Lightweight Materials Market Analysis | 2023-2028

Lightweight Materials Market Analysis | 2023-2028

Lightweight Materials Market Analysis | 2023-2028
Report code - SR1738 Delivery - 2 Weeks
Lightweight Materials Market Size, Share, Trend, Forecast & Industry Analysis: 20 See more...

Market Insights

The Lightweight Materials Market was estimated at US$ 208.03 billion in 2022 and is expected to grow at a CAGR of 9.1% during 2023-2028 to reach US$ 351.77 billion by 2028.

Lightweight Materials Market Size

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What are Lightweight Materials?

Lightweight materials are those that have a low density and weigh less than standard materials. These materials are intended to provide strength and usefulness while decreasing a structure's or product's total weight. They provide benefits such as higher fuel efficiency, increased payload capacity, improved performance, and lower environmental impact.

Lightweight Materials Market Report Overview

Market Size in 2028

USD 351.77 Billion

Market Size in 2022

USD 208.03 Billion

Market Growth (2023-2028)

CAGR of 9.1%

Base Year of Study

2022

Trend Period

2017-2021

Forecast Period

2023-2028

 

Different types of lightweight materials are employed in many industries and applications. Here are some typical examples:

  • Aluminum: Because of their low density and outstanding strength-to-weight ratio, aluminum and its alloys are commonly employed as lightweight materials. They are frequently used in the aerospace, automotive, and construction industries.

  • Magnesium: Magnesium and its alloys have a low density, which makes them appealing for lightweight applications. They are used in automobiles, aeronautical structures, and electrical equipment.

  • Titanium: Titanium is well-known for its exceptional strength, corrosion resistance, and low density. It is used in aerospace, defense, and medical implants.

  • Polymer foams: Low density and good insulating qualities are provided by foamed polymers such as expanded polystyrene (EPS) and polyurethane (PU) foams. They're employed in packaging, insulation, and lightweight building.

The lightweight material selected is determined by the application's unique criteria, such as desirable mechanical qualities, cost, manufacturing processes, and environmental factors.

Market Dynamics

The market is driven by a host of factors, some of which are noted below:

  • Growing awareness towards the reduction of fuel emissions impelled many automotive and aircraft manufacturers to replace heavier materials with lighter ones, which can reduce the weight of the final product.

  • Furthermore, governments of different countries and various international organizations are framing stringent regulations against vehicular emissions.

  • Aluminum, high-strength steel, plastics, and composites are commonly employed to meet the industry's safety and emission goals.

  • To increase vehicle fuel efficiency, automakers have started working on multi-material designs, integrating lightweight materials.

  • The use of polymers and composites in vehicle design is expected to increase because of their lightweight advantages.

  • Additionally, other factors such as soaring fuel prices and the implementation of emission standards are expected to increase the demand for lightweight materials over the forecast period.

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Key Trends:

  • Surge in usage of composites: Composites are lightweight materials with a high strength-to-weight ratio and corrosion resistance, gaining popularity in the automotive, aerospace, and energy sectors.

  • The surge in production of new lightweight metals: New lightweight metals like magnesium and titanium are being developed to meet increasing demand for stronger, lighter alternatives to traditional steel and aluminum.

  • Surge in usage of additive manufacturing: Using additive manufacturing, sometimes referred to as 3D printing, it is possible to produce lightweight materials with complicated structures that would not be feasible using conventional techniques.

Opportunities:

  • Growth of the electric vehicle (EV) market: Compared to conventional gasoline-powered cars, EVs use lightweight materials to decrease weight and increase range, opening new prospects for the EV industry.

  • Growth in the renewable energy sector: Lightweight materials in wind turbines and solar panels generate new opportunities in the renewable energy sector.

  • Rising demand for sustainable materials: The demand for sustainable materials with low environmental impact is increasing, with lightweight materials like composites and bio-based materials emerging as more sustainable alternatives to traditional materials like steel and aluminum.

Segment Analysis

Product Trends

The market is segmented into aluminum, high-strength steel, titanium, magnesium, polymers, and composites. The polymers and composites product type segment occupied the largest share of the market in 2022 & is estimated to account for the major share of the market during the forecast period on account of the increasing demand for the product owing to its high potential to reduce weight and enhance fuel efficiency.

Application Trends

The market is segmented into automotive, aviation, energy, and others. Under these, the automotive dominated the market in 2022 & is estimated to remain dominant during the forecast period. This is due to an increase in middle-class affluence and a younger population, which has resulted in a tremendous expansion in the vehicle industry. In this industry, lightweight materials are frequently used in the production of numerous vehicle components.

According to a report provided by the U.S. Bureau of Labour Statistics, the motor vehicle and parts manufacturing industry in the United States increased by 8.4% year on year from February 2021 to February 2022. Furthermore, the introduction of lightweight electric vehicles may aggressively infiltrate the global lightweight materials market's growth of the automotive segment.

Regional Analysis

Asia-Pacific occupied the highest share of the market in 2022 & is estimated to be the leading region in the market during the forecast period. The regional market growth is owing to the growing automotive and aviation industries in the region. Furthermore, countries such as India and China are leading the regional market due to increased demand for passenger automobiles. 

Product demand in energy applications is expected to increase as people become more aware of the benefits of renewable energy. High defense spending is expected to bolster the demand for titanium and magnesium in this region, thus boosting the growth of the market over the forecast period.

Lightweight Materials Market By Region

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Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Product Type:

  • Aluminum
  • High Strength Steel
  • Titanium
  • Magnesium
  • Polymers & Composites
  • Others

By Application Type:

  • Automotive
  • Aviation
  • Energy
  • Others

By Region:

  • North America (Country Analysis: the USA, Canada, and Mexico) 
  • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
  • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
  • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the lightweight materials market (arranged alphabetically).

  • Alcoa Inc.
  • Aleris International
  • Allegheny Technologies Incorporated
  • Bayer AG
  • Cytec Solvay Group
  • Evonik Industries
  • Formosa Plastics Group
  • Novelis Inc.
  • PPG Industries Inc.
  • Precision Castparts Corp.
  • SABIC
  • Toray Industries Inc.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

In-depth Analysis of the Lightweight Materials Market

How lucrative is the future?

The market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional, and country-level historical data and forecasts

Which are the most attractive market segments?

Market segment analysis and forecast

Who are the top players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & challenges

Will I get the information on my specific requirements?

10% free customization

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

Frequently Asked Questions (FAQs)

Lightweight materials are those that have a low density and weigh less than standard materials. These materials are intended to provide strength and usefulness while decreasing a structure's or product's total weight. They provide benefits such as higher fuel efficiency, increased payload capacity, improved performance, and lower environmental impact.

The market is estimated to grow up to USD 351.77 billion by 2028.

The market is estimated to grow at a healthy CAGR of 9.10% during the forecast period.

Some of the key players in the market are SABIC, Cytec Solvay Group, Aleris International, Formosa Plastics Group, Alcoa Inc., PPG Industries Inc., Toray Industries Inc., Precision Castparts Corp., Allegheny Technologies Incorporated, Evonik Industries, Novelis Inc., and Bayer AG.

Asia-Pacific occupied the highest share of the market in 2022 & is estimated to be the leading region in the market during the forecast period.

Growing awareness towards the reduction of fuel emissions impelled a large number of automotive and aircraft manufacturers to replace heavier materials with lighter ones, which can reduce the weight of the final product. Furthermore, governments of different countries and various international organizations are framing stringent regulations against vehicular emissions.

The study period of this market report is 2017-2028.

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