The global lightweight materials market is projected to reach
USD 225.35 billion by 2024, according to a new report by Grand View Research,
Inc. Positive automotive outlook coupled with increased number of wind project
installations is expected to boost demand for these materials.
Lightweight materials
are gaining popularity in various applications instead of iron and steel on
account of improved performance. The fuel efficiency advantage facilitates use
in application segments including automotive and aviation. The reduction in CO2 emissions
on account of enhanced fuel efficiency in passenger vehicles will augment the
demand for these materials.
U.S and China
contribute to the majority of the product demand owing to the presence of a
large number of automotive and aviation component manufacturers. Rising
innovation in the aviation sector and an increasing number of wind project
installations globally is expected to have a positive impact on demand.
Browse full research report On Lightweight Materials
Market: http://www.grandviewresearch.com/industry-analysis/lightweight-materials-market
Further key findings from the report suggest
- Automotive application segment was the
largest consumer of the product in 2015 on account of increasing demand
for vehicles with enhanced fuel efficiency. The consumption of lightweight
materials in the automotive application was over 27 million tons in 2015
and is expected to grow at a CAGR of 8% from 2016 to 2024.
- High strength steel is expected to be
the fastest growing product segment on account of enhanced lightweight
advantage when combined with aluminum for manufacturing of vehicle body.
The demand for high strength steel was over USD 8; billion in 2015 and is
expected to grow at a CAGR of 10% from 2016 to 2024.
- Asia Pacific was worth USD 42 billion in
2015 and is likely to witness significant growth owing to rising wind
energy installations. Countries such as Japan and India are expected to
add over 10 GW of wind energy resulting in the increased application of
lightweight materials.
- Companies are focusing on increasing
their market share within the industry through various strategic
initiatives such as mergers and acquisitions. In December 2015, Solvay
acquired Cytec Industries aiming to enter the lightweight materials market
with a broad product portfolio. In March 2015, Alcoa acquired RTI
International Metals to expand its offerings in titanium and other
advanced manufacturing & material technologies.
Access Research Insight by Grand View Research: http://www.grandviewresearch.com/research-insights/lightweight-materials-material-innovation-future
Grand View Research
has segmented the global lightweight materials market on the basis of product,
application and region:
Product Outlook (Volume, Kilo Tons; Revenue, USD Million,
2013 - 2024)
- Aluminum
- High Strength Steel
- Titanium
- Magnesium
- Polymers & Composites
- Others
Application Outlook (Volume, Kilo Tons; Revenue, USD
Million, 2013 - 2024)
- Automotive
- Aviation
- Energy
- Others
Regional Outlook (Volume, Million Square Meter;
Revenue, USD Million, 2013 - 2024)
- North America
- U.S.
- Europe
- Germany
- Asia Pacific
- China
- Latin America
- Brazil
- MEA
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information: http://www.grandviewresearch.com
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