Pune, 14, Dec, 2022: Lightweight Materials Market is gaining traction with the rise in efforts to reduce carbon footprint and the increasing demand for electric vehicles. The corporate intelligence report on “Lightweight Materials Market” analysed by Maximize Market Research covers a detailed competitive and regional analysis of the market. The Lightweight Materials Market is expected to grow from USD 198.2 billion in 2021 to USD 320.7 billion in 2029, at a CAGR of 6.2 percent for the forecast period from 2022 to 2029.
Lightweight Materials Market Scope and Research Methodology
The report is a systematic analysis of the Lightweight Materials industry at a local, regional and global level. The report provides current trends and highlights prevailing in the Lightweight Materials Market with a thorough analysis of the growth rate fluctuations. The report acts as an investor’s guide since it provides a comprehensive picture of the competitive landscape of leading players in the Lightweight Materials Market by goods and services, revenue, financial status, portfolio, growth strategies, and geographical presence. Analysis of new entrants to present a future outlook and opportunities in the market is also provided.
To define future pricing and production strategies, the report provides a demand analysis spanning over the forecast period. Segment-wise analysis of the Construction Equipment Market is conducted by dividing it into Type, Application and Region to present the market penetration, and competitive structure and perform pricing and demand analysis. To get a clearer picture of factors affecting the Construction Equipment Market, the driver, challenges and restraints are analysed.
For insights into the strategies, sales and marketing tactics of companies similar to the Lightweight Materials Market in the industry, a competitive analysis is conducted. Information on key players and new entrants is collected based on goods and services offered, portfolio, technological advancements adopted, mergers and acquisitions, joint ventures, strategic alliances, social media engagement and areas for improvement. Figures and illustrations make it easy for clients to understand the market scenario at a glance.
Estimation of the market size and its segments was carried out using a bottom-up approach. Data was collected using both primary and secondary data collection methods for the analysis. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, marketing professionals and customers on the demand side and manufacturers on the supply side were included in the primary methods. Secondary data was methodically collected from a selection of sources to ensure the reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the Lightweight Materials Market while PESTLE was employed to understand the potential impact of the macro and micro economic, social, political and technological factors affecting the Lightweight Materials Market growth. Porter’s Five Force analysis gives insights into the threat of substitution and the power of demand and supply. Thus, the report gives a detailed analysis of the Lightweight Materials Market.
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Lightweight Materials Market Overview
Lightweight materials are alloys and composites that help in reducing the weight of various components in an industry. Examples of the same include aluminium, magnesium, beryllium, titanium, structural ceramics and other composites that include polymer and metal. These are heavily used in the automotive, food and beverage industries for their lightweight qualities.
Lightweight Materials Market Dynamics
Lightweight materials also offer dexterity and durability along with design flexibility. These qualities make it a popular option in the automotive industry, especially for components like door modules, chassis and bumper beams. Lightweight materials are used for both, the interior and exterior components of the vehicle. Passenger vehicles account for around two-thirds of vehicles produced, increasing demand for the Lightweight Materials Market. The increasing demand from the automotive industry is expected to drive the Lightweight Materials Market growth over the forecast period.
The trends of sustainability and efforts to reduce carbon footprint are gaining traction. Governments and other institutions are launching and implementing schemes and policies to promote the use of electric vehicles and reduce carbon emissions. As a result, increased demand for electric vehicles is driving the Lightweight Materials Market. Electric vehicles reduce lightweight materials to improve the fuel efficiency and performance of the vehicle. This growing demand for electric vehicles is expected to drive the Lightweight Materials Market growth over the forecast period.
Lightweight Materials Market Regional Insights
North America held the largest market share and is expected to continue the streak during the forecast period. The regional growth is supported by government policies implemented to reduce carbon emissions. Investments are encouraged in research and development in the field which is enhancing the quality of lightweight materials. The aviation industry in the region is replacing old aircraft with new lightweight components. This is also expected to drive the regional Lightweight Materials Market growth over the forecast period.
Lightweight Materials Market Segmentation:
By Type:
- Metals
- Aluminum
- High Strength Steel
- Magnesium
- Titanium
- Composites
- Carbon-fiber reinforced plastic (CFRP)
- Glass-fiber reinforced plastic (GFRP)
- Natural Fibre-Reinforced Polymer (NFRP)
- Others
- Plastics
- PC
- ABS
- PA
- PP
- PU
- Others
- Elastomer
- EPDM
- NR
- SBR
- Others
By Application:
- Automotive
- Aviation
- Marine
- Wind Energy
- Others (Transportation, Packaging, and Other Engineered Goods)
Lightweight Materials Market Key Competitors include:
- ArcelorMittal S.A.
- Alcoa Inc.
- Saudi Basic Industries Corporation
- PPG Industries, Inc.
- Toray Industries, Inc.
- Cytec Industries Inc.,
- ExxonMobil Corporation
- E.I DuPont de Nemours and Company
- Bayer AG
- Novelis Inc.
- ThyssenKrupp AG
- Henkel Corporation
- Mitsubishi Rayon Co. Ltd.
- Zoltek Companies Inc
- Rio Tinto Alcan Inc.
- Kaiser Aluminium
- US Magnesium LLC
- A&S Magnesium Inc.
- China Hongqiao Group Ltd.
- SGL Group
- LyondellBasell Industries N.V.
- Dead Sea Magnesium Ltd
- Exxon Mobil Corporation
- Formosa Plastic Corporation
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Key questions answered in the Lightweight Materials Market are:
- What is Lightweight Materials Market?
- What is the current growth rate of the Lightweight Materials Market?
- What are the major drivers of the Lightweight Materials Market?
- How are government initiatives boosting the Lightweight Materials Market?
- Who are the key players in the Lightweight Materials Market?
- Who are the market leaders in Lightweight Materials in Europe?
- Who are the market leaders in Lightweight Materials Market in USA and Canada?
- What are the factors affecting growth in the Lightweight Materials Market?
- Who held the largest market share in Lightweight Materials Market?
- What are the factors for the growth of Asia-Pacific region in Lightweight Materials Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Application and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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