Lightweight Materials Market Trends, Growth Driving Factors and Research Report

Felton, Calif., USA, Oct. 22, 2020 — /EPR Network/ —

The global Lightweight Materials Market research report provides complete insights on industry scope, global trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready, data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview:

Global Lightweight Materials Market is expected to reach USD 225.3 billion by 2024. Lightweight materials are the materials used to reduce vehicle weight to reduce emissions, enhance performance, and to lower oil and fuel consumption. Lightweight materials play important role in enhancing the fuel economy of latest cars while maintaining their performance and safety. 

Competitive Landscape: 

The key players of Lightweight Materials Market are Toray Industries Inc., ArcelorMittal S.A., PPG Industries Inc., Alcoa Inc., and Saudi Basic Industries Corporation. These players are concentrating on inorganic growth to sustain themselves amongst fierce competition. As such, mergers, acquisitions, and joint ventures are the need of the hour.

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Growth Drivers: 

The weight reduction plays important role in reducing CO2 for any source of energy like fuel cells, oil, biofuels, or electric. Recycling, mass reduction, and manufacturing process are dominant in the transport segment in accomplishing pollutant gases and CO2 emission reduction. The Lightweight Materials Market is estimated to grow at a significant CAGR of 8.9% over the future period as the scope and its applications are rising enormously across the globe.

Rising energy efficiency, composite material provide more protection upon impact, and advances performance are documented as major factors of Lightweight Materials Market that are estimated to enhance the growth in the years to come. Also, these materials can be easily installed, low in cost, and maintains its standard are the factors that may boost overall market in coming years. Lightweight Materials Industry is segmented based on type, application, and region.

Product Outlook: 

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

Application Outlook: 

• Automotive
• Aviation
• Energy

Regional Insight: 

Globally, North America and Asia Pacific accounted for the majority market share and is estimated to continue their dominance in the coming years. The reason behind the growth of overall market in these regions could be high production of vehicles and aircrafts and strict policy. However, Asia Pacific is estimated to grow at highest CAGR in the coming years.

The developing countries like India and China are the major consumer of Lightweight Materials in the region. This may be because of this may be because of growing awareness regarding renewable energy, rising demand for passenger vehicles, and high defense budget. Instead, Europe is also estimated to have a positive influence on the future growth. Europe is estimated to account significant market share in the future period.

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