Lightweight Materials Market Size 2021-2031 | Drivers
The Lightweight Materials Market is expected to register a CAGR of 7% from 2023 to 2031, with a market size expanding from US$ XX Million in 2023 to US$ XX Million by 2031.
The report is segmented by Product (Aluminum, High Strength Steel, Titanium, Magnesium, Polymers and Composites, Others). The global analysis is further broken-down at regional level and major countries. The report further presents analysis based on Application (Automotive, Aviation, Energy, Others). The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Lightweight Materials Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Lightweight Materials Market Segmentation
Product- Aluminum
- High Strength Steel
- Titanium
- Magnesium
- Polymers and Composites
- Others
- Automotive
- Aviation
- Energy
- Others
Strategic Insights
Lightweight Materials Market Growth Drivers- Increasing Demand for Lightweight Materials in Automotive and Aerospace Sectors: Demand of Automotive and Aerospace Sector Application of lightweight materials composites in automotive and aerospace sectors is on the rise owing to the enhanced thermal efficiency, lower emission levels and improved performance. This is a key factor fuelling the growth of the lightweight materials market.
- Rising Need for Lightweight Materials to Meet Emission Regulations: In view of the increasing global regulations regarding emission of CO2, the need for light materials that will enable meeting set out environmental considerations is rising. Light materials utilization also helps in controlling the emissions, thus, more friendly to the productive systems used.
- Advancements in Material Science Fueling Growth: Efforts to better the material sciences through research give rise to new light weight composites and materials. These materials are now available at lower prices, have better strength and flexible usage. Therefore, such factors encourage usage of the materials in different sectors.
- Rising Demand for Lightweight Materials in Electric Vehicles and Aviation: With an increasing focus on electric vehicles, the need for lightweight materials in order to increase the range, efficiency and battery life of the vehicle is expected to rise. In the same manner, the aviation sector is widely utilizing lightweight materials so as to cut down on the fuel cost as well as emission levels creating a demand for lightweight metals and composites.
- Additive Manufacturing Driving Innovation in Lightweight Materials: New technologies such as additive manufacturing (3D printing) are paving the way for new angles for lightweight materials use, especially for manufacturing industries like avionics and automotive and even healthcare. The 3d printing of wear-out components and prototypes using light-weight composites and polymers will be a great market in the years to come.
- Advancements in Composite Material Technologies Fueling Growth: The continuous creativity in the processing and development of different composite materials such as carbon fibre and polymer based matrix innovations are contributing positively to the growth of lightweight materials. The application of these technologies will improve the use of these lightweight and high-strength materials in new sectors such as construction and transport as well as general consumer products.
- Additive Manufacturing Driving Demand for Lightweight Materials: The rise of additive manufacturing (3D printing) across industries such as aerospace, automotive, and healthcare is presenting new opportunities for lightweight materials. These materials, including composites and polymers, are increasingly being used to produce custom parts and prototypes, driving demand in this market.
- Lightweight Materials Boosting Aerospace Fuel Efficiency: Lightweight materials are critical for reducing fuel consumption and improving fuel efficiency in the aerospace industry. As global air traffic and the demand for more efficient aircraft increase, the need for lightweight materials, particularly composites and advanced alloys, will create significant growth opportunities.
- Sustainability Driving the Adoption of Lightweight Materials: The growing trend toward sustainability and eco-friendly products is driving demand for lightweight materials that are also renewable or biodegradable. The demand for lightweight packaging materials, bio-composites, and green building materials is expected to grow, providing opportunities for the development of more sustainable alternatives.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Lightweight Materials Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Lightweight Materials Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Lightweight Materials Market is estimated to witness a CAGR of 7% from 2023 to 2031
Automotive and aerospace industry demand is driving the market growth
BASF SE
; 3M Company
; Alcoa Corporation
; Hexcel Corporation
; ArcelorMittal
; Toyota Tsusho Corporation
; SABIC
; Magna International Inc.
; Renesas Electronics Corporation
; AeroMetals, Inc.
