. This move represents a pioneering step in reducing the environmental impact of its vehicles. BMW has developed an innovative manufacturing process for CFRP utilizing renewable energy sources, a breakthrough that aligns with the company’s broader sustainability goals.
- Tesla, a leading electric vehicle manufacturer, recently introduced a game-changing structural battery pack design to enhance the efficiency and range of its vehicles. This innovative design seamlessly integrates battery cells into the vehicle’s construction to lighten and simplify the overall structure.
Key Questions Answered in Lightweight Materials Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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