Lightweight Materials Market– Statistics And Analysis & Forecast To 2024
The global lightweight materials market size is expected to reach USD 225.3 billion by 2024, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 8.9% during the forecast period. Rising material innovation in aviation is expected to improve demand for lightweight materials. The design of an aircraft must take into consideration a number of factors, such as life-cycle cost, strength-to-weight ratio, fatigue life, fracture toughness, corrosion resistance, and reliability. The importance of these factors governs the choice of materials used in the manufacture of aircraft.
Initially, metals were used to manufacture aircraft as they provide necessary tensile strength to the aircraft. The invention of drones or fighter planes with good aerodynamic balance and fuel efficiency has led to usage of lightweight materials in the aviation industry.
The lightweight materials market is moderately competitive, on account of the presence of leading companies such as Cytec Solvay Group; SABIC Industries; Alcoa Inc.; and Toray Industries Inc. The market is fragmented in nature and marked by a rising number of mergers and acquisitions. In order to increase market demand, companies are investing to improve the quality of products.
The number of polymers and composite manufacturers is expected to increase over the forecast period on account of growing application in automotive and aviation sectors. The rapidly expanding wind energy equipment industry has attracted many players as they have started adding different products used in manufacturing blades to their product portfolio.
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The lightweight materials market is dominated by aluminum, high strength steel, and polymers & composites and are expected to continue doing so in future. Their increased application in various fields is expected to augment demand.
Currently, high strength steel and aluminum are more popular; however, polymers and composites are expected to gain more popularity on account of reduction in prices and increased production of polymers and composites.
Alumina, iron ore, nickel, rutile, and polyacrylonitrile are key raw materials used for manufacturing lightweight materials. These raw materials are further processed to obtain lightweight materials. alumina, rutile, iron ore, and nickel are naturally found in ores whereas polyacrylonitrile, which is one of the major raw materials for carbon composites, is manufactured from petroleum.
Further key findings from the report suggest:
- The global lightweight materials market is anticipated to reach 61,925.6 kilotons by 2024, at a CAGR of 8.3% from 2015 to 2022
- In terms of revenue, the high strength steel segment is projected to ascend at a CAGR of 10.2% over the forecast period
- The automotive application dominated the global lightweight materials market with a share of over 86.0% in 2015
- The North America lightweight materials market is anticipated to exceed 12,377.7 kilotons by 2024
- Europe is projected to witness a remarkable CAGR of 8.2% over the forecast, owing to increasing investments in the energy sector
- Asian countries, especially India and China, are expected to observe remarkable growth in next few years
- The market is partially consolidated and competitive in nature, with strong presence of multinational players
- Some of the key companies in the market are Guardian Industries; Cytec Solvay Group; SABIC; Formosa Plastics; Alcoa Inc.; Allegheny Technology Incorporated; Aleris International; and Covestro LLC.
The market is segmented into products including aluminum, high strength steel, titanium, magnesium, and polymers & composites. Polymers &composites dominated the overall market and the trend is likely to continue over the forecast period. The demand for the product is expected to grow owing to its potential to reduce vehicular weight by 50% and improve fuel efficiency by around 35%.
After the introduction of the Hall-Heroult process of obtaining quality aluminum from alumina, aluminum has been used in various applications. The age hardening property of aluminum alloys coupled with the strength provided by aluminum has propelled its demand in automotive and aviation applications. Such distinct properties and its usage in various industries are likely to drive market growth.
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High strength steel is majorly used as a direct substitute to traditional steel in lightweight applications. It is largely preferred in the automotive sector and has the ability to reduce vehicular weight by around 25%. The recycle value of high strength steel is increasing its demand, which is anticipated to drive the market growth over the forecast period.
Magnesium is majorly used in automotive and mobile electronics applications. The recyclability feature of magnesium is responsible for its growth over the forecast period. Titanium is widely used in a variety of applications due to its easy accessibility and abundant availability. However, due to its high cost, it is used in niche applications where superior strength and durability are desired.
Grand View Research has segmented the global lightweight materials market on the basis of product, application:
Lightweight Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2013 – 2024)
- High Strength Steel
- Polymers & Composites
Lightweight Materials Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 – 2024)
Automotive, aviation, and energy are the major application areas in the lightweight materials market. In 2015, the automotive segment dominated the overall lightweight materials market with around with 86% share in terms of revenue. Major products used in the automotive industry includes aluminum, polymers and composites, and high strength steel.
The lightweight materials market is majorly driven by growing application in automotive and aviation sector. The rising innovation in the aviation sector is expected to augment the market demand over the forecast period. In addition, the market growth is expected to augment due to increased application of lightweight materials in the energy application segment.
Use of lightweight materials directly impacts various factors such as driving dynamics, agility, and fuel consumption. The application of lightweight materials in the aviation sector is expected to boost demand for lightweight materials over the forecast period. Furthermore, wind energy, one of the major renewable sources of energy uses lightweight materials for the manufacture of windmills.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.