Global Lightweight Materials Market Size, Share, Growth Analysis, By Product(Aluminum, High Strength Steel), By Application(Automotive, Aviation) - Industry Forecast 2024-2031

PUBLISHED: April 8, 2024

PAGES: 184 Pages

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Description

Global Lightweight Materials Market size was valued at USD 189.28 billion in 2022 and is poised to grow from USD 206.50 billion in 2023 to USD 414.50 billion by 2031, growing at a CAGR of 9.10% in the forecast period (2024-2031).

The global lightweight materials market, driven by emission reduction mandates, has witnessed significant growth, with expectations for continued expansion. Predominantly, the automotive sector, constituting over 89% of the market, propels this demand, fueled by the necessity for lighter materials to enhance vehicle performance while meeting safety and emission standards. Following closely is the aviation sector, accounting for more than 5% of the market, where lightweight materials enable the integration of advanced safety and electrical systems without compromising aircraft weight. Titanium, renowned for its high strength-to-weight ratio, finds application in powertrain systems, reducing weight by up to 54.9%, while advanced high strength steel cuts component weight by 25% in specific designs like pillars and door rings. The surge in automotive industry growth, coupled with increasing vehicle modernization and government regulations on efficiency and safety, underscores the market's trajectory. Additionally, the adoption of lightweight materials in windmill projects reflects a broader trend towards their usage in diverse sectors.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Lightweight Materials Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Lightweight Materials Market Segmental Analysis

Global Lightweight Materials Market is segmented on the basis of product, application and region. By product, the market is segmented into aluminum, high strength steel, titanium, magnesium, polymers & composites, others. By application, market is segmented into automotive, aviation, energy, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Lightweight Materials Market

The increasing demand for energy-efficient buildings and appliances is fueling the uptake of lightweight materials across the construction and consumer goods sectors. Materials like foam and aerogel insulation offer greater energy efficiency compared to conventional options, resulting in substantial reductions in energy consumption.

Restraints in the Global Lightweight Materials Market

Although lightweight materials present numerous benefits, they might not consistently fulfill the performance criteria for specific applications, as some may lack the resilience to endure extreme temperatures or high-stress conditions, thereby restricting their utilization in various industries.

Market Trends of the Global Lightweight Materials Market

Recent advancements in material science have spurred the creation of novel lightweight materials boasting heightened strength and durability. Scientists are delving into the potential of nanomaterials like graphene and carbon nanotubes to engineer lightweight substances endowed with extraordinary mechanical attributes.

Product Code: SQMIG15B2052

Executive Summary

Market Overview
Wheel of Fortune

Research Methodology

Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges

Key Market Insights

Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition

Market Dynamics & Outlook

Market Dynamics
- Drivers
- Opportunities
- Restraints
- Challenges
Regulatory Landscape
Porters Analysis
- Competitive rivalry
- Threat of Substitute Products
- Bargaining Power of Buyers
- Threat of New Entrants
- Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
- Political Impact
- Economic Impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact

Global Lightweight Materials Market by Product

Market Overview
Aluminum
High Strength Steel
Titanium
Magnesium
Polymers & Composites
Others

Global Lightweight Materials Market by Application

Market Overview
Automotive
Aviation
Energy
Other

Global Lightweight Materials Market Size by Region

Market Overview
North America
- USA
- Canada
Europe
- Germany
- Spain
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA

Competitive Landscape

Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
- By Development
- By Company
- By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021

Key Company Profiles

Alcoa Corporation (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
BASF SE (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Covestro AG (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Cytec Industries Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
DuPont de Nemours Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Evonik Industries AG (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hexcel Corporation (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Huntsman Corporation (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
LyondellBasell Industries Holdings B.V. (Netherlands)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Mitsubishi Chemical Holdings Corporation (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Owens Corning (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
PPG Industries Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
SGL Carbon SE (Germany)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Solvay SA (Belgium)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Teijin Limited (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Toray Industries Inc. (Japan)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
3A Composites GmbH (Switzerland)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
ArcelorMittal SA (Luxembourg)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Carpenter Technology Corporation (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Celanese Corporation (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Hexion Inc. (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments
Materion Corporation (USA)
- Company Overview
- Business Segment Overview
- Financial Updates
- Key Developments