PUBLISHER: Roots Analysis | PRODUCT CODE: 1854916
PUBLISHER: Roots Analysis | PRODUCT CODE: 1854916
As per Roots Analysis, the global lightweight materials market size is estimated to grow from USD 191.37 billion in the current year to USD 389.07 billion by 2035, at a CAGR of 6.66% during the forecast period, till 2035.
The opportunity for lightweight materials market has been distributed across the following segments:
Type of Material
Application
Company Size
Business Model
End User
Geographical Regions
Lightweight Materials Market: Growth and Trends
With increasing preferences for lighter materials across various industries, the demand for these materials has seen a significant rise. These substances take the form of composites or metal alloys that boast a high strength-to-weight ratio and low density, making them ideal for constructing aircraft, electronic devices, heavy-duty vehicles, and other industrial products.
Notably, aircraft and commercial vehicles tend to be very heavy, leading to lower performance efficiency and higher fuel consumption. To reduce the overall weight of these hefty vehicles, the automotive and aerospace sectors have shifted toward lightweight materials, as their properties are comparable to those of heavier materials but with reduced density. The demand for lightweight materials has further escalated with the increasing adoption of electric vehicles that require such materials.
Beyond the automotive sector, lightweight materials, including composites and aluminum, play a crucial role in the construction of marine vessels to improve fuel efficiency, cargo capacity, and lower maintenance costs. These materials exhibit excellent corrosion resistance, which is why the marine industry depends on lightweight materials for building superstructures, decks, and hulls.
Given the persistent demand for lightweight materials, numerous industry leaders have intensified their efforts to supply durable, rigid, rust-resistant composites, alloys, and other light materials that enhance fuel efficiency. Owing to these ongoing advancements in lightweight materials across different industrial sectors, the lightweight materials market is expected to experience significant growth during the forecast period.
Lightweight Materials Market: Key Segments
Based on type of material, the global lightweight materials market is segmented into metal alloys, composites and polymers. According to our estimates, currently, the metal alloys segment captures the majority share of the market. This growth can be attributed to their increased use in the automotive sector to comply with emission regulations and enhance fuel efficiency.
However, the market for composites is expected to grow at a higher CAGR during the forecast period, due to its widespread application in the sports, aerospace, and automotive industries
Based on application, the lightweight materials market is segmented into automotive components, aircraft structures, construction materials, consumer electronic goods, renewable energy systems, and sports equipment. According to our estimates, currently, the automotive component segment captures the majority of the market. This can be attributed to a growing emphasis on energy efficiency, reducing vehicle weight, and complying with strict emission regulations.
Additionally, these lightweight materials are widely utilized in the production of frames, body panels, and engine components, which further boosts demand within the automotive sector. However, the market for aerospace segment is expected to grow at a higher CAGR during the forecast period.
Based on company size, the lightweight materials market is segmented into large enterprises and small and medium enterprises. According to our estimates, currently, large enterprises segment captures the majority share of the market. This is due to the fact that large companies possess expertise and sophisticated technological resources to innovate lightweight materials applicable across various industrial sectors.
Alongside technological advancement, the major players in this market are focusing on broadening their product range and introducing advanced polymers that can be utilized for manufacturing diverse medical devices and other components. Recognizing the emerging opportunities, many small and medium-sized enterprises are adopting strategic initiatives to foster innovations in this field.
Based on end user, the lightweight materials market is segmented into automotive industry, aerospace industry, construction industry, energy sector, consumer electronics, defence and military. According to our estimates, currently, automotive sector captures the majority share of the market. This is due to an increasing emphasis on decreasing vehicle weight, enhancing dynamic performance, and improving fuel efficiency. Additionally, it is important to mention that the aerospace and defence sectors are consistently utilizing these lightweight materials in the production of aircraft and their components.
Based on geographical regions, the lightweight materials market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently, North America captures the majority share of the market. This can be attributed to the presence of prominent automotive, defense, and aerospace industries that are increasingly adopting lightweight material technologies for their structures.
The rising demand for lightweight materials has been further enhanced by major companies in the sector, such as Tesla, Martin, and Boeing. However, Asia-Pacific is expected to witness a relatively higher CAGR during the forecast period, driven by increasing urbanization and industrialization that prioritize these materials in engineering designs.
Lightweight Materials Market: Research Coverage
The report on the lightweight materials market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
Additional Benefits