- Metal Alloys
- Aluminum
- Steel
- Magnesium
- Titanium
- Composites & Polymers
- Carbon-Fiber Reinforced Plastic (CFRP)
- Glass-Fiber Reinforced Plastic (GFRP)
- Polymers
- Polycarbonate
- Polypropylene
Lightweight Materials Market size was valued at USD 173.3 billion in 2022 and is expected to grow at a significant CAGR of 4.7% during the forecast period 2023 to 2029. The global market provides a detailed overview 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, 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.
Lightweight Materials Market Key Development:
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.
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.
Study Period
Base Year
CAGR
Largest Market
Fastest Growing Market
Lightweight materials such as metal alloys, composites, and polymers have extensive usage in the manufacturing of various automotive parts and are majorly driving the market growth of lightweight materials. Furthermore, with cost-effectiveness, fuel economy, and operational efficiency, electric vehicles are in greater demand globally. Electric cars are quite popular with consumers because of their great strength and lightweight component. However, some factors are rapid fluctuations in raw material prices and the high cost of carbon fiber restricting the use of lightweight materials in various end-use industries, including automotive, aircraft manufacturing, wind turbines, and marine, resulting in the global market of lightweight materials being hampered to some extent.
The lightweight materials market is projected to expand at a CAGR of 4.7% during the forecast period
SABIC, Aleris International, Formosa Plastics Group, PPG Industries Inc, Toray Industries Inc, Teijin Limited
North America is the fastest-growing region for the lightweight materials market