; Teijin Limited
; Huntsman Corporation
; LyondellBasell Industries
; Daimler AG
; BMW Group
Based on product, the high strength steel segment is expected to witness the fastest growth during the forecast period
Based on geography, Asia Pacific held the largest share of the lightweight materials market due to the well-established automotive industry across the region, coupled with continuous growth and development
Growth in electric vehicle (EV) and aerospace applications is expected to be the key market trends
TABLE OF CONTENTS
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Lightweight Materials Market - By Product
1.3.2Lightweight Materials Market - By Application
1.3.3Lightweight Materials Market - By Region
1.3.3.1By Country
2.KEY TAKEWAYS
3.RESEARCH METHODOLOGY
4.LIGHTWEIGHT MATERIALS MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.LIGHTWEIGHT MATERIALS MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6.LIGHTWEIGHT MATERIALS MARKET - GLOBAL MARKET ANALYSIS
6.1.LIGHTWEIGHT MATERIALS - GLOBAL MARKET OVERVIEW
6.2.LIGHTWEIGHT MATERIALS - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING/MARKET SHARE
7.LIGHTWEIGHT MATERIALS MARKET - REVENUE AND FORECASTS TO 2028 - PRODUCT
7.1.OVERVIEW
7.2.PRODUCT MARKET FORECASTS AND ANALYSIS
7.3.ALUMINUM
7.3.1.Overview
7.3.2.Aluminum Market Forecast and Analysis
7.4.HIGH STRENGTH STEEL
7.4.1.Overview
7.4.2.High Strength Steel Market Forecast and Analysis
7.5.TITANIUM
7.5.1.Overview
7.5.2.Titanium Market Forecast and Analysis
7.6.MAGNESIUM
7.6.1.Overview
7.6.2.Magnesium Market Forecast and Analysis
7.7.POLYMERS AND COMPOSITES
7.7.1.Overview
7.7.2.Polymers and Composites Market Forecast and Analysis
7.8.OTHERS
7.8.1.Overview
7.8.2.Others Market Forecast and Analysis
8.LIGHTWEIGHT MATERIALS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.AUTOMOTIVE
8.3.1.Overview
8.3.2.Automotive Market Forecast and Analysis
8.4.AVIATION
8.4.1.Overview
8.4.2.Aviation Market Forecast and Analysis
8.5.ENERGY
8.5.1.Overview
8.5.2.Energy Market Forecast and Analysis
8.6.OTHERS
8.6.1.Overview
8.6.2.Others Market Forecast and Analysis
9.LIGHTWEIGHT MATERIALS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Lightweight Materials Market Overview
9.1.2North America Lightweight Materials Market Forecasts and Analysis
9.1.3North America Lightweight Materials Market Forecasts and Analysis - By Product
9.1.4North America Lightweight Materials Market Forecasts and Analysis - By Application
9.1.5North America Lightweight Materials Market Forecasts and Analysis - By Countries
9.1.5.1United States Lightweight Materials Market
9.1.5.1.1United States Lightweight Materials Market by Product
9.1.5.1.2United States Lightweight Materials Market by Application
9.1.5.2Canada Lightweight Materials Market
9.1.5.2.1Canada Lightweight Materials Market by Product
9.1.5.2.2Canada Lightweight Materials Market by Application
9.1.5.3Mexico Lightweight Materials Market
9.1.5.3.1Mexico Lightweight Materials Market by Product
9.1.5.3.2Mexico Lightweight Materials Market by Application
9.2.EUROPE
9.2.1Europe Lightweight Materials Market Overview
9.2.2Europe Lightweight Materials Market Forecasts and Analysis
9.2.3Europe Lightweight Materials Market Forecasts and Analysis - By Product
9.2.4Europe Lightweight Materials Market Forecasts and Analysis - By Application
9.2.5Europe Lightweight Materials Market Forecasts and Analysis - By Countries
9.2.5.1Germany Lightweight Materials Market
9.2.5.1.1Germany Lightweight Materials Market by Product
9.2.5.1.2Germany Lightweight Materials Market by Application
9.2.5.2France Lightweight Materials Market
9.2.5.2.1France Lightweight Materials Market by Product
9.2.5.2.2France Lightweight Materials Market by Application
9.2.5.3Italy Lightweight Materials Market
9.2.5.3.1Italy Lightweight Materials Market by Product
9.2.5.3.2Italy Lightweight Materials Market by Application
9.2.5.4United Kingdom Lightweight Materials Market
9.2.5.4.1United Kingdom Lightweight Materials Market by Product
9.2.5.4.2United Kingdom Lightweight Materials Market by Application
9.2.5.5Russia Lightweight Materials Market
9.2.5.5.1Russia Lightweight Materials Market by Product
9.2.5.5.2Russia Lightweight Materials Market by Application
9.2.5.6Rest of Europe Lightweight Materials Market
9.2.5.6.1Rest of Europe Lightweight Materials Market by Product
9.2.5.6.2Rest of Europe Lightweight Materials Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Lightweight Materials Market Overview
9.3.2Asia-Pacific Lightweight Materials Market Forecasts and Analysis
