Lightweight Materials Market Will Grow at a Steady Rate of 8.9% from 2013 to 2024: Grand View Research, Inc.

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.

For more information: www.grandviewresearch.com

Lightweight Materials Market Is Projected To Witness Growth Based On The Increasing Demand For Automobiles & Stringent Regulations Till 2024:Grand View Research,inc.

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.

Browse more reports of this category by Grand View Research: http://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:

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

Access Press Release By Grand View Research: http://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.

For more information: http://www.grandviewresearch.com

Lightweight Materials Market Is Predicted To Reach USD 225.35 Billion By 2024:By Grand View Research, Inc.

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