Increase in disposable income, technological upgrades, rise in new product developments, and surge in number of original equipment manufacturers (OEMs) and aftermarkets led the automobile sector to witness a significant growth, which in turn drives the global lightweight materials market.
PORTLAND, Ore., May 18, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Lightweight Materials Market by Type (Metal Alloys, Composites, Polymers), by Application (Automotive, Aerospace, Wind, Marine, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global lightweight materials industry was estimated at $168.1 billion in 2020, and is anticipated to hit $261.6 billion by 2030, registering a CAGR of 4.5% from 2021 to 2030.
Drivers, restraints, and opportunities-
Increase in disposable income, technological upgrades, rise in new product developments, and surge in number of original equipment manufacturers (OEMs) and aftermarkets led the automobile sector to witness a significant growth, which in turn drives the global lightweight materials market. On the other hand, rapid fluctuations in raw material prices and high cost of carbon fiber restrict the use of lightweight materials in various end-use industries, including automotive, aircraft manufacturing, wind turbines, and marine, which impedes the growth to some extent. However, surge in awareness of environment-friendly activities heightened the popularity of electric vehicles in both developed and developing countries, thus creating lucrative opportunities in the industry.
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Covid-19 Scenario-
- The global lightweight materials market was negatively impacted during the pandemic, owing to its high dependency on sectors such as aerospace, automotive, and marine.
- Nevertheless, as the global situation is getting better, the market is anticipated to get back on track soon.
The metal alloys segment to dominate by 2030-
Based on type, the metal alloys segment accounted for more than three-fifths of the global lightweight materials market share in 2020, and is anticipated to rule the roost by 2030. Rise in demand for adhesives manufacturing tapes & labels, general-purpose repair, gift wrapping & decoration, and heavy-duty carton sealing propels the growth of the segment. The composites segment, however, would cite the fastest CAGR of 5.4% throughout the forecast period. Increasing demand for composites from building & construction, automotive, transportation, and other end-use sectors drives the segment growth.
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The automotive segment to maintain the dominant share-
Based on application, the automotive segment held around four-fifths of the global lightweight materials market revenue in 2020, and is expected to lead the trail by 2030, owing to rise in middle-class income and surge in the young population across the world. The aerospace segment, on the other hand, would manifest the fastest CAGR of 4.7% from 2021 to 2030. This is due to the fact that both developed and developing economies are constantly engaged in upgrading their fighter jets with modern armor facilities where lightweight materials are widely used to enhance the avionics and mileage of fighter jets.
Asia-Pacific garnered the major share in 2020-
Based on region, Asia-Pacific held the major share in 2020, generating more than three-fifths of the global lightweight materials market. The same region would also grow at the fastest CAGR of 5.2% by 2030. This is attributed to the increasing demand for lightweight materials in the automotive, marine, aircraft, and wind turbine industries in Asia-Pacific.
Key players in the industry-
- ArcelorMittal, Bayer AG
- DuPont
- Toray Industries, Inc.
- ExxonMobil Corporation
- Solvay
- Novelis Inc.
- PPG Industries, Inc.
- Saudi Basic Industries Corporation
- Alcoa Corporation
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