The global lightweight materials market is projected to reach USD 225.35 billion by 2024, according to a new report by Grand View Research, Inc. Positive automotive outlook coupled with increased number of wind project installations is expected to boost demand for these materials.
Lightweight materials are gaining popularity in various applications instead of iron and steel on account of improved performance. The fuel efficiency advantage facilitates use in application segments including automotive and aviation. The reduction in CO2 emissions on account of enhanced fuel efficiency in passenger vehicles will augment the demand for these materials.
U.S and China contribute to the majority of the product demand owing to the presence of a large number of automotive and aviation component manufacturers. Rising innovation in the aviation sector and an increasing number of wind project installations globally is expected to have a positive impact on demand.
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Further key findings from the study suggest:
- Automotive application segment was the largest consumer of the product in 2015 on account of increasing demand for vehicles with enhanced fuel efficiency. The consumption of lightweight materials in the automotive application was over 27 million tons in 2015 and is expected to grow at a CAGR of 8% from 2016 to 2024.
- High strength steel is expected to be the fastest growing product segment on account of enhanced lightweight advantage when combined with aluminum for manufacturing of vehicle body. The demand for high strength steel was over USD 8; billion in 2015 and is expected to grow at a CAGR of 10% from 2016 to 2024.
- Asia Pacific was worth USD 42 billion in 2015 and is likely to witness significant growth owing to rising wind energy installations. Countries such as Japan and India are expected to add over 10 GW of wind energy resulting in the increased application of lightweight materials.
- Companies are focusing on increasing their market share within the industry through various strategic initiatives such as mergers and acquisitions. In December 2015, Solvay acquired Cytec Industries aiming to enter the lightweight materials market with a broad product portfolio. In March 2015, Alcoa acquired RTI International Metals to expand its offerings in titanium and other advanced manufacturing & material technologies.