Lightweight Materials Market Expected to Reach $261.6 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Lightweight Materials Market," The lightweight materials market was valued at $168.1 billion in 2020, and is estimated to reach $261.6 billion by 2030, growing at a CAGR of 4.5% from 2021 to 2030.

Lightweight materials are used to reduce  overall weight of system without affecting the strength and efficiency of structure. They are widely employed in aircrafts, automotive, and windmills to reduce the overall weight. Lightweight materials include metal alloys, plastics, and composites.

Growth in population surged the development of modern theme-based building & construction sector in both developed and developing countries. Lightweight materials in this sector are widely used in window frames, doors, and other building structures. This is expected to fuel the market growth during the forecast period. Furthermore, the increase in disposable income led the automotive sector to witness a significant growth. Lightweight materials in this sector are widely used to reduce the overall weight of the vehicle by 20-30%. For instance, according to an article published by the Times of India, in January 2022, car sales grew by 27% and crossed 30 lakh-unit in 2021. This is expected to propel the demand for lightweight materials in the growing automobile sector.

However, high cost of materials such as titanium, carbon fiber-reinforced composites, and magnesium hinder the growth of the lightweight materials market during the forecast period.

On the contrary, rise in energy efficiency surged the popularity of lightweight materials among several end-use sectors. For instance, lightweight materials are widely employed in windmills, owing to their reduced overall weight and enhanced system efficiency. This is anticipated to increase the sales of lightweight materials thus, providing  lucrative growth opportunities for the market..

The lightweight materials market is segmented on the basis of type, application, and region.

By type, the market is fragmented into metal alloys, composites, and polymers. The metal alloys segment dominated the global market, in terms of revenue in 2020, with five-eighth of the total share. This is attributed to increase in disposable income, technological upgrades, rise in new product developments, and surge in number of original equipment manufacturers (OEMs) and aftermarkets.

By application, the global lightweight materials market is classified into automotive, aerospace, wind, marine, and others. The automotive segment dominated the global market, in terms of revenue in 2020, with four-fifth of the total share. This is attributed to rise in middle class income which in turn has led surged the sales of passenger cars where lightweight materials are widely used to reduce the overall weight of the vehicle.

Region-wise, the lightweight materials market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is projected to grow at the highest CAGR during the forecast period, owing to development of  aircraft, automotive, marine, and windmills sectors. The automobile sector in India is growing rapidly, owing to factors such as rise in disposable income, increase in youth population, and surge in foreign direct investment (FDI) inflow. Lightweight materials are used in this sectors to reduce the overall weight of the vehicle by 20-30%. This may drive the growth of the lightweight materials market in the region.

Key players operating in the global lightweight materials market include, Alcoa Corporation, ArcelorMittal, Bayer AG, DuPont, ExxonMobil Corporation, Novelis Inc., PPG Industries, Inc., Saudi Basic Industries Corporation, Solvay, and Toray Industries, Inc.