9.3.3Asia-Pacific Lightweight Materials Market Forecasts and Analysis - By Product
9.3.4Asia-Pacific Lightweight Materials Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Lightweight Materials Market Forecasts and Analysis - By Countries
9.3.5.1Australia Lightweight Materials Market
9.3.5.1.1Australia Lightweight Materials Market by Product
9.3.5.1.2Australia Lightweight Materials Market by Application
9.3.5.2China Lightweight Materials Market
9.3.5.2.1China Lightweight Materials Market by Product
9.3.5.2.2China Lightweight Materials Market by Application
9.3.5.3India Lightweight Materials Market
9.3.5.3.1India Lightweight Materials Market by Product
9.3.5.3.2India Lightweight Materials Market by Application
9.3.5.4Japan Lightweight Materials Market
9.3.5.4.1Japan Lightweight Materials Market by Product
9.3.5.4.2Japan Lightweight Materials Market by Application
9.3.5.5South Korea Lightweight Materials Market
9.3.5.5.1South Korea Lightweight Materials Market by Product
9.3.5.5.2South Korea Lightweight Materials Market by Application
9.3.5.6Rest of Asia-Pacific Lightweight Materials Market
9.3.5.6.1Rest of Asia-Pacific Lightweight Materials Market by Product
9.3.5.6.2Rest of Asia-Pacific Lightweight Materials Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Lightweight Materials Market Overview
9.4.2Middle East and Africa Lightweight Materials Market Forecasts and Analysis
9.4.3Middle East and Africa Lightweight Materials Market Forecasts and Analysis - By Product
9.4.4Middle East and Africa Lightweight Materials Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Lightweight Materials Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Lightweight Materials Market
9.4.5.1.1South Africa Lightweight Materials Market by Product
9.4.5.1.2South Africa Lightweight Materials Market by Application
9.4.5.2Saudi Arabia Lightweight Materials Market
9.4.5.2.1Saudi Arabia Lightweight Materials Market by Product
9.4.5.2.2Saudi Arabia Lightweight Materials Market by Application
9.4.5.3U.A.E Lightweight Materials Market
9.4.5.3.1U.A.E Lightweight Materials Market by Product
9.4.5.3.2U.A.E Lightweight Materials Market by Application
9.4.5.4Rest of Middle East and Africa Lightweight Materials Market
9.4.5.4.1Rest of Middle East and Africa Lightweight Materials Market by Product
9.4.5.4.2Rest of Middle East and Africa Lightweight Materials Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Lightweight Materials Market Overview
9.5.2South and Central America Lightweight Materials Market Forecasts and Analysis
9.5.3South and Central America Lightweight Materials Market Forecasts and Analysis - By Product
9.5.4South and Central America Lightweight Materials Market Forecasts and Analysis - By Application
9.5.5South and Central America Lightweight Materials Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Lightweight Materials Market
9.5.5.1.1Brazil Lightweight Materials Market by Product
9.5.5.1.2Brazil Lightweight Materials Market by Application
9.5.5.2Argentina Lightweight Materials Market
9.5.5.2.1Argentina Lightweight Materials Market by Product
9.5.5.2.2Argentina Lightweight Materials Market by Application
9.5.5.3Rest of South and Central America Lightweight Materials Market
9.5.5.3.1Rest of South and Central America Lightweight Materials Market by Product
9.5.5.3.2Rest of South and Central America Lightweight Materials Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.LIGHTWEIGHT MATERIALS MARKET, KEY COMPANY PROFILES
11.1.ALCOA CORPORATION
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.BAYER AG
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.EVONIK INDUSTRIES AG
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.FORMOSA PLASTICS CORPORATION
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.NOVELIS
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.PPG INDUSTRIES, INC.
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.PRECISION CASTPARTS CORP.
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.SABIC
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.SOLVAY SA
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.TORAY INDUSTRIES, INC.
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
The List of Companies
- Alcoa Corporation
- BAYER AG
- Evonik Industries AG
- Formosa Plastics Corporation
- Novelis
- PPG Industries, Inc.
- Precision Castparts Corp.
- SABIC
- Solvay SA
- Toray Industries, Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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