The
global lightweight materials market size is expected to
reach USD 225.3 billion by 2024, according to a new report by Grand View
Research, Inc., exhibiting a CAGR of 8.9% during the forecast period. Rising
material innovation in aviation is expected to improve demand for lightweight
materials.
The
design of an aircraft must take into consideration a number of factors, such as
life-cycle cost, strength-to-weight ratio, fatigue life, fracture toughness,
corrosion resistance, and reliability. The importance of these factors governs
the choice of materials used in the manufacture of aircraft.
Initially,
metals were used to manufacture aircraft as they provide necessary tensile
strength to the aircraft. The invention of drones or fighter planes with good
aerodynamic balance and fuel efficiency has led to usage of lightweight materials
in the aviation industry.
The
lightweight materials market is dominated by aluminum, high strength steel, and
polymers & composites and are expected to continue doing so in future.
Their increased application in various fields is expected to augment demand.
Currently,
high strength steel and aluminum are more popular; however, polymers and
composites are expected to gain more popularity on account of reduction in
prices and increased production of polymers and composites.
Alumina,
iron ore, nickel, rutile, and polyacrylonitrile are key raw materials used for
manufacturing lightweight materials. These raw materials are further processed
to obtain lightweight materials. alumina, rutile, iron ore, and nickel are
naturally found in ores whereas polyacrylonitrile, which is one of the major
raw materials for carbon composites, is manufactured from petroleum.
Browse full
research report on Lightweight
Materials Market: www.grandviewresearch.com/industry-analysis/lightweight-materials-market
Further key
findings from the study suggest:
- The global lightweight materials market is
anticipated to reach 61,925.6 kilotons by 2024, at a CAGR of 8.3% from
2015 to 2022
- In terms of revenue, the high strength steel
segment is projected to ascend at a CAGR of 10.2% over the forecast period
- The automotive application dominated the global
lightweight materials market with a share of over 86.0% in 2015
- The North America lightweight materials market
is anticipated to exceed 12,377.7 kilotons by 2024
- Europe is projected to witness a remarkable
CAGR of 8.2% over the forecast, owing to increasing investments in the
energy sector
- Asian countries, especially India and China,
are expected to observe remarkable growth in next few years
- The market is partially consolidated and
competitive in nature, with strong presence of multinational players
- Some of the key companies in the market are
Guardian Industries; Cytec Solvay Group; SABIC; Formosa Plastics; Alcoa
Inc.; Allegheny Technology Incorporated; Aleris International; and
Covestro LLC.
Browse more
reports of this category by Grand View Research: www.grandviewresearch.com/industry/automotive-and-aerospace-interior-materials
Grand View Research has segmented the global lightweight materials market
on the basis of product, application, and region:
Lightweight
Materials Product Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2024)
- Aluminum
- High
Strength Steel
- Titanium
- Magnesium
- Polymers
& Composites
- Others
Lightweight
Materials Application Outlook (Volume, Kilotons; Revenue, USD Million, 2013 -
2024)
- Automotive
- Aviation
- Energy
- Other
Lightweight
Materials Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2013 - 2024)
- North
America
- U.S.
- Europe
- Germany
- Asia
Pacific
- China
- Latin
America
- Brazil
- Middle
East & Africa
Access
Press Release By Grand View Research: www.grandviewresearch.com/press-release/global-lightweight-materials-market
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.
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