DUBLIN, Oct. 31, 2023 /PRNewswire/ — The “Lightweight Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global lightweight materials market has achieved substantial growth, with the market size reaching an impressive US$ 193.4 Billion in 2022. Industry analysts forecast continued expansion, projecting the market to reach a substantial US$ 305.2 Billion by 2028, demonstrating a remarkable compound annual growth rate (CAGR) of 7.9% during the period from 2023 to 2028.
Innovative Lightweight Materials Transforming Industries:
Lightweight materials encompass a range of composites and metal alloys, including aluminum, magnesium, beryllium, titanium, titanium aluminides, engineering plastics, structural ceramics, polymer, and ceramic matrices.
These materials offer eco-friendly characteristics, reduce carbon footprints, and provide numerous advantages such as corrosion resistance, high electrical and thermal conductivities, low density, high ductility, high strength, and cost-efficiency. Consequently, they find extensive applications across the aerospace, defense, healthcare, electronics, construction, automotive, and packaging industries worldwide.
Market Trends and Drivers:
Several key trends and drivers are propelling the growth of the lightweight materials market:
- Automotive Industry: Lightweight materials are increasingly used in vehicle manufacturing to reduce weight without compromising safety, performance, recyclability, and cost. The burgeoning automotive industry is a key driver.
- Electric Vehicles (EVs): Lightweight materials enhance the efficiency and range of EVs by offsetting the weight of power systems, such as batteries and electric motors. The rising adoption of EVs for environmental benefits fuels market growth.
- Wind Energy: The wind energy sector employs lightweight materials in the production of windmills, contributing to market expansion.
- Aviation: Lightweight materials play a vital role in the aviation industry to reduce fuel consumption, creating opportunities for market growth.
- Food and Beverage (F&B): Aluminum alloys are increasingly used in the F&B industry for producing foils, beverage cans, and cooking utensils, aligning with the expanding F&B sector.
Key Market Segmentation:
The report provides comprehensive market segmentation:
- Type: Metal Alloys, Composites, Polymers
- Distribution Channel: Direct, Indirect
- Application: Automotive, Aerospace, Wind, Marine, Electronics, Construction, Consumer Goods, Others
- Region: North America, Asia-Pacific, Europe, Latin America, Middle East and Africa
Competitive Landscape:
Key players in the lightweight materials market include Alcoa Corporation, ArcelorMittal S.A., China Hongqiao Group Limited, DuPont de Nemours Inc., Exxon Mobil Corporation, Novelis Inc. (Hindalco Industries Limited), Saudi Basic Industries Corporation (Saudi Arabian Oil Co.), SGL Carbon SE, Solvay S.A., Teijin Limited, Thyssenkrupp AG, and Toray Industries Inc.
Key Questions Addressed in the Report:
- What was the global lightweight materials market size in 2022?
- What is the expected CAGR for the market during 2023-2028?
- What are the primary factors fueling market growth?
- How has COVID-19 impacted the lightweight materials market?
- What is the market breakdown by type, distribution channel, and application?
- Which regions are pivotal to the lightweight materials market?
- Who are the prominent companies in the lightweight materials market?
For more information about this report visit https://www.researchandmarkets.com/r/5b3kk5
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SOURCE Research and Markets
