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The Lightweight Materials Market report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027.
The Lightweight Materials Market report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint.
The global lightweight materials market report has been segmented on the basis of type, application, and region.
Lightweight Materials Market Overview:
The Lightweight Materials Market was valued at $21.40 million in 2021 & is projected to reach $54.52 million by 2027. It is expected to grow at a 12.4% CAGR between 2021 and 2027.
Lightweight materials are lighter in weight however they possess the same strength as that heavy materials. These lightweight materials include high-strength steel, aluminum, carbon fiber reinforced plastic(CFRP), glass fiber reinforced plastic, magnesium, titanium, plastics, and others.
Lightweight materials are heat-resistant, corrosion-resistant, high thermal and electrical conductivities, high strength and flexibility, low density, reduction in carbon dioxide emissions into the atmosphere, increased fuel economy and extended service life thus reducing maintenance cost.
The increasing adoption of lightweight materials in various end-use applications due to their superior properties over traditional materials, and favorable government regulations are major factors driving the market growth.
The lightweight materials market witnessed significant growth in the recent past, due to rising government investments in the renovation of power projects, such as hydro and wind energy.
In addition, rising demand for fuel-efficient vehicles is expected to drive the growth of the global market in the next ten years.
In addition, the increasing need for lightweight components in the production of aircraft modules is expected to uplift the demand for advanced composites and lightweight materials over the forecast period.
The high cost involved in the deployment of lightweight materials and uncertainty in production tax credit is major factors expected to hamper the growth of the global lightweight materials market.
However, increasing investments by various federal agencies and governments in countries across the world, and growing demand from developing countries such as India, China, and Brazil are anticipated to create significant opportunities for manufacturers operating in the global lightweight materials market.
Asia Pacific market is expected to dominate the global lightweight materials market owing to booming industries such as automotive and aviation in emerging economies of China and India.
The growth of the North American market can be attributed to the presence of several carbon composites and automotive manufacturers in this region.
Increasing innovations in the aviation sector and increasing wind project installations in various regions are anticipated to have a positive impact on the growth of the global market.
Global Lightweight Materials Market Segmentation:
Segmentation by type:
Segmentation by application:
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Alcoa Corporation
- PPG Industries, Inc.
- Arcelormittal S.A.
- TORAY INDUSTRIES, INC.
- Novelis INC.
- Owens Corning
- Titanium Metals Corporation
- Thyssenkrupp Ag
- Vsmpo-Avisma Corporation
- Hexcel Corporation
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