Lightweight Materials Market size is valued at USD 173.3 billion in 2021 and is expected to grow at a significant CAGR of 4.7% during the forecast period 2022 to 2028. The global market provides a detailed overview and which can be segmented by type, application, and region. By type, the lightweight materials market has been segmented into metal alloys, composites & polymers, and polymers. By type, the metal alloys segment dominated the global market in past years and is anticipated to grow at a CAGR of XX% during the forecast period owing to excellent properties of metal alloys such as low density, high strength-to-weight ratio, and improved corrosive resistance that make them extensive usage in forming machining, and welding applications in several end-use industries, including automobile, aerospace, and wind. Based on the application, the lightweight materials market has been segregated into aerospace, the automotive, marine, wind, and others (transportation, packaging, and other engineered goods. By application, the automobile sector expects to have a significant growth rate owing to the increasing demand for lightweight materials in this sector for manufacturing various automotive components. For instance, In March 2022, according to a report published by the U.S. Bureau of Labor Statistics, the motor vehicles and parts manufacturing industry in the U.S. registered a year-on-year growth rate of 8.4% from February 2021 to February 2022.
In June 2021, Solvay announced that it has signed a five-year supply contract with Leonardo for both its Electronics and Aircraft Aerostructure businesses. Additionally, Solvay and Leonardo partnered on a number of R&D projects for the creation of process innovations and innovative materials.
In July 2020, Madison Dearborn Partners, LLC-controlled company Intelligent Packaging Limited Purchaser Inc. announced that it has signed a deal to acquire IPL Plastics Inc.