Lightweight Materials Market Overview:
Global Lightweight materials market was valued at $144,613 million in 2015, and is expected to reach $196,299 million by 2022, supported by a CAGR of 4.2% during the forecast period 2016 to 2022. Lightweight materials are metal alloys and composites used to decrease the weight of automotive, aircrafts, and windmills without affecting the strength and efficiency of the structure.
These materials have high strength-to-weight ratio, exceptional corrosion resistance, and greater design flexibility. The efficiency of lightweight materials depends upon the mixture of alloys or composites used. Metal alloys segment compromises of lightweight and high-strength steel, aluminum alloys, magnesium alloys, and titanium alloys. These metal alloys are non-ferrous metals with low density, high strength-to-weight ratio, and high corrosive resistance. Metal alloys are easy to forge by forming, machining and welding, and thus find application in various industries such as automobile, aerospace, wind, and others.
Primary Interview Responses Split
The lightweight material market has witnessed considerable growth in the recent past, due to rise in government investments in renewable power projects such as wind and hydro energy, and increase in demand for fuel efficient vehicles. In 2014, China produced around 23.7 million vehicles including cars, buses, trucks, and vans and this number is anticipated to witness a smooth growth due to increase in population and urbanization, especially in the developing economies. Thus, increase in the number of vehicles on roads in turn fuels the market growth, which is projected to account for $196,299 million by 2022, with a CAGR of 3.7% from 2016 to 2022.
Lightweight materials Market Segmentation
Increase in penetration of lightweight components to fuel the market as well as the rise in production of aircraft modules to uplift the demand for advanced composites and other lightweight materials drive the market growth. However, factors such as rapid fluctuations in raw material prices and high cost of carbon fiber restrict the use in manufacturing of automotive components. These factors are expected to hinder the market growth. In addition, Asia-Pacific is projected to register significant growth as compared to the saturated markets of North America and Europe. The amount of lightweight materials used in automotive is expected to increase, owing to the rise in the demand for fuel efficient and lightweight vehicles across the globe, thus fueling the overall growth of the market of lightweight materials.
Top investment pockets
The composites and polymers segment dominated the global market in 2015 accounting for a market share of 30.4%, and is expected to maintain this trend throughout the forecast period due to increasing demand for lightweight materials from automotive industry. Moreover, metal alloys segment is projected to exhibit significant growth rate among all types, followed by composites and polymers segment. The adoption of lightweight materials for aerospace and wind application is driven by increasing investments by governments of various economies in integrating renewable sources of energy for power generation as well as increasing demand for composites and aluminium from aviation industry.
TOP INVESTMENT POCKETS
The global lightweight materials market is segmented on the basis of type, application, and geography. Based on type, the market is classified into metal alloys, composites, and polymers, and others. The metal alloys segment dominated the global lightweight materials market in 2014, and is expected to maintain its lead throughout the forecast period. The composites and polymers segment is anticipated to grow at a significant CAGR of 3.7% over the forecast period. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific occupied more than 35% of the total revenue share in 2015, followed by Europe and North America.
Lightweight materials Market Share, By Type, 2015 (%)
Leading players invest huge capital in R&D activities to develop enhanced products to cater to the current demand. Key players include E.I DuPont de Nemours and Company, Cytec Industries Inc., ExxonMobil Corporation, SABIC, Bayer AG, Toray Industries Inc., Novelis Inc., ArcelorMittal SA, PPG Industries Inc., Alcoa Inc.
Other players in the value chain include (profiles of these are not included in the report): ThyssenKrupp AG, Henkel Corporation, Owens Corning Corporation, LyondellBasell Industries N.V., Hexcel Corporation, SGL Group, Nippon Graphite Fiber Corporation, Mitsubishi Rayon Co. Ltd., Zoltek Companies Inc. and others, UC Rusal, Aluminium Corporation of China, Rio Tinto Alcan Inc., China Hongqiao Group Ltd., Kaiser Aluminium, US Magnesium LLC, A&S Magnesium Inc. etc.
LIGHTWEIGHT MATERIALS MARKET KEY BENEFITS
- The report necessitates the detailed qualitative and quantitative analysis of the market from 2014 to 2022, which assists to evaluate the prevailing market opportunities.
- Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
- Region and country-specific analyses of market value and volume are based on primary as well as secondary sources and are comprehensively analyzed.
- Competitive intelligence of leading producers and suppliers of lightweight materials interprets the competitive scenario across the geographies.
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework.
- The report provides key insights on strategic analysis of various companies as well as the value chain for lightweight materials.
LIGHTWEIGHT MATERIALS MARKET KEY SEGMENTS
- Metal Alloys
- Composites and Polymers
- Others (Ceramic and Fiberglass)
- Aerospace and Wind
- Others (Transportation, Packaging, and Other Engineered Goods)
- North America
- Rest of Europe
- Rest of APAC
- Saudi Arabia
- South Africa
- Rest of LAMEA
- E.I DuPont de Nemours and Company
- Cytec Industries Inc.
- ExxonMobil Corporation
- Bayer AG
- Toray Industries Inc.
- Novelis Inc.
- ArcelorMittal SA
- PPG Industries Inc.
- Alcoa Inc.
Other players in the value chain include
- ThyssenKrupp AG
- Henkel Corporation
- Owens Corning Corporation
- LyondellBasell Industries N.V.
- Hexcel Corporation
- SGL Group
- Nippon Graphite Fiber Corporation
- Mitsubishi Rayon Co. Ltd.
- Zoltek Companies Inc
- UC Rusal
- Aluminium Corporation of China
- Rio Tinto Alcan Inc.
- China Hongqiao Group Ltd.
- Kaiser Aluminium
- US Magnesium LLC
- A&S Magnesium Inc.
Profiles of these companies can be included in the report based on client request