Lightweight Materials Market Is Rising At A CAGR Of 8.9% During 2016 To 2024: Grand View Research, Inc.

Posted on 2018-05-17 by researchinsights in Chemicals, Industrial // 0 Comments

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 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.

To request a sample copy or view summary of this report:
www.grandviewresearch.com/industry-analysis/lightweight-materials-market

Further key findings from the study 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.

Related Report of Advanced Interior Materials:

Grand View Research has segmented the global lightweight materials market on the basis of product, application, and region:

Lightweight Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2013 – 2024)

Aluminum
High Strength Steel
Titanium
Magnesium
Polymers & Composites
Others

Lightweight Materials Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 – 2024)

Automotive
Aviation
Energy
Other

Lightweight Materials Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2013 – 2024)

North America
- U.S.
Europe
- Germany
Asia Pacific
- China
Latin America
- Brazil
Middle East & Africa

Access Press Release Of This Research Report by Grand View Research: www.grandviewresearch.com/press-release/global-lightweight-materials-market

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.

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