New York, June 09, 2020 (GLOBE NEWSWIRE) -- The global Lightweight Materials market is forecast to reach USD 276.81 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand, owing to the increasing emission reduction regulations from many industries. Increasing government investments in renewable energy projects, such as hydro-energy and wind energy, are also driving the demand for the market.
An increase in the manufacture of aircraft modules, along with the rise in the penetration of lightweight components, is leading to a surge in demand for the market. Aluminum, Polymers and composites and high strength steel are used to meet the industry’s emission and safety standards extensively. Automobile makers have started to work on innovations in multi-material design, which involves working on lightweight materials in an attempt to increase the fuel-efficiency of vehicles. Usage of polymers and composites in designing vehicles will increase due to their property of being lightweight. This is expected to lead to an increased demand for the market.
Fluctuating prices of raw materials are expected to hamper the demand for the market. Also, carbon fiber is a relatively expensive raw material, which can lead to a decline in its growth in the automotive segment. Constraints regarding safety and technology, which limit the use of certain materials in certain industries are also expected to lead to a diminished demand for some materials.
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The COVID-19 impact:
The COVID-19 Pandemic has led to the lockdowns in most of the countries around the globe. Due to the lockdowns, major industries have been forced to shut down. The same goes for the Lightweight Materials market, where the manufacturers have halted operations currently. The demand has also been declining since most of the industries where lightweight materials were used, such as Automotive and Aviation, have also not been operating.
It is expected that once the situation becomes normal again, and the industries start functioning, the demand for the market will rise. Also, manufacturers who are not able to operate currently are involved in innovations so that once the industries open, new innovations would help them gain a greater market share and would lead to a rise in the overall demand for the market.
Further key findings from the report suggest
- Aviation occupied 8.3% of the market in 2019. The aviation industry uses lightweight materials, as they provide the advantage of better fuel-efficiency. The aviation industry is witnessing innovations every day, and the growing air traffic is expected to drive the demand for the aviation industry, and in turn, the lightweight materials market.
- High Strength Steel is forecasted to grow at a CAGR of 9.4% in the forecast period. The primary reason for this is the substitution of traditional steel with High Strength steel because of its lightweight properties. It is known to reduce the weight of vehicles by around 25.0%, because of which it is highly used in the automotive sector. Also, the recycle value of the product is increasing steadily, which is expected to drive the growth for the market.
- Online Stores occupied 23.7% of the market share in 2019. The primary reason for this is that online stores are still in the developing stage to sell products, such as lightweight materials. Also, consumers like to touch and feel the product before buying, because of which online stores currently occupy a smaller market share,
- North America occupied the second-largest market share of 19.7% in 2019. This is due to the increasing demand for automobiles in the region. Also, a large number of vehicle manufacturers are present in countries like the US and Canada, which drive the growth of the market in the region. Polymers and composites are growing in the region, due to their extensive use in the energy and automotive sectors.
- In Latin America, the market is growing continuously because of the increasing number of manufacturers of lightweight materials. Also, in Europe, the market is forecasted to grow at a CAGR of 8.2%, the second-highest among all regions. The primary reason for this is the presence of wind energy equipment and aircraft manufacturers in the region.
- Key participants include Evonik Industries, Bayer AG, Precision Castparts Corp., Toray Industries Inc., PPG Industries Inc., Alcoa Inc., Formosa Plastics Group, Aleris International, Cytec Solvay Group, and SABIC, among others.
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For the purpose of this report, Reports and Data have segmented into the global Lightweight market on the basis of product, application, distribution channel, and region:
Product Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- High Strength Steel
- Aluminum
- Polymers and Composites
- Magnesium
- Titanium
- Others
Application Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Automotive
- Aviation
- Energy
- Others
Distribution Channel Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- Offline Stores
- Online Stores (E Commerce)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/lightweight-materials-market
Regional Outlook (Volume, Kilo Tons; 2017-2027, Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- MEA
- Latin America
- Brazil